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Download 2. Case Study - Emma Perfect, Lux Assure Ltd
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LUX Assure Limited Innovate UK: Case study History of the Company Founded in 2001 as LUX Biotechnology Ltd Funded by Angel investors O&G projects First Oil & Gas project undertaken in 2005 Dental project Multiple collaborative R&D Projects undertaken CoMic™ unsuccessful CoMic £307k grant Became focused on Oil & Gas industry in 2009 ranked no. 1 TM First commercial deployment of CoMic in 2012 CoMic™ field trial MOTEYE In 2013 received £3.25m commercial investment (Statoil, £73k grant ConocoPhillips, SIB and Angel investors) Opened offices in Aberdeen (2013) and Dubai (2014) InnovateUK applications We sometimes got it right: only feasibility studies – not field trial 73/100 One cited estimate claims the CI market could be worth $ 5bn although the timescale is not indicated….The market dynamics could have focussed more on market growth and competitors….A return on investment should have been quantified. What is not presented is evidence to provide confidence that the company has the experience / knowledge to become a service provider… Dissemination is not covered….This section would have benefitted from a quantitative analysis of potential direct and indirect job creation…. Should have had timescales… could have given more detail on the technical work to be done… A good risk analysis but at most medium levels of risk…. mention is made of the fact that a negative funding decision may only delay the project rather than cancel it… commitment to increased R&D although this could have been more explicitly stated. The only areas for significant improvement would be the market analysis and explaining more clearly how the applicant is equipped to take the results of the project through to commercial success. Have the Innovate UK projects been beneficial Yes – direct link to company success • Funding • Collaboration • Structured R&D Both dental and CoMic™ TSB-funded projects continue. The process Application – it is clear. Takes more time than you think it will Reporting – again it is clear. • Accept it and do it properly • If your budgets are likely to change give InnovateUK lots of notice • Helps get collaborators together and working to deadlines Get the financial systems set up at start (timesheets, costs allocated)
