Budding entrepreneurs in Cambridge will soon be able to access funds from a new 20 million foundation.
20m for entrepreneurs
Peter Hiscocks, boss of Cambridge Entrepreneurship Centre, has announced that the Cambridge Foundation is to be set up to help young entrepreneurs turn their dreams into reality.
He made the announcement during a networking reception and dinner held in the Science Museum in London.
More than 450 delegates from around the world were there, 46 dining tables set up amid exhibits such as Stephenson's Rocket, described by one speaker as 'a romantic reminder of the need to innovate'.
Co-hosts for the evening were CEC and MIT (Massachusetts Institute of Technology) Entrepreneurship Center, with after dinner speeches provided in 55-second bursts from finalists in this year's contest for funding.
Described as 'elevator pitches', this was the chance for each team to attract the attention of potential investors to take them towards a bigger league.
The entrepreneurial ideas included no scar surgery, a means of predicting heart attacks, umbilical stem cell collection, flat panel lighting, and something that sounded suspiciously like matter transfer a la Star Trek.
The emphasis this year was heavily towards bio as opposed to high tech, although the two are increasingly merging.
Ken Morse, senior lecturer and managing director of MIT Entrepreneurship Center, insisted there had never been a better time than now to start a high tech business and that increasing numbers of people were 'becoming infected with the entrepreneurship virus'.
They were certainly in the right place attending the dinner, where rumour had it there was 6 billion potential investment in the room that night.
The Entrepreneurship Centre at Cambridge Judge Business School aims to inspire, enable and research entrepreneurship.