The IQuBit programme works on a two tier model:
Tier 1 – Eligible student entrepreneurs accepted into IQubit will be offered mentoring, contacts, access to enterprise events, kick-starter funding of £1,500 and a variety of other benefits. This is a no obligation phase, where you can really drive your ideas forward. In this phase UMIP is unable to offer any Intellectual Property (IP)/legal support. A standard residency period will last up to 6 months, after which you present your enterprise at a demo day, with the aim of obtaining feedback or the opportunity for investment. Depending on the time of year you are accepted, this residency period may be slightly shorter. At the end of the residency period, you will have a transition assessment. This will encompass a meeting to discuss progress, achievements and next steps.
Tier 2 – Following the transition assessment, you have the option of exiting IQuBit – UMIP can assist with directing to a variety of partner incubators and start-up spaces. Alternatively if both sides are amenable, you can progress to tier 2 in which you would assign your IP to the University to protect, bring under CDA and provide all necessary IP protection. UMIP may also be able to pump-prime your business with some Proof-of -Principle funding depending on the level of IP involved. By assigning your IP to UMIP, you agree to provide 10% equity to the University. You will be identified as the author of any work which contains any copyright which forms part of their IP if it is practical. This second phase is not obligatory in any way and we would only progress if both sides were happy to do so.