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A paper-thin motor and a device allowing power to be transferred to electric cars without having to plug them in may be the first inventions to benefit from a new $38 million research fund being made available to creative minds at Auckland University.
The university has teamed up with four Australian universities to tap into a transtasman research fund provided by Australian superannuation specialist Westscheme in a bid to help boost early stage commercialisation of intellectual property.
Peter Lee, chief executive officer of UniServices, Auckland University's commercial arm, said around 60 new inventions were brought to its attention every year by Auckland University staff and students but it did not have the funding to help even half of them get off the ground.
"These are inherently risky and long-term investments. We found there was no significant current source of private capital to support this process in New Zealand, so we have worked hard to find an investor willing to back our research."
Lee said it began looking seriously for an investor two years ago and was referred to the Australian superannuation provider who then came back to it suggesting a team-up with Monash University, the University of Adelaide, Flinders University and the University of South Australia.
At present UniServices helps manage 101 projects and licenses around 20 concepts a year through support from existing businesses as well as creating one or two start-up businesses.
Lee estimated the new funding would see the number of concepts brought to it leap up to 100 a year and hoped the funding would allow it to double the number of start-up businesses.
"We have stacked up a whole bunch of ideas - this will open the floodgate, particularly from the University of Auckland."
Prospective inventors will have to present their concept to an investment board made up of four independently hired employers as well as two representatives from each of the universities.
If the idea is accepted they will be able to access up to A$1 million ($1.2 million) from the fund.
Lee said this would enable inventors to build and test prototypes and research international marketability before further investment was sought from a pre-seed or seed investor.
The university hoped the support of the research fund would make it more attractive for other institutional or private angel investors to invest alongside the fund.
The fund is also supported by New Zealand Trade and Enterprise and the Auckland City Council.
