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Professor Derek Plumpton remained seated whilst he introduced his guests. They all nodded and smiled at the visitors and had pens poised ready to take notes. Dan however was grinning as if privy to some secret joke. Whilst the professor was speaking he began to slap his legs loudly and rhythmically until he received a hard stare from Pat. Matt and Brett looked around the room at the assembled group too preoccupied by thoughts about their presentation to notice Dan’s rather hyperactive behaviour. The chemists present in addition to Professor Plumpton, were post-docs Dan and Pat and Dr Phil Sweetman who had been deputising for the professor. Professor Ian French was representing the Science Faculty as a whole and Hilary Worksop was the Head of Innovation and Technology. Professor Rebecca Levinson was an oncology expert from the Persford Medical School and Dr Steve Carter was the head pharmacologist responsible for the biological profiling of the compounds.
The plan was that Brett would speak first and then Matt would take over and present more details on the figures and the aims of their business plan.
‘Good morning everyone, thanks for meeting with us today,’ said Brett, standing up in front of the screen, and flashing everybody his best smile. ‘I’m going to present a broad overview of our vision for what could be such an exciting spin-off company here in Persford,’ and he brought up his first slide.
The screen showed a list of the subjects within the business plan which they aimed to cover and started with some data showing how many successful new companies had been set up within the university environment in various fields of technology and life sciences. He started to summarise the main goals and milestones they should aim for. He outlined a management team which needed to be set up and their recommendations for a scientific advisory board, naming some additional academics who could provide ongoing advice and guidance and whose presence would be endorsing the scientific concept. Throughout the presentation, he enthused about the novelty of the discovery and the huge potential it offered in the field of cancer therapy and the potential commercial prospect it offered. This was termed the unique selling point or USP which was what differentiated the product and research from the competitors.
‘We have already been in discussion with the Persford Innovation and Technology Department, which is chaired by Hilary here and they have agreed to contribute a further one hundred thousand pounds,’ he paused to smile at Hilary who appeared to flush slightly as he met her gaze.
‘That’s right, Dr Chandler,’ said Hilary.
‘Please, call me, Brett,’ he interrupted, causing a further heightening of Hilary’s complexion.
‘We are so excited by this project which we feel could really put Persford on the map,’ contributed Hilary. ‘Success breeds success and this could be a springboard to ensure that eminent scientists are attracted to the university to further bolster our science departments. We will of course, apply to have this money designated under the Enterprise Investment Scheme in order to make it as tax efficient as possible.’
‘My next slide shows our plans to create the Persford Innovation Fund. We feel this should aim to raise a further one hundred thousand pounds, from business angels, private investors and venture capitalists. As I am sure you are all aware investments in venture capital vehicles also attract favourable tax breaks. However, before we raise money in this way we need to allocate and spend the original investment from the university.’
‘How will you go about attracting venture capital investment?’ asked Derek Plumpton.
‘That’s a good question,’ replied Brett. ‘We will contact various banks and fund houses with particular interest and expertise in this area of investment. We’ve already prepared some adverts for posting on the scientific bulletin boards. My colleague, Matt, will now outline further details about how we feel the up-front monies should be used. Over to you, Matt,’ and Brett sat down, leaving the floor to his business partner.
‘Thanks, Brett. The next slide shows what we believe the market size of this discovery to be worth. As you can see it is considerable. We’ve done a competition analysis and it is very favourable, as you can see in figure three. We feel you could really benefit from further manning on the project. At least one more postdoctoral position is needed, preferably two.’
‘If I can just say something,’ said Professor Plumpton. ‘Funding for postdoctoral work is now more difficult post-Brexit, although I think one further position should be possible. We could consider some internal movement of postdoctoral students but I’m afraid that we have seen a considerable reduction of numbers due to people returning to Europe and also being unwilling to move from mainland Europe to here. We have the lowest number of European students that I’ve ever known in my career.’
‘I see,’ said Matt, ‘well we need to address the manning issue somehow, perhaps we could assign some further time to this later. Although I want to add that an alternative proposition is to offer some fixed-term contracts to people with industrial experience in synthesis who are perhaps between jobs or have been made redundant in the area. They could bring a wealth of experience to your enterprise.’
‘Yes, of course,’ agreed the professor and Hilary.
‘We also need to make sure your invention is protected by patents, this is extremely urgent. We suggest an external company is brought on board to apply for the patent and write up the claims and any technical details. There are a number of firms we feel are suitable and it avoids any chemistry effort being diverted into this rather tedious task.’
‘Of course, it makes sense,’ nodded Derek.
‘We propose that we set up a business with a name to be agreed at a future date and issue shares which will be unlisted but would be of interest to specialist investment funds. At a later date, the company might be able to list on AIM, the Alternative Investment Market. There is so much to organise but we feel we have put together a comprehensive package which we would manage for you on an ongoing basis. My final slide shows what is termed an “Exit Route,” and Matt clicked his wireless mouse. ‘The ultimate goal would be that a pharmaceutical company is sufficiently interested to buy out this spin-off company, resulting in a large windfall for shareholders, one of which will, of course, be the university itself.’
There was a slight pause here as the assembled group took in the final details of the presentation. Both Matt and Brett felt that it had gone well. They fielded a range of questions from the group and were able to provide further details using some slides they’d kept in reserve. It was a much more interactive session than either had expected and by the end they’d not receive any negative comments but of course, the deal wasn’t signed yet. They’d not stated their fees to the wider audience, this was for discussion with the senior members and Hilary who was representing the university as a whole.
‘Well thank you, I’m sure you will join with me in thanking our visitors in the usual way,’ and there was a quick round of reserved applause. Professor Plumpton looked energised and very happy after the recent presentation. ‘I think it’s now an appropriate time for the research chemists to leave us and carry on their good work in the laboratories.’
There was a shuffling of chairs as Pat and Dan got up to leave. The remaining group took the opportunity to have refreshments, most opting for the bottled water on the table at the side. Brett went over to Matt and winked at him. It was as if to say, “It’s in the bag, mate,” they both felt it had been a very successful and hopefully lucrative morning.
**
Over the other side of Persford another meeting was taking place in much less salubrious surroundings between two people with much lower academic qualifications, if any.
Petty criminal and drug dealer Wayne Roberts had been waiting for almost an hour in a small dingy cafe, Ozzy’s Diner, for his supplier to arrive. Despite numerous stays at Her Majesty’s pleasure, his attempts to stay within the law had never lasted long. With no qualifications he was destined for a low paid menial job which barely allowed him to exist never mind have any sort of life. It had been so easy to lapse into his old ways, handling stolen goods and drug dealing to the lucrative student market.
He’d tried to make his cup of strong tea containing three sugars last as long as possible and had decided to splash out on another cup to keep the aggressive looking owner happy. Finally a text arrived from his colleague, known only as RB that he was on his way. Wayne wished he’d brought something to read but reading wasn’t his strong point and he found that staring at the print gave him a headache. He could only understand a few simple sentences so what was the point of buying a paper?
The door opened and in strode RB dressed in his usual black jacket with tracksuit bottoms and trainers. He immediately saw Wayne and swaggered over in his usual gangster rolling gait. He pulled out a chair and sat down heavily with his legs splayed out wide.
Wayne smiled nervously.
‘Tea, please, as it’s your round,’ said RB smirking.
‘Oh, right, coming up,’ said Wayne. He just bought a cup for RB, he couldn’t face another for himself as his bladder was already feeling full with the two mugs he’d already consumed.
‘Great stuff,’ said RB. ‘How’s it going then?’
‘Oh, well, steady,’ said Wayne.
‘Well, I’ll just finish my tea and then we can take a stroll.’
‘Right-ho,’ said Wayne. Despite being acquainted with RB for a while, Wayne found conversation difficult. The young man sitting opposite had a menacing appearance and was clearly not someone to mess with. The hands encircling his mug bore large rings which could no doubt do some damage if they made contact with someone’s features. If Wayne had been given a choice he would never have become involved with RB but one thing had led to another and when his previous supplier had disappeared off the scene Wayne had found that he’d had little choice but to transfer his custom to RB. As was the normal routine, RB finished his drink and left the cafe. Wayne said goodbye and then remained seated for a couple of minutes before he too left and joined Wayne down a secluded alleyway where the transaction was conducted.
‘How many bags?’ asked RB.
‘I’ll take five of the usual and ten of the half bags,’ said Wayne. The bags were one gram and half gram bags. Wayne handed over three hundred pounds. He would hope to make at least a hundred pounds profit on this batch, although he was thinking of putting his prices up a little. Wayne usually managed to off load this amount on a weekly basis so it was a nice addition to his benefits and other casual jobs.
‘Is that all? Come on, business can’t be that bad?’
‘Look, I can’t buy much more from you, I don’t have the readies, I’m not made of money.’
‘I’m just saying, there’s much more where that came from. I’ve got a big supply at the moment. You need to try to increase your customer base a bit.’
‘Look, I’m doing my best, I can’t take any chances, not with my record.’
RB grabbed Wayne by the jacket and threateningly brought his face right up to Wayne’s so that their noses were almost touching. Wayne shrank back trying not to breathe in RB’s foul breath.
‘Don’t get stroppy with me, Wayne my son. I need to make a crust as well. Think of it as career development. There must be loads of students who need a bit of a boost. Try to recruit some more, just a suggestion.’ RB relaxed his grip and Wayne staggered back. He desperately needed to empty his bladder as his nerves were now making him anxious about wetting himself.
‘See you soon, Wayne,’ said RB, jogging away and pulling out his phone to make a call.
Wayne could wait no longer. He looked around anxiously and stepped behind a large hopper style bin to relieve himself. He was starting to get worried about his well-being. Hopefully his customers would feel sufficiently solvent this week to make some purchases.
