The Prospekt Entrepreneurial Fellows Programme provides recently finished UG4, MSc, MBA and Ph.D. students from the University of Edinburgh's School of Informatics with three months salary to pursue further research into the technical feasibility of a high-growth, technology-related start-up idea. The scheme is funded by Prospekt – a four year, SEEL funded programme to provide commercialisation infrastructure and best practice for and within the School of Informatics. Prospekt Entrepreneurial Fellows (PEFs) will be based on campus in Appleton Tower at the University of Edinburgh.

What are the terms of the PEF programme?
The PEF programme for Autumn of 2008 will commence at an agreed upon date in September and end three months hence. During these three months, PEFs will interact with the Prospekt team and other related parties to further develop their technical ideas and opportunities. The team will offer strategic guidance in areas such as technology, strategy, business planning and fundraising from both the public and private sector, and where appropriate arrange meetings. We will also facilitate access to relevant members of academic staff within the School of Informatics.

The PEF scheme is open to 4th year UG, MSc, MBA and Ph.D. students who will be finishing their studies in the School of Informatics on or by 1st September 2008. Preference will be given to MSc and 4th year students who have successfully completed either of the entrepreneurship courses: Informatics Entrepreneurship or The Digital Marketplace. Proposed ventures must be genuinely innovative and have the potential for high growth and job creation here in Scotland.

Employment contracts will be with the University of Edinburgh, during which time any and all intellectual property created by PEFs will be owned by the University of Edinburgh, as is the case for all other University employees. You will not be asked to assign any existing intellectual property rights to the University, although there may be advantages in doing so under certain circumstances. It is expected, however, that successful PEFs will create new intellectual property during their three month tenure, and the potential for intellectual property creation will be part of the assessment criteria for applications. If a PEF goes on to form a company, the intellectual property created during the PEF period will be assigned over to the new company shortly after incorporation, in exchange for a small equity position, typically around 1% of founding equity, although the University's licensing team will take a flexible approach with regard to founders' requirements.

PEFs are responsible for ensuring their own working status is legal. Non-UK and European Union students are responsible for applying for the Fresh Talent Scotland programme administered by the Scottish Executive.

Compensation and Review
The contract will be at Salary Grade 6.3 (currently £25,135 gross pay, pro-rata to 3 months), at a standard 35 hour working week. Also, the PEF will be granted 2.5 days of holiday per month, and be eligible for all University holidays as well. Finally, the PEF will have the option to join the Universities Pensions Scheme. Formal reviews of progress will be completed with the Prospekt on a monthly basis. Informal meetings will occur weekly. At the end of the three month employment period, the PEF will give a formal presentation and also submit a formal written report.

What happens after the PEF programme?
There are various pre- and post- incorporation funding/support programmes PEFs may wish to pursue, such as The University of Edinburgh's EPIS programme[1], the Royal Society of Edinburgh's Enterprise Fellowship programme[2], the Scottish Government's SMART:Scotland scheme[3], and private equity funding from angel investors or venture capital firms. The Prospekt team can provide some assistance in applying for these sources of support, but each PEF should regularly monitor the websites for the schemes as most have cut-off dates for applications, are subject to change.

Intellectual Property
Contracts will be with the University of Edinburgh , during which time any and all intellectual property will be owned by the University of Edinburgh. This will be assigned over to the new company shortly after incorporation, and will take the form of a convertible loan.

PEF application process: Please send the following via email:

1. Required: one page overview of the business venture whose technical viability you wish to further explore. Please describe technical development to date, technical plans, market opportunity, value proposition, features, advantages & benefits of your intended technology or commercial approach.
2. Required: a recent CV/Resume (with details of two referees, one of whom should be an academic supervisor or tutor). Please also ensure email and telephone contact details are up-to-date.
3. Required: 5 to 10 page slide pitch. All candidates will give a 10 minute pitch followed by feedback for a total of 30 minutes in a session at an agreed upon time.
4. Required: a statement confirming that you are a current student at the University of Edinburgh and expect to finish on or before the 1 st of September, 2008 .
5. Optional: a business plan

The application is due by 17.00 on Friday, 11 th July.
Applications should be sent to:

Michael Clouser, Associate, Edinburgh-Stanford Link michael.clouser@gmail.com
Keith Edwards, Business Development, Prospekt Programme kedwards@inf.ed.ac.uk

Candidates will be contacted within two weeks for an interview, including a 10-15 minute presentation of their business idea to a panel. This presentation will be followed by 10-15 minutes of questions and answers. Autumn 2008 PEFs will be informed of a decision by the Prospekt review committee on or before Friday, 1 st August 2008 .

[1] http://www.epis.org.uk/apply.htm
[2] SE Enterprise Fellowships
[3] http://www.scottishbusinessgrants.gov.uk

Preference will be given to candidates with Informatics-related ideas, especially those who might want to pursue the commercialization of their research. Such is in-line with the goals and mission of the ESL.

Candidates will be contacted the week afterward the closing date, and the Autumn Ph.D. EIRs announced by Friday, the 23 rd of February, at the latest. The Ph.D. EIR (s) will be expected to start on Thursday, the 1stof March, 2007.