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PreSeed Accelerator Fund
Summary
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Published: 1 May 2005
Foundation? for Research, Science and Technology Evaluation Unit, 2005.
The Pre-seed Accelerator Fund (PSAF?), in 2005, was a $4.8 million per annum fund that was established in 2003 to help transform results from publicly funded R&D into viable commercial prospects. It provides support for experimental development or related pre-commercial activities that develop results from previously conducted research to a working prototype or similar “investor-ready” stage.
The purpose of this evaluation was to gain insight into the progress PSAF made in its first year and to generate recommendations for development of the fund. The evaluation used a three pronged approach:
The fact that decision-making on PSAF projects is devolved appears to have played a key role in development of processes. It has made it worthwhile for institutions to put substantial effort into establishing new processes. It has also allowed them to run very fast processes, and to support small projects that would not justify the effort of applying to a central fund.
While it appears that partnerships around PSAF projects are being set up, financial contributions from partners have only rarely been forthcoming and have proved more difficult than anticipated to obtain.
While private sector co-funding of projects may be desirable when it occurs, case studies of three successful projects have shown that it is not a necessary pre-requisite for success.
Scope:
The Pre-seed Accelerator Fund (PSAF?), in 2005, was a $4.8 million per annum fund that was established in 2003 to help transform results from publicly funded R&D into viable commercial prospects. It provides support for experimental development or related pre-commercial activities that develop results from previously conducted research to a working prototype or similar “investor-ready” stage.
The purpose of this evaluation was to gain insight into the progress PSAF made in its first year and to generate recommendations for development of the fund. The evaluation used a three pronged approach:
- Reported data from the ten institutions holding devolved contracts was collated and analysed.
- Structured interviews with commercialisation managers from eight of the ten devolved grant institutions were conducted to gain qualitative insights into the impact of PSAF on institutions, to determine what if any barriers to PSAF project success existed, and to gain input into future monitoring and evaluation strategies for the fund.
- Case studies of three highly successful projects were developed.
Summary
Overview of PSAF Grants
As at the time of this evaluation, $17.9 million of devolved PSAF funding had been granted to 10 research organisations: 6 Crown Research Institutes, and 4 Universities. The contracts commenced in January, 2004, and run for 3.5 years. Individual grants ranged in value from $0.79 to $3.15 million.Sector Distribution
As compared to research funded by the NERF? and RFI? output classes, a higher proportion of PSAF projects are in the areas of medical and health technologies, biotechnology, ICT?, and engineering products and services. There is a slightly smaller proportion in some primary production sectors. Nearly 40% of projects have their main area of application in medical and health technologies or biotechnology.Impacts on Processes
Processes emerged as a significant area of PSAF influence, with the fund assisting in-progress redevelopment of processes, and spurring the implementation of new procedures that have fundamentally changed the way in which some institutions approach pre-commercial work. In this respect, PSAF is achieving its goal of raising public sector providers’ commercial capabilities and skills.The fact that decision-making on PSAF projects is devolved appears to have played a key role in development of processes. It has made it worthwhile for institutions to put substantial effort into establishing new processes. It has also allowed them to run very fast processes, and to support small projects that would not justify the effort of applying to a central fund.
Impacts on Development of Commercial Opportunities
At the time of this evaluation only a few PSAF projects were at the “investor ready” stage. However PSAF does appear to be achieving its goal of improving public sector research providers’ links with potential private sector partners.While it appears that partnerships around PSAF projects are being set up, financial contributions from partners have only rarely been forthcoming and have proved more difficult than anticipated to obtain.
While private sector co-funding of projects may be desirable when it occurs, case studies of three successful projects have shown that it is not a necessary pre-requisite for success.