The Royal Society Entrepreneur in Residence (EiR) scheme is a program aimed at enhancing knowledge and awareness of cutting-edge industrial science, research, and innovation in UK universities.
This scheme plays a vital role in bridging the gap between academia and industry by bringing together talented individuals who have experience in both scientific research and entrepreneurship.
The Entrepreneur in Residence Scheme
The Royal Society’s Entrepreneur in Residence Scheme is a prestigious program that aims to bridge the gap between academia and industry by placing experienced individuals in UK universities. The scheme enables these entrepreneurs to share their expertise, knowledge, and entrepreneurial skills with the academic community.
It also facilitates the transfer of cutting-edge industrial science, research, and innovation into academic settings. Entrepreneurs in Residence act as a valuable resource for both students and faculty, providing insights into the practical applications of scientific research, guiding collaborations with industry, and promoting entrepreneurial thinking.
They contribute to fostering a culture of innovation, creating opportunities for commercialization, and developing stronger links between academia and industry.
About the Royal Society
The Royal Society was established by King Charles II in 1660, it was previously known as The Royal Society of London for Improving Natural Knowledge. Royal Society is considered the United Kingdom’s National Academy of Sciences and a top learned society. Since its inception, the Royal Society has played a pivotal role in advancing scientific knowledge and promoting excellence in science.
The society’s multifaceted activities include the promotion of science, recognizing scientific excellence, providing scientific advice for policy-making, supporting outstanding research, and fostering international cooperation.
Benefits of the Scheme
The Entrepreneur in Residence Scheme offers several benefits to both the participants and the host universities. Some of the key benefits include:
- Financial Support: The scheme covers a two-year period and provides financial support of up to £25,000 annually (plus any relevant VAT). This funding can be utilized for various project costs, including travel expenses, conference attendance, workshops, and training.
- Embedded Expertise: The entrepreneurs bring their wealth of experience and knowledge gained from working in industrial research settings. They offer guidance and mentorship to students, researchers, and faculty members, helping them understand the practical applications and commercial potential of their research.
- University-Business Collaborations: Entrepreneurs in Residence play a crucial role in facilitating collaborations between universities and businesses. They act as intermediaries, connecting academic researchers with industry partners, leading to mutually beneficial partnerships and the potential for commercialization.
- Promoting Innovation and Entrepreneurship: By fostering a culture of innovation and entrepreneurship, the scheme encourages students and researchers to think commercially and explore the potential applications of their work beyond academia. Entrepreneurs in Residence inspire and motivate individuals to pursue entrepreneurial paths and translate their research into tangible outcomes.
- Networking Opportunities: Entrepreneurs in Residence have extensive networks within industry and academia. Through their connections, they provide valuable networking opportunities for researchers and students, opening doors to collaboration, investment, and mentorship.
Criteria for Eligibility
The Royal Society Entrepreneur in Residence Scheme has specific criteria for eligibility, these include:
- Work Authorization: Applicants must be authorized to work in the UK for the duration of the award.
- Background in Engineering and Science: Candidates should have a background in engineering and science. They must demonstrate substantial expertise in working within an industrial research setting and have experience in university-business collaborations, research translation, and commercialization.
- Entrepreneurial Experience: Applicants should have experience in entrepreneurship, including startup and business expansion, investment, or other related entrepreneurial activities.
- Coaching and Mentoring: Knowledge or interest in coaching, mentoring, or training is advantageous.
- Applicants can work on a full-time, part-time, or independent basis, providing flexibility in their engagement with the host university.
How to Apply for Entrepreneur in Residence Scheme 2023?
- Interested and qualified individuals will need to log on or register on the Royal Society’s Grants and Awards management system at: grants.royalsociety.org/
- Applications must be submitted using the Society’s grant management system called Flexi-Grant®.
- The applications will be evaluated by a panel of experts in the field, who will assess the merit and potential impact of the proposals.
- Applicants should ensure that their application showcases their expertise, entrepreneurial mindset, and their ability to contribute to the goals of the Entrepreneur in Residence Scheme.
- You can visit the Royal Society’s official website on: royalsociety.org/grants-schemes-awards/grants/entrepreneur-in-residence/
The application deadline for the Royal Society Entrepreneur in Residence Scheme is September 13, 2023. Interested individuals are encouraged to submit their applications well in advance to ensure they have sufficient time to prepare a compelling proposal.
What is the duration of the Royal Society Entrepreneur in Residence Scheme?
The scheme covers a two-year period, providing entrepreneurs in residence with an extended period to engage with the academic community.
Can the financial support from the scheme be utilized for conference attendance?
Yes, the scheme covers project costs, which include conference attendance, workshops, and training to help achieve the objectives of the project.
Can applicants from non-engineering backgrounds apply for the scheme?
The scheme encourages applicants with a background in engineering and science. However, individuals from other disciplines may also be considered if they can demonstrate relevant experience in industrial research, university-business collaborations, and entrepreneurship.
Are part-time applicants eligible for the scheme?
Yes, applicants can work on a full-time, part-time, or independent basis, providing flexibility in their engagement with the host university.
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