With our partners at Pilot Lite Ventures, we:
- Engaged with over 50 potential corporate sponsors to discuss both investment and involvement in the Innovation Investment Company (IIC), and investments through the Innovation Investment Fund (IIF). These companies operate in the areas of pharmaceuticals, IT / informatics, medical devices, outsource clinical service providers, estates and retail.
- Undertook next stage analysis against 25 of the 50 potentially investable opportunities identified during the mobilisation phase of the project, and detailed Venture Validation work against 14 of these companies.
- Investigated an initial cornerstone investment in the IIF from local NHS stakeholders which will be used as the platform for further fund raising.
- Undertook the legal and commercial work required to establish IIC.
- Developed criteria and undertook an evaluation exercise to appoint a suitable fund manager for administration of the IIF.
- Undertook discussions with other bodies responsible for funds in the North West with a view to developing a single healthcare innovation fund to maximise return on investment for investors.
The outcomes of this stage of work so far are:
Two corporate sponsors confirmed for the IIC who are currently undergoing discovery phase work to finalise arrangements for an on-going long term sponsorship agreementNine companies identified as top prospects for investment from the initial close of the IIF as a result of the detailed Venture Validation workShareholders agreement, articles and related materials for establishing IIC in placeConfirmed availability of a minimum of £5m cornerstone investment in IIF from the NHS in the North West; with potential for this to increase to £15mServices of a leading UK fund manager secured to launch the Innovation Investment Fund and leverage the cornerstone to a fund of £25m+. Heads of Terms agreed with IIC.