The research commercialisation office of the University of Oxford, previously called Isis Innovation, has been renamed Oxford University Innovation All documents and other materials will be updated accordingly. In the meantime the remaining content of this Isis Innovation document is still valid. URLs beginning www.isis-innovation.com/... are automatically redirected to our new domain, www.innovation.ox.ac.uk/... Phone numbers and email addresses for individual members of staff are unchanged Email : [email protected]
Transcript
The research commercialisation office of the University
of Oxford, previously called Isis Innovation, has been
renamed Oxford University Innovation
All documents and other materials will be updated accordingly.
In the meantime the remaining content of this Isis Innovation
document is still valid.
URLs beginning www.isis-innovation.com/... are automatically
redirected to our new domain, www.innovation.ox.ac.uk/...
Isis Innovation Ltd is a growing and successful business owned by the University of Oxford. Oxford
is the biggest research-based University in the UK, with research expenditure of £501m last year. Isis
manages the University’s IP by investing to protect the intellectual property arising from the University’s
research activities and then transferring the IP for further investment and development by third parties
around the world.
Chairman’s Introduction 1
Review of the Year 2
Working for Universities 4
Working for Industry 6
Working with Investors 8
Working with Government 10
Communications 12
International Platforms 13
Accounts 14
Company Details 16
Isis Innovation Ltd is wholly owned by the
University of Oxford and manages a number of IP
commercialisation activities as described in this
report. Isis is a profitable business and during the
year generated a substantial net return of funds to
the University. In addition, Isis provides a number of
other assets and benefits for the University.
Isis works for universities and industry to transfer
technologies and expertise. Isis works with investors
to support early stage companies and with government
to develop sustainable economic growth.
Tom Hockaday, Managing Director
Contents Chairman’s Introduction
Providing access to academic consultancy and services from
the University of Oxford.
Delivering consultancy to companies, governments, and technology
transfer organisations worldwide.
Managing the commercialisation of IP developed in Oxford – licensing,
spin-outs and material sales.
Oxford University Consulting has had a very successful
year connecting the expertise of Oxford’s academic
community to client organisations around the world.
OUC has been part of Isis for ten years and is now
very well established in managing academic consulting
relationships. Over the ten years OUC has facilitated
many hundreds of consulting relationships between
academics and clients, often leading to long term
collaborations.
Isis Enterprise continues to promote and sell
our expertise around the world, helping
technology providers and seekers to
source, commercialise and develop
new technologies. In addition, Isis
Enterprise assists governments and
other organisations interested
in establishing their own
innovation activities.
I would like to thank all
the Isis staff, and those
in the University who
work closely with them,
for their considerable
hard work and continued
commitment during this
very successful year.
Isis revenues increased by 21% to £10.2m with growth
across all areas of the business. Over the last ten
years Isis revenues have shown a compound annual
growth rate of 20%. This is an impressive business
performance, especially in recent years with continuing
economic challenges in many regions. Isis now has
offices in Oxford, Madrid, Hong Kong and Kyoto to
enable it to transfer technologies and investment
opportunities, and develop technology management
capabilities around the world.
Isis continues to deliver a positive return on investment
to the University each year. The University provides Isis
with £2.5m to invest in protecting intellectual property
arising from the University’s research activities. This
involves managing a strong portfolio of international
patents, technology licensing deals and new company
formation. This year Isis generated a return to the
University and its researchers of £5.3m, and created
shareholdings for the University in five new spin-out
companies worth £3m.
Technology commercialisation is of growing importance
to the University, to organisations that fund research
in universities, to governments and the economy.
Translating the outputs of early stage university research
from the academic world to the business environment
allows novel ideas to become new products which
address current global challenges in areas such as
healthcare, the environment and communications.
Isis generated a return to the University and its researchers of
£5.3m, and created shareholdings for the University in five new
spin-out companies worth £3m.
Bernard Taylor, Chairman
3
Total Isis revenues in 2012 (2011: £8.4m)
£10.2
Revenues
Isis offices in Oxford, Hong Kong, Kyoto and Madrid
4InTeRnATIOnAL PLATFORMs
New companies supported by the Isis Software Incubator
3sOFTWARe sTART-uPs
University shares in Oxford spin-outs established by Isis valued at July 2012 (2011: £35m)
Technology Licence and Oxford University Consulting deals signed (2011: 292)
£45
356
sPIn-OuT sHARe PORTFOLIO
DeALs
Returned to Oxford University and its researchers (2011: £4.8m)
£5.3 mil
lio
n
mil
lio
nm
illio
n
DIsTRIbuTIOns
Isis delivered another very strong performance in 2012 both in terms of transferring new ideas out to industry and
generating financial returns for the University.
Return on Investment to the University of Oxford
Over the year, Isis returned £5.3m to the University and its researchers (an increase of 10% overall from 2011). Isis
provided the University with shareholdings in five new spin-out companies (valued at £3m), invested £2.85m in
protecting University intellectual property, increased the University’s assets by 100 new patent applications, and
assisted Oxford researchers in winning translational funding awards totalling £4.4m. This was the fourth year of the
current five year growth plan for Isis, with Isis receiving from the University an annual subvention of £2.5m.
Revenue growth
Isis revenues increased by 21% to £10.2m (2011: £8.4m). This is an impressive business performance during a year of
continued challenging circumstances from the global financial crisis and recession in a number of countries.
The Technology Transfer Group revenues increased by 17% to £6.4m (2011: £5.4m).•
Oxford University Consulting revenues by 56% to £1.9m (2011: £1.2m).•
Isis Enterprise revenues increased by 16% to £1.6m (2011: £1.4m).•
Isis is responsible for these activities:
Technology Transfer for Oxford
Isis helps Oxford University researchers to commercialise intellectual property arising from their research: patenting;
copyright; licensing; spin-out companies; research reagents and patient reported outcome measures. Isis manages
the following:
Isis Angels Network
IAN introduces private investors and seed/venture capitalists interested in investing in Oxford spin-out
companies to investment opportunities, on behalf of the University.
Oxford University Challenge Seed Fund
Isis manages this Fund on behalf of the University to provide financial investment for accelerating the
transfer of Oxford technologies to market.
Oxford Invention Fund
Isis has launched the Oxford Invention Fund (OIF) with the University’s Development Office as part of
Oxford Thinking, a united Campaign for the collegiate University.
Isis Software Incubator
The incubator supports Oxford University staff and students to develop software business ventures by
offering specific technical and commercial advice, and allowing incubatees to develop their products
and start trading.
Oxford University Consulting
Isis manages OUC which helps Oxford University researchers to identify and manage consulting opportunities and
helps clients access expertise from Oxford’s world-class, interdisciplinary research base.
Oxford Innovation Society
Isis runs the Oxford Innovation Society, a leading forum for open innovation, bringing together industry, investors,
government and the business professions with researchers and inventors from the University.
Isis Enterprise
Isis provides consulting expertise and advice in technology transfer and innovation management to clients across the
public and private sectors around the world.
Isis is a world leading technology transfer business, creating links between the outstanding research capability at
Oxford, and elsewhere, for the benefit of society in the UK and around the world. Isis provides opportunities for
business to create sustainable economic growth. There are many ways to present the activities of Isis; these are some
of the numerical outputs.
Review of the year Isis Highlights
2
Invested in the five new spin-out companies created in the year (2011: £1.4m in 4 new spin-outs)
£4.9
neW sPIn-OuTs
mil
lio
n
Isis compound annual growth rate over last ten years
20%
GROWTH
5
Working for Universities
Isis manages technology transfer for the University of Oxford, and provides technology transfer services
and advice to universities around the world. Our approach is to assist researchers to commercialise
the results of their research. We manage technologies with applications across the widest imaginable
spectrum across the physical and life sciences.
Isis received 356 disclosures of new ideas from Oxford
researchers (up 22% from last year), filed 100 new priority
patent applications, and concluded 113 new technology
transfer deals. These activities are at the heart of our
technology transfer activity for Oxford. We take every
opportunity to engage with researchers through meetings,
seminars, and informal drop-in sessions, providing
guidance on protecting intellectual property, licensing
arrangements and spin-out company formation. Isis
works closely with colleagues across Oxford University
to co-ordinate plans for industry co-operation. Isis adds
valuable insight to University Industrial Liaison Committees,
participates in Open Days, and helps researchers to
commercialise their work thus demonstrating impact – an
important consideration for those seeking further funding.
Further afield, Isis assists universities around the world
to develop technology transfer policies and practices,
conducting due diligence on existing portfolios, and
managing technology projects directly. Contracts with
the University of Liverpool, Aston University and Cranfield
University apply Isis’ knowledge and expertise in all
aspects of technology transfer to support researchers
in these universities. Internationally, Isis has completed
extensive Technology Transfer Partnership work with one
of the major research universities in Malaysia, and has
provided innovation strategy development and knowledge
mapping for the Ruder Boškovic Institute and the University
of Rijeka in Croatia. Working with the senior management
of these institutions, Isis consultants developed innovation
strategies together with recommendations for their
implementation.
Case studies
Nuclear fusion
Research by Professor Yiannis Ventikos and fellow scientists led to
the creation of new Oxford spin-out company, Oxyntix, to accelerate
the validation of their research into bubble collapse. Funding from
IP Group plc, Parkwalk Advisors and angel investors is allowing
development of processes and devices for controlling and intensifying
extreme intensity bubble collapses, with numerous applications in
nuclear fusion power generation and sonochemistry.
Physics consultancy
Oxford University Consulting and the Technology Transfer Group
within Isis have been developing a closer relationship with Oxford’s
Department of Physics to generate more commercial activity between
the Department and external clients. Isis is a member of the
Department’s Industrial Liaison Committee, which is supporting the
notable increase in consulting and services related activity managed
by OUC on behalf of the Department. OUC has facilitated consulting
and services activities with medical instrumentation company Elekta.
OUC set up a framework agreement that allows Elekta scientists to
seek both theoretical and experimental advice and expertise from
researchers in the Department of Physics.
Proof of Concept Funds
The proof of concept funds managed by Isis enable the development
of Oxford inventions into investable propositions. The Oxford Invention
Fund supported a project to develop lead compounds for protecting
the heart from tissue damage following heart attack. The OIF funds
researchers from the Department of Cardiovascular Medicine to
generate sufficient proof-of-principle data to support an application
for further translational research funding. In the long term the team
aims to license or partner with Pharma/Biotech for downstream
development of clinical candidates for the treatment of ischaemia-
reperfusion injury and other cardiovascular diseases.
Isis Software Incubator
This incubator supports Oxford University staff and students to
develop software business ventures by offering technical and
commercial advice, and allowing incubatees to develop their product
and start trading. The Incubator takes willing and energetic founder
entrepreneurs with a concept that has business potential but
requires further work; successful companies eventually leave as
new, standalone, entities – which may subsequently raise money
and apply for patents. Pilio, TheySay, Colwiz, OxGeos, and Esplorio
are amongst the ventures that have entered the Incubator, proving
its success with some ventures already trading profitably and others
being able to raise significant funding towards accelerated growth.
Isis’ many services include optimising patent portfolios for bodies including the Kennedy Institute, now part of Oxford, renowned for their work with monoclonal antibodies.
7
Working for Industry
Isis works closely with industry around the world to match innovative technologies and expertise with
business development needs. Projects with commercial potential from the research base are introduced
to industrial companies worldwide.
Innovations conceived at Oxford and commercialised by Isis last year included a torque measurement device for the power generation sector.
Isis licenses technologies arising from Oxford University’s
research outputs in a timely and ethical manner to
companies which invest in developing and selling products.
Commercial partners are sought from all technology and
business sectors on an international basis. Isis provides
industry with access to Oxford academic expertise and
research facilities via Oxford University Consulting. OUC
makes expertise drawn from the depth and breadth of
the University of Oxford available to industry. OUC also
arranges access to equipment and facilities based in
University departments.
Isis Enterprise works with industry on projects involving
scouting for technologies to complement current activities
and plans, evaluating intellectual property portfolios to
inform due diligence and IP management strategies,
and supporting in and out licensing programmes. Isis
Enterprise builds on unrivalled awareness of academic
research and innovation management from Oxford and
elsewhere.
The Oxford Innovation Society, established by Isis in 1990,
allows companies to have a ‘window’ on Oxford science
and foster links between the business and the academic
communities. The OIS is a leading forum for open
innovation, bringing industry together with researchers;
Industry is increasingly realising the value of open
innovation, actively seeking technologies and innovations
from outside their own organisations to create competitive
advantage for their businesses.
Case studies
Supporting Oxford spin-outs
Isis provides ongoing support to companies spun-out from Oxford
by licensing new technologies and providing consultancy services.
Oxford Photovoltaics, spun-out in 2010, and Oxford Nanopore
Technologies (ONT), spun-out in 2005, both completed new licence
deals this year. Oxford PV attracted further additional funding in July
and positive press coverage when it joined a delegation of British
cleantech start-up companies on a trade mission to the US. ONT
made headlines in the international media when it announced that it
will start producing a DNA Sequencing machine the size of a USB
Memory Stick. Oxford University Consulting supplied consultancy
services to Yasa Motors, spun-out in 2009. Yasa provided axial flux
motors for the Lola-Drayson B12/69EV electric car which is as fast
as a Formula 1 racer. Yasa Motors was named UK’s Best Enterprise
in the Lloyds TSB/Telegraph Enterprise Awards.
Magnetic Resonance Imaging
The Oxford Centre for Clinical Magnetic Resonance Imaging
Research (OCMR) is a world-leading centre in the research and
use of Magnetic Resonance Imaging and Spectroscopy (MRI
and MRS) for the clinical study of the human heart and brain,
with cutting-edge techniques in functional MRI for brain analysis,
cardiac MRI for capturing the heart cycle and magnetic resonance
spectroscopy (MRS) for for directly measuring metabolic processes
in the heart. MRS offers potential for new insights into the effects
of drugs in the cardiac setting. OCMR has deployed its expertise
and skills through consultancy and service contracts with OUC,
making direct contributions to the development of new medical
approaches that complement OCMR’s research activities. This
type of approach enables external organisations to enhance their
own capabilities in a project-specific manner with the added benefit
of building on relationships with the University for other projects.
Agreements were concluded with Siemens AG. Five patented
technologies with potential for improving MRI performance were
licensed in the deal, and the latest software licensed back to the
University for use by medical researchers.
Biophysics services
OUC works with University Departments to enable external
organisations to access the substantial facilities they posses and
to benefit from the expertise researchers have in applying such
resources for routine and exploratory analysis. The Biophysics Facility
was set up in the Department of Biochemistry at the beginning of
2009 as a central resource for the biophysical analysis of proteins
and other macromolecules. OUC has arranged four commercial
service agreements whereby scientists from external companies
use the facility for routine sample analysis and receive training and
support in the use of analytical instruments to support their own R&D
programmes. The additional income helps the Department provide
its services to University users; companies benefit from access to
equipment and expertise they do not posses internally in a flexible,
cost-effective manner.
9
Working with Investors
A vital part of Isis’ work is to introduce investors with an interest in early-stage technology to emerging
projects requiring capital and financial management. We manage funds to develop technology concepts
into investable propositions, and organise events to allow investors and researchers to engage.
The Isis Angels Network introduces private and institutional
investors interested in Oxford spin-out companies to
investment opportunities and the teams behind them,
on behalf of the University. Twice yearly meetings of IAN
members and invited guests receive introductions to new
investment propositions, with keynote talks from industry
experts. These events are growing in popularity, and boast
an impressive record for making connections between
investors and projects – each meeting typically makes
introductions that lead to at least one new company being
formed. The global nature of the investment community
is well represented in IAN, and two spin-outs in this year
were wholly or partly funded from outside the UK.
Isis manages the Oxford University Challenge Seed Fund
on behalf of the University to finance work that accelerates
the transfer of Oxford technologies to market. During
the year funds totalling £637k were awarded to six new
projects from the engineering, physical and medical
sciences. The fund has an asset value of £3m and is
currently fully invested.
Isis launched the Oxford Invention Fund (OIF) with the
University’s Development Office as part of Oxford Thinking,
a united Campaign for the collegiate University. The
OIF started operations in June 2011 in parallel with the
UCSF and now has assets in excess of £1m thanks to
donations from alumni, industry partners such as Johnson
& Johnson, and other benefactors. It made six awards
worth £300,000 in total this year. Building on this early
success, fundraising continues with an ambitious target
of £5m that will allow Isis to support the proof of concept
activity for the coming years.
Case studies
International investment in Oxford technology
During an intense period of nine months introductions were made
and meetings held between researchers from Oxford, professional
business advisors, and start-up investors from China. In August 2011
this culminated in the formation of Oxford Multi Spectral – a company
offering portable flatbed scanner technology with enormous potential
in the security and identity markets. Originally developed for research
into ancient papyri and manuscripts at Oxford University’s Faculty of
Classics, the scanner uses discrete colour scans made at specific
wavelengths over an extended spectral range, revealing detail
previously hidden from view. Isis and the Chinese investor had built
up a relationship over recent years allowing in-depth evaluation of the
technical and business potential of technologies from Oxford.
Global giant adopts Oxford discoveries
Isis licensed Oxford’s CancerNav biomarker technology to a new
spin-out company, Oxford Cancer Biomarkers, in a deal which
attracted funding of £3m from global biopharmaceutical services
company Quintiles. This first round investment from Quintiles forms
part of a strategic alliance that will enable OCB to establish research
facilities in Oxford to develop a range of predictive biomarkers, the
first of which were developed by the founders, Professor La Thangue
and Professor Kerr at the University of Oxford.
Investment vehicle to nurture emerging technologies
The Fundación Barrié is a Spanish charitable foundation whose mission
includes the support of scientific research. Together Fundación Barrié
and Isis have created a Technology Fund designed to build on the
work of researchers based in Galicia, Spain. The Fund will support
promising projects in diverse fields of study including aquaculture,
biotechnology, energy and nanotechnology. It seeks to generate
returns as a share of licensing revenues or spinout shareholdings.
Long term relationships
Isis works closely with investors IP Group and Technikos in the
fields of Chemistry and Biomedical Engineering as a result of
landmark IP financing deals with the University of Oxford. In 2000
Beeson Gregory, which went on to establish IP Group, paid the
University £20m in return for a share of the University’s returns from
commercialising intellectual property from the Chemistry Department.
Technikos concluded a similar deal in 2006 for £12m to support the
University’s new Institute of Biomedical Engineering. IP Group and
Technikos have invested successfully in a number of spin-outs at the
first and follow-on rounds. Investment funding is crucial to get early-stage ventures established – Isis works closely with individual and institutional investors.
11
Working with Government
Isis’ experience of successfully launching innovative technologies over two decades provides a fount
of knowledge that leads to invitations to participate in high level debates and policy making with
governments and other third sector bodies worldwide.
UK Universities and Science Minister, David Willets,
addressed the Oxford Innovation Society, and emphasised
the importance of universities to enterprise and growth,
with the obvious benefit of innovative research that drives
business, and more besides. Isis spin-out companies
including Eykona Technologies were subsequently
highlighted in a UK government report, ‘Innovation and
Research Strategy for Growth’, and Isis was cited for its
ability to draw out unexploited university potential in a
speech by the Minister.
Isis contributed to a study by the UK Science and
Technology Select Committee of the UK Parliament with a
submission encouraging more support, direct and indirect,
to scale-up small businesses such as university spin-outs
into big companies.
Visits from high-level Chinese and Spanish Government
ministers reflected the work being done by Isis in those
countries.
Case studies
Oxford University Hospitals NHS Trust
In November 2011 the formation of the Oxford University Hospitals
NHS Trust was announced, with Isis in a key IP management role,
responsible for the management and commercial exploitation both of
jointly owned IP, and also IP owned solely by the Trust.
Four major local hospitals are party to the agreement, which
formalises working relationships for the benefit of researchers,
students, patients and the community. Under the agreement IP
exploitation entails active consideration of patient benefit as well as
commercial return.
UK Government support
Isis Enterprise provided interim programme management to
the UK’s Waste & Resources Action Programme (WRAP). The
programme developed and tested composting technologies and
markets for products, and managed the food and drink supply
chain programme to reduce packaging and food waste in the
retail sector. Isis also worked with WRAP’s team contributing to
the UK Government’s Foresight activity on ‘How To Feed a Global
Population of 9 billion by 2050’.
International business
Training and international commercialisation support were provided
by Isis Enterprise for institutes and companies operating in the
Tomsk Region of Siberia, Russia. Local Tomsk companies were
invited to submit their applications for inclusion in a support
program evaluated by Isis consultants. Isis provided Training
Programs in Oxford and Tomsk, and assisted with IP Protection,
Product Design and Business Modelling Support. By identifying
international partnering opportunities the project resulted in
several partnerships being established between Russian and
European businesses.
Augmented Reality
Isis licensed Parallel Tracking and Mapping (PTAM) augmented
reality software to 2D3, an Oxford based company which delivers
imaging exploitation technology to extract, manipulate, combine,
create and enhance video footage. 2D3 utilised PTAM along with
considerable in-house expertise to deliver a prototype to the UK
Ministry of Defence.
Oxford Department of Education
Oxford University Consulting supports the University’s Department
of Education in their programme of active engagement with external
organisations, helping to make a positive societal impact through
department-based consultancy projects. Through consultancy,
the department is actively applying its research to support many
key challenges facing education today, including engagement with
nursery organisations, school improvement programmes, appren-
ticeships, financial education in schools, and vocational education
and training across Europe. Through OUC, the Department is able to
provide consultancy to a wide range of clients such as NGOs, charity
organisations, international bodies, governments and educational
consultancy firms.Isis works with governments and 3rd-Sector bodies in the UK and worldwide.
13
Communications International Platforms
It is a fundamental requirement of our business that partners and customers know about Isis, and
understand what we do. In our marketing activities we aim to provide insight and access to the
world-leading science and technology from today’s researchers at the University of Oxford and
elsewhere, building on the historic legacy of University of Oxford research.
By explaining and promoting Isis’ role in the innovation ecosystem,
we encourage dialogue with our business partners, using a variety of
communications channels.
The Isis website is regularly updated with news of technologies from
Oxford and elsewhere that are being adopted by our industry partners,
many of these stories are also promoted to the media.
We publish printed brochures such as this Annual Report and our
quarterly ‘Isis Insights’ to summarise the latest technologies available
and to highlight the contribution of Isis to applying academic expertise to
technology development worldwide. This is one aspect of our extensive
marketing activities in print and electronic media.
Electronic newsletters are sent to subscribers in English and Chinese.
LinkedIn and Twitter have enabled us to broaden our engagement with
contacts worldwide, and to encourage dialogue and media sharing, helping
us to maintain existing links and reach new business partners.
Nothing can replace face-to-face meetings, and Isis arranges frequent
events both within the University and in the business, industry and
financial communities. The Oxford Innovation Society continues to be
a powerful networking organisation bringing together key participants
in Open Innovation. Internally we arranged or attended more than 100
internal events to introduce the services that Isis can offer to researchers
at the University of Oxford.
Subscribe at www.isis-innovation.com to receive Isis Insights and Isis
Technology Updates, or connect using LinkedIn and Twitter.
By its very nature technology commercialisation is an international activity.
One of the key differentiators of the Oxford model of technology transfer is the extent to which we embrace international
collaboration through cross border joint development, cross border licensing, and the creation of spin-out companies
backed by overseas as well as UK based investors.
Building on Isis experience in global business, over the last 12 months we have accelerated our access to overseas
markets by creating and growing a series of overseas platforms. Typically our international platforms are staffed by
individuals with a sound understanding of their local business culture, native level language skills, excellent senior level
contacts and experience in international technology commercialisation.
Our platforms provide support to all divisions of Isis and all researchers from Oxford and beyond by finding and evaluating
potential collaborators. During the business of negotiations the international staff are on hand to make regular visits to
potential partners to understand and deal with negotiation hurdles.
The first four international platforms are:
spain
The Spanish government has invested heavily in innovation over the last 20 years. With support from
local partners Isis has been working locally and nationally to facilitate the marketing of technology
innovations and products to Spanish and overseas partners.
Hong Kong
Isis Innovation (Hong Kong) Limited is a wholly owned subsidiary company of Isis Innovation
Limited. The company employs a local team of experienced Isis staff supplemented by associates
based in Hong Kong and across the border in mainland China. The activities of the Hong Kong
office include oversight of all Asia based Isis business including schemes to facilitate the smooth
transfer of international technologies, products and companies into mainland China.
China
Following three years of work in Changzhou, Jiangsu province Isis has worked to create the first of
a series of International Technology Transfer Centres backed by the city and provincial governments
and a group of private investors who happen to be Oxford alumni. The initial focus of the Changzhou
platform is cross border collaboration in pharmaceuticals, chemicals, medical devices and medical
diagnostics. A team of consultants from Isis undertook a programme of work in support of the
plans for the Changzhou Biopharmaceutical Incubator in China. Preparatory investigations led to a
two stage report on suggested, and then agreed, incubator services including options for provision
of some services, tuned to address the norms of Chinese culture. This was followed with a draft
financial model, standard operating procedures for delivery of each of the incubator services and a
suggested organisational structure.
Japan
The Isis office in Kyoto, western Japan provides us with access to the local portfolio of leading
electronics and pharmaceuticals companies looking to source innovation from Europe and exploit
their own innovations in overseas markets.
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No-hands navigation
Subscribe to printed and online publications
from the Isis website
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15
Income
Isis total income comes from sales Turnover of £10.2m
and the University subvention of £2.5m. Sales Turnover is
made up of Technology Transfer licensing income, Oxford
University Consulting income, Isis Enterprise consulting
income, and OIS membership subscriptions. Isis receives
a subvention from the University of £2.5m per annum for
investment into Oxford technology transfer project costs,
the majority of which is invested in patenting inventions
from researchers. Isis also receives an allocation of the
University’s Higher Education Innovation Fund award to
support OUC and marketing activities. These amounts
are shown in the accounts in ‘Other operating income’.
spin-out company shareholdings
Shares in Oxford University spin-out companies set up by Isis are owned by the University of Oxford, and not by Isis
Innovation Ltd. They do not therefore appear in the Isis Innovation Ltd accounts either as assets on the balance sheet or
showing income from realisations of shares or the payment of dividends from shares. The total value of the University’s
shares in its spin-out companies at 31 July 2012 was £45m.
expenditure
The University subvention is invested in patents and
other project costs incurred on Oxford technology
transfer projects. Administrative expenses are the costs
of running Isis which include our staff costs, marketing
and office expenses. Isis distributes the net technology
transfer licensing income and OUC income to the
University and its researchers according to University
rules; these outgoings are both included in ‘Cost of
sales’ in the accounts. Isis pays its taxable profit to the
University under gift aid.
Accounts 2012
Profit & Loss Account1
Year to 31 March 2012 2011
£’000 £’000
Turnover £10,201 £8,300
Cost of Sales -£7,798 -£6,462
Gross Profit £2,403 £1,838
Administrative expenses -£5,293 -£3,974
Other operating income £2,982 £2,895
Operating profit / loss £92 £759
Other interest receivable £10 £8
Profit on ordinary activities before gift aid and taxation
£102 £767
Gift aid payable to university of Oxford -£343 -£784
Profit / loss on ordinary activities after gift aid donation and before taxation
-£241 -£17
Taxation £0 £0
Profit / loss on ordinary activities after Gift Aid donation and after taxation
-£241 -£17
balance sheet 1
Year to 31 March 2012 2011
£’000 £’000
Assets (fixed & current)
Tangible Assets £18 £54
Debtors £3,118 £2,543
Cash at bank and in hand £1,144 £1,369
£4,280 £3,966
Creditors -£3,134 -£2,578
net assets / liabilities £1,147 £1,388
Capital Funds
Share capital £1,750 £1,750
Profit & Loss account -£603 -£362
shareholder funds £1,147 £1,388
Isis Innovation Ltd is wholly owned by the University of Oxford.
Isis Innovation (Hong Kong) Ltd is a wholly owned subsidiary of Isis Innovation Ltd.
Isis performance from 2000
notes
A full set of accounts is available from Isis Innovation Ltd. 1 Isis distributes these sums to the University and individuals. The University in turn distributes these sums to individuals, Departments, and central 2 accounts according to its standard procedures. This sum also includes the amount paid as gift aid by Isis to the University.
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