Knowledge Exploitation Fund (KEF) Creating New Wealth for Wales
What is the Knowledge Exploitation Fund? The knowledge and expertise held within the universities and further education colleges of Wales has been identified as a vastly under-used economic resource. The Welsh Assembly Government has set up the Knowledge Exploitation Fund (KEF), managed by ELWa and supported by European Union structural funds, with the aim of ensuring the effective exploitation of knowledge, research and development within higher and further education institutions for the benefit of the Welsh economy.
The Five Strands of KEF 1. ENTREPRENEURSHIP Generate an entrepreneurial Culture 2. TRAINING Boost skill levels in Welsh industry 3. STAFF DEVELOPMENT Expand the skills of lecturers and researchers 4. COMMERCIAL EXPLOITATION Accelerate commercial exploitation of ideas 5. TECHNOLOGY TRANSFER Transfer technology to SME’s
European Support for KEF Objective 1 and match funding for objective 2 European Regional Development Fund Comm. Exploitation Technology transfer Objectives 1 and 3 Covering all Wales European Social FundEntrepreneurship Training Staff development OBJECTIVE AREA STRUCTURAL FUND STRAND
Strand 1 : Entrepreneurship Generating an entrepreneurial Culture Entrepreneurship is widely recognised as a key factor in business success. KEF will help develop a new generation of Welsh entrepreneurs through training for both students and academic staff. Entrepreneurship champions are being appointed as agents of change, to embed a culture of entrepreneurship throughout each institution. Budding entrepreneurs will be awarded scholarships to found dynamic new enterprises.
Strand 1 : Entrepreneurship Generating an entrepreneurial Culture Entrepreneurship Champions in all Further and Higher Education Institutions Entrepreneurship Audits Entrepreneurship scholarships available - Students/ recent graduates - Submit business plan to EC - allowance of £144/week for 36 weeks (£5184) Entrepreneurship strategy and operational plan to increase the number of students who on completing their education then start a business
Strand 2 : Boosting Skill Levels in Welsh Industry To maintain a competitive edge, businesses must plan for the continuing professional development (CPD) of their staff to meet the requirements of advances in technology. Through the knowledge and expertise of their teaching staff, universities and colleges are uniquely well-placed to deliver a wide range of these training products to industry. KEF aims to provide a boost to institutions to enhance current provision and further develop infrastructure required to support work based training.
Strand 2 : Boosting Skill Levels in Welsh Industry KEF will provide support for: institutions to develop a strategy and operational plan to provide an increased portfolio of training for industry industry specific training consortia the development of multimedia training solutions for technology transfer training for innovation management in institutions and industry
Strand 3 : Staff Development Expanding the skills of lecturers and researchers KEF will provide support for: Master classes in entrepreneurship Master classes in innovation management Placement of lecturers and researchers into industry and placement of SME staff into research establishments. Advanced technology training for staff in technology transfer centres
Strand 4 : Commercial Exploitation Accelerate commercial exploitation of ideas Within Welsh educational institutions, untapped reserves of patentable ideas are waiting to be put to use. KEF will help mine this valuable resource, supporting patent applications, activities concerned with “proof of concept” and pilot projects for commercialisation. Partnerships with local SME’s will be developed to bring these new ideas to market.
Strand 4 : Commercial Exploitation Accelerate commercial exploitation of ideas STAGE ONE –IPR / technology reviews Evaluate potential for commercial development STAGE TWO –Patent costs Patent searches, applications, renewals –Product development proof of concept Market research –Pilot projects pre market place developments
Strand 5 : Technology Transfer Transfer Technology to SME’s To play their part in economic regeneration, institutions must tailor technology provision to the needs of industry in Wales. KEF will fund technology centres serving key industry sectors. Sector-specific networks for SME’s will be supported to stimulate information exchange, dissemination of best practice and collaboration.
Strand 5 : Technology Transfer Transfer Technology to SME’s STAGE ONE Technology reviews/feasibility studies to : –Inform future investment –Identify projects and partners –Assess market STAGE TWO Technology Transfer centres –premises –equipment –Knowledge experts Industry networks Incubator centres
Key Targets to be achieved by 31st December 2002 Entrepreneurship training - 10,000 students - 570 lecturers 200 entrepreneurship scholarships Train 7000 employees Register 15 patents 100 collaborative projects 20 spinout companies 10 new technology centres Assist 3300 companies 840 business start-ups Entrepreneurship training for - 3,500 students - 460 lecturers 115 entrepreneurship scholarships 5,500 employees 2 patents 15 collaborative projects 2 spinout companies 0 new technology centres 40 companies to be evaluated
For Further information Rhiannon Pearce KEF Linden Court, The Orchards Ilex Close, Llanishen CARDIFF CF14 5DZ Tel. 02920 682281 Darren Bevan KEF Marketing Executive Tel. 01792 354057 Mobile: 07974 306173 e-mail: firstname.lastname@example.org www.kef-wales.org.uk