Giving EU inventors a LIFT
The European Commission has set up the LIFT support service to help participants in Framework Programme research projects profit from their work. It provides them with the information they need to find the financing to exploit their innovations fully. Background Making a success of a new technology-based business venture can be a long and arduous task. Conceiving a new idea or developing a new application, finding the funding and carrying out the project work to assess its technical and commercial potential - all these innovation stages are difficult hurdles to overcome. However, it is only when a research and development project has been successfully concluded that researchers reach their first real major obstacle - exploiting the results. Finding the money to start up a new company or business venture is the main barrier preventing many good inventions from becoming commercially successful. In May this year the European Commission set up the LIFT project - Linking Innovation, Finance and Technology - as part of the Innovation and SMEs Programme, to help EU researchers turn their RTD project results into commercial ventures. Description, impact and results LIFT's primary aim is to support the creation of new research-based companies - especially those with the potential to grow rapidly and to create new job opportunities. It provides assistance by improving researchers' knowledge of how to attract investment to their business ideas. It also offers help in identifying suitable sources of finance such as business angels, venture capital funds and banks. A multinational team of innovation, technology and financing specialists is available to help researchers and entrepreneurs who need advice on sources of information for innovation finance. These innovators can also learn how to take the best advantage of the LIFT services and tools to assist them in securing financial backing. The range of LIFT products and services includes a helpdesk providing online information and support (see details below). This service is completely confidential and is available, without charge, in English. LIFT also offers a detailed information pack which is currently proving extremely popular to both innovators and investors alike. This practical guide is designed to help EU-funded research contractors through the first stages towards finding suitable investors and then impressing them with a well-prepared and viable technology business plan. LIFT also organises several seminars and training courses. The next seminar entitled "An introduction to innovation financing", which is aimed primarily at those who need to find sources of funding to commercialise their research results, will be held in Brussels, Belgium (8-9 November 1999). Future objectives include developing an even closer relationship with the Innovation Relay Centres, based on mutual interest and co-operation. Here, the long-term aim is to build a network of local LIFT support and advisory services for SMEs.