Thoughtified Ltd founders Aaron Mason and Georgios Michalakidis said: "We are delighted to have won this grant which recognises how our proposed system will meet a defined need within the NHS for better maintenance of patient records, saving them time and money."
Keith Robson, Director of Research and Enterprise Support at the University of Surrey and chairman of SETsquared Partnership, said: "I am delighted that the entrepreneurial efforts of Thoughtified have been supported by the Technology Strategy Board to help them in this important work. SETsquared and the University seek to help student enterprise through our research park and the SETsquared business support network and Georgios and Aaron have set high standards in launching what is potentially a very successful business."
SETsquared is the enterprise collaboration between five universities: Bath, Bristol, Exeter, Southampton and Surrey. It supports new businesses - both university spin-outs and from the wider community - through its business incubation and acceleration centres, as well as supporting student entrepreneurship. Over the last five years, it has supported around 650 companies and raised nearly £0.75bn in capital.
Earlier this year Thoughtified won the SETsquared Best Graduate Start-Up Award in recognition of ManagePlaces, a remote asset management solution that uses Cloud technology and real-time spatial information to help people in their work.
The coalition Government sees student enterprise as an important part of its campaign to help inspire and support new businesses in the UK.
About the SETsquared Partnership
The SETsquared Partnership is the enterprise collaboration of the Universities of Bath, Bristol, Exeter, Southampton and Surrey. Together, the universities employ 7,400 academic staff; earn nearly 10% of the UK's higher education research budget; and produce 11% of all UK university patents.
The partnership has a 10-year track record of supporting companies through its business acceleration centres, which provide access to industry specialists, investors and experienced entrepreneurs. SETsquared currently supports over 250 early stage high-tech, high growth potential businesses, and 88% of its incubated companies are still in business three years on. In the past five years, nearly £0.75bn in investment funding has been raised by spin outs and incubated companies.
SETsquared supports student enterprise including an annual showcase and a global scholars program. It provides opportunities for industry to access academic ideas with commercial potential and seeks to promote the impact, economically and socially, of its institutions' research and enterprise activities.
About the project and its application
The project was formed following a long, careful planning process, during which time we sought input from NHS Trusts in an effort to apply PhD study research and expertise to identify ways to reduce their costs and improve their service and quality of care. Thoughtified developed a complete business proposition based upon this research. It was during this process that Thoughtified recognised that the Technology Strategy Board grant for research and development, and the proof of concept category, would be an ideal option. Applications to the Technology Strategy Board are highly competitive and the process is quite detailed covering a wide range of criteria. Forming our application was a demanding process, which required completing market research, identifying external collaborators, sourcing a team of experts in their fields and of course a realistic commercialisation plan as well as the recognition of societal, environmental and economic benefits.
The Technology Strategy Board grant is a matched funding award, and the amount raised has been through contributions from Thoughtified, Central Surrey Health, University of Surrey EPSRC KTA and the Technology Strategy Board.
The directors are looking forward to starting the project in October and turning thought into action.
About the University of Surrey
The University of Surrey is one of the UK's leading professional, scientific and technological universities with a world class research profile and a reputation for excellence in teaching and research. Ground-breaking research at the University is bringing direct benefit to all spheres of life - helping industry to maintain its competitive edge and creating improvements in the areas of health, medicine, space science, the environment, communications, defence and social policy. Programmes in science and technology have gained widespread recognition and it also boasts flourishing programmes in dance and music, social sciences, management and languages and law. In addition to the campus on 150 hectares just outside Guildford, Surrey, the University also owns and runs the Surrey Research Park, which provides facilities for 140 companies employing 2,700 staff.
The Sunday Times names Surrey as 'The University for Jobs' which underlines the university's growing reputation for providing high quality, relevant degrees.
Surrey is a member of the 1994 Group of 19 leading research-intensive universities. The Group was established in 1994 to promote excellence in university research and teaching. Each member undertakes diverse and high-quality research, while ensuring excellent levels of teaching and student experience.
About The Surrey Research Park
A major centre of excellence in technology, science and engineering, The Surrey Research Park is widely regarded as the best of its kind in the UK. Owned, developed and managed by The University of Surrey as a 70 acre (28.33 ha) low density, development close to its campus in Guildford, The Surrey Research Park provides a high quality, working environment for a wide variety of companies engaged in a broad spectrum of research, development and design activities.