In 1989 the University established its first trading arm later re-named in 1992 as Coventry University Enterprises Ltd. Since that time the company has expanded and diversified its commercial offering to include consultancy and business support services and the operation of technology parks. The current company has now become a significant operation and fundamental part of the University Group activities.
Coventry University Enterprises Ltd has successfully managed numerous, externally-funded programmes that provide commercial business support services to 4,500+ SME companies each year through a core of 100 full-time staff. It is these programmes which are being focused into a new Division – Commercial Development Services – with the aim of establishing it as a wholly owned subsidiary in the near future. The programmes span four areas:
- Provision of support to approximately 120 start-up companies each year.
- Provision of expertise in knowledge and technology transfer, and licensing.
- Support to companies wishing to develop international trade. This includes a major contract from UKTI to set up support offices (called “soft-landing-zones”) in 20 locations internationally.
- Access to advanced facilities (including the University’s own Metrology Laboratory) and related best practices.
Several of the programmes are delivered through setting up and running regional networks for companies. These networks include: Inside Manufacturing Enterprise; the Innovation Relay Centre for the Midlands, and the regional Intellectual Property Forum. The networks are funded, variously, by Regional Development Agencies, Central UK Government departments, and by the EU.
About Commercial Development Services
In order to enable the existing commercial business services to reach their full potential, it has been decided to reorganize them into a single, more focused Division, to be called Commercial Development Services. The remit of this new Division is to grow and establish itself as a wholly owned subsidiary in its own right able then to develop its future business activities more freely, flexibly and innovatively. The new Division should be able to maintain the current successful ethos and culture, but needs to become more focused on the private sector, and offer better niche consultancy services to generate significantly greater revenue from its existing client base. The Division will have an initial turnover of £4.8m.