Investment Criteria

The Fund will seek to identify and invest in those projects emanating from the Partner Universities that will deliver potential for the greatest return on the investment.

The Lachesis Fund is not a grant giving body. Investments will only be made in projects where there is potential for a clear commercial outcome. The Fund will require a return for its investment - either in the form of a share of licensing income or shares in a spin-out company.

The following attributes will be sought when considering potential investment in an R&D activity:-

  • Innovation of the science: How novel is the approach compared with other research in the field?
  • Intellectual property: What does the backdrop of prior art look like? Can a strong patent position be established? Are there Freedom to Operate issues?
  • Background of the key people: What is the track record of the key researchers?
  • Commercial opportunity: Can the research be turned into a sustainable business?

In the case of projects that may lead to a spin-out or start-up company, the following attributes are sought:-

  • Strong proprietary position - either know-how, technology or patent protection
  • Products and/or services that offer a potential competitive advantage
  • A strong business leader/entrepreneur to champion the project
  • Clear growth prospects
  • A market of reasonable size without preclusive barriers to entry

The Fund cannot invest in any project involved in the following activities:-

  • the shipbuilding, coal or steel sector;
  • which might reasonably be considered as being likely to be used, for any illegal, immoral, unethical or unlawful purpose (to be determined by emda acting reasonably);
  • or is involved in dealing in land, commodities, futures or the instruments of any holding company that are traded on a stock exchange, wholesale trade or retailing; shipbuilding; former ECSC sectors; agriculture, aquaculture, fisheries, synthetic  fibre, production; railway, road haulage, maritime and aviation transport companies; banking, insurance, money lending, debt factoring, hire purchase financing and other financial activities; leasing or letting assets on hire; providing legal or accountancy services; operating or managing hotel or nursing or residential care homes.