NU/1246-6 LABSAFE Commercialisation of university research through provision of management skills to assist in successful spin-out company creation

Tender description

It is proposed that a CEO be supported to create and manage a company called LabSafe Limited. This opportunity has emerged from the work of an established Durham spinout company, Olexsys Limited which was spun out from Durham Chemistry in 2010. Olexsys developed "LabSafe" software during work adjacent to their main technical activity (X-Ray crystallography) during 2015-17. The Olexsys Board now consider that the LabSafe software has good commercial potential, but it could distract from the core Olexsys mission. They therefore propose that a new company, LabSafe Limited is formed to focus on the commercial exploitation of the software. A CEO designate is therefore required to bring strong commercial skills and leadership to this business. To date the LabSafe product has demonstrated initial sales through provision of a successful product to Durham Chemistry Department and is presently negotiating a contract to roll the product out across the University. Examples of specific tasks for the CEO (not in any particular order) are: • Review the existing business ambitions and formulate a sustainable Business Plan. • Establish Labsafe as an independent business • Raise finance through investment or sales to support general business administration and new staff as identified in the business plan • Secure first new customer sales. Manage sales contracts and customer contacts.