Page 124 - guidance-supporting-europe-s-aspiring-entrepreneurs-policy-and-practice-to-harness-future-potential

Guidance supporting Europe’s aspiring entrepreneurs
Policy and practice to harness future potential

at universities (including former Ph.D. and other research students). For
example, the QUBIS Centre at the Queen’s University Belfast has helped to
create more than 50 companies and generated more than 1 000 jobs through
support it provides for academic members of staff and researchers to
commercialise their research (see Example 27).

Example 27. Qubis Ltd, Queen’s University Belfast

Qubis Ltd was established in 1984 as an investment which takes an equity holding in a new venture
in return for an investment of cash and/or intellectual property. Academic members of staff and
research students can receive funding from QUBIS to start a business. As individuals who receive
the financial support are not experienced entrepreneurs themselves, QUBIS also provides soft
support and guidance to potential entrepreneurs in an informal manner. This includes: sourcing
appropriate business partners; help with business planning; advice on intellectual property issues;
advice on various legal agreements; company secretarial services; access to incubation centres;
advice on the relevant government assistance programmes for funding and further support;
membership of an informal network of over 30 other similar companies in the region; and
strengthened management team through the appointment of experienced non-executive board
members.
The advantages of the holistic approach adapted by Queen’s are not only limited to students.
The continuous support offered to students and academics benefit also the local economy by
creating new jobs in the region. Since its establishment, QUBIS has created more than 50
companies and generated more than 1 000 jobs. Most companies supported by QUBIS are active in
high-tech sectors such as software development, chemicals, and engineering. Despite the negative
economic climate, in the last two years QUBIS has created five new high-tech companies.

Often the guidance value of incubation services such as QUBIS Ltd. is not
highlighted; instead more attention is paid to scientific and financial support they
provide. However, the representatives of universities such as Queens’ University
Belfast emphasise that even though these guidance activities on
entrepreneurship are often provided informally through one-to-one meetings with
the new entrepreneur, they are considered to be of paramount importance and
contribute substantially to the high success rates of new businesses.
Reykjavik University’s Idea House is a rare example of a bottom-up
‘incubation’ initiative which sprang up as a reaction to the financial breakdown of
Iceland. It is run by the University and the Iceland Academy for the Arts and
operates as a meeting place/entrepreneurship centre for seed companies. The
house is located in an abandoned factory and provides workspace, internet
connection and meeting facilities as well as a cafe. Entrepreneurs have to apply
to be able to use the office facilities, but the cafe is accessible for all. Advice is
provided by people from the university or other hub ‘residents’. According to an
Icelandic expert, ‘this is a real grassroots movement; the students organised
themselves and have found a way to transmit the positive message in midst of a
crisis; to be a doer and take command of your own situation’.

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