Oxford launches North American start-up scheme that will create 4,000 UK jobs
24 January 2020
- Research England supports University of Oxford science and technology commercialisation initiative set to raise £1bn in private finance and lead to thousands of UK jobs
- The Oxford Creative Destruction Lab (CDL) will bring the brightest entrepreneurial minds together and draw on North American venture capital expertise to propel world-leading ideas from lab to market
- Initiative focuses initially on artificial intelligence start-ups and expand into areas including healthy ageing, alternative green energy and quantum technology
An innovative university research commercialisation initiative led by Saïd Business School at the University of Oxford is set to create nearly 4,000 jobs across the UK in artificial intelligence (AI), healthy ageing, alternative energy, and quantum technologies.
Funding from Research England, part of UK Research and Innovation, will help Creative Destruction Lab (CDL) Oxford support 225 high-potential early-stage companies from all over the UK, with aims to raise £225m in capital, and generate £900m in equity value. The scheme will help transform some of the UK’s pioneering research ideas into viable products, improving the UK’s entrepreneurial and finance ecosystem, and build on international best practice.
Start-ups involved will benefit from input from technology, finance and science mentors - including Canadian and Silicon Valley entrepreneurs and investors. These include Google's former Chief Financial Officer, Patrick Pichette; Elizabeth Caley, Chief of Staff at the Chan Zuckerberg Initiative; and Shivon Zilis, Project Director at Elon Musk’s Neuralink.
The start-ups will produce a range of pioneering products, such as specific AI-enabled medical devices and solutions for the Ageing Society. Previous start-ups involved in the programme in Canada have developed software that automates manual workflows in financial services firms, a brain-imaging platform to quantify and understand brain connectivity, and digital tools to increase employees’ creativity and cognitive performance.
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