YES to engineering entrepreneurship!

Engineering YES (Young Entrepreneurs Scheme) is a simple and direct way for universities to educate researchers all about innovation commercialisation. Fundamentally, it is a team-based training event. YES take a “hot house” approach, exposing participants to a fast-paced, experiential environment. All training is delivered by business and industry specialists (covering areas including Intellectual Property, finance, marketing, routes to market, venture capital, etc).

Each team brings a “future possible” idea for an engineering-related technology or service which could be taken to market. This is normally loosely based on the real research of one of the team members. They apply their learning to this idea as they develop a business plan to bring it to market. Their plan is presented orally to a panel of industry judges on the third day of the event.

YES 2014 involved 125 researchers grouped into 25 researcher teams from 12 different UK Universities, and around 50 speakers, mentors and judges from business and industry (eg: Rolls-Royce, E.ON), patent attorneys, venture capitalists and engineering entrepreneurs.

Applications for the 2015 competition need to be submitted by 13 March, with regional heats taking place during April, May and June, ahead of a grand final in Birmingham on 17 June.

Funding

Researchers need to be funded onto the programme by their home universities. Historically, this has led to the event being dominated by researchers from larger red-brick universities, but even central funding streams at these institutions are running out, so the event is looking for more industry support. According to YES coordinator Dr Jo Gilman:

"We work without any central funding and fund our programme using a “pay by participant” model – so each university that sends researchers to us pay fees for each person they send. The average spend for a team of researchers is around £4,000."

If you would like to know more about the scheme and/or help with increasing its central sponsorship, please email Jo.