(NU/1433-32) mignon.ai: Commercialisation of university research through provision of management skills to assist in successful spin-out company creation

Tender description

Newcastle University have developed a novel Artificial Intelligence (AI) microchip architecture which is uniquely underpinned by logic-based AI. The microchip named mignon was fabricated in early 2021 and this work was led by Dr Rishad Shafik and Professor Alex Yakovlev of the Microsystems Group, School of Engineering at Newcastle University. The aim is to create a Fabless IP based spin-out company mignon.ai which will market and sell the design of customised hardware devices and semiconductor electronics systems all based on the mignon microchip. The company mignon.ai will develop and design the microchips and supply codes to clients to enable the synthesising of microchip, where all manufacturing of hardware will be outsourced. The team requires an experienced and appropriate business executive to progress this opportunity. The initial brief of the executive will be to: (1) Produce a viable 5 year business plan; (2) Obtain university approval for the venture; (3) a. Act for the company in the spin-out legal process and address all company formation matters; b. Obtain founder academics’ and Newcastle University (including the Head of Company Creation) approval for appointment as CEO. c. Provide to the appropriate university all matters necessary for Research England reporting requirements; (4) Secure (venture capital and other) funding Stage (5) will produce the funds by which the new start-up company can consider employing the executive going forward. It is expected, and the intent of the scheme, that the Executive will remain with the business following the end of the contract period. However, such appointment will be at the discretion of the board and appropriate university and will be subject to confirmation, typically at Stage 4 above. Lot 1: Newcastle University have developed a novel Artificial Intelligence (AI) microchip architecture which is uniquely underpinned by logic-based AI. The microchip named mignon was fabricated in early 2021 and this work was led by Dr Rishad Shafik and Professor Alex Yakovlev of the Microsystems Group, School of Engineering at Newcastle University. The aim is to create a Fabless IP based spin-out company mignon.ai which will market and sell the design of customised hardware devices and semiconductor electronics systems all based on the mignon microchip. The company mignon.ai will develop and design the microchips and supply codes to clients to enable the synthesising of microchip, where all manufacturing of hardware will be outsourced. The team requires an experienced and appropriate business executive to progress this opportunity. The initial brief of the executive will be to: (1) Produce a viable 5 year business plan; (2) Obtain university approval for the venture; (3) a. Act for the company in the spin-out legal process and address all company formation matters; b. Obtain founder academics’ and Newcastle University (including the Head of Company Creation) approval for appointment as CEO. c. Provide to the appropriate university all matters necessary for Research England reporting requirements; (4) Secure (venture capital and other) funding Stage (5) will produce the funds by which the new start-up company can consider employing the executive going forward. It is expected, and the intent of the scheme, that the Executive will remain with the business following the end of the contract period. However, such appointment will be at the discretion of the board and appropriate university and will be subject to confirmation, typically at Stage 4 above.