George MurlewskiStart-up Company Management

No.1 Provider of Non-Execs to UK SMEs

Spin-Out Creation, Board Support and FlotationCase Study

Spin-Out Creation, Board Support & Flotation

George Murlewski:As part of my Spin-Out Company duties at a Russell Group university I was asked to review a proposal to form a company between a world-renowned academic and an external enterprise in the Central Nervous System (CNS) arena. Following detailed analysis, I concluded that the proposed deal was not in the best interests of the University and developed an alternative business plan for a spin-out company which successfully obtained seed funding and ultimately flotation on AIM.

ClientGeorge worked effectively with all parties (Founder, University & Investors) to draw together an alternative business plan which resulted in initial seed funding. He continued to support the board until, within 18 months of creation, the spin-out was successfully floated on AIM raising £13.5m.

Main challenges:Much work was required to get to the position of having an ‘investment ready’ proposal to put to both the College’s Principal and the Investment Committee.

Overcoming the challenges:Effective working together between Founder Academic, various College departments & external investors to establish ‘real world costs’ of operation & the preparation of a two-pronged business plan built around a ‘service business-R&D business’ model. Novation of contracts and TUPE transfer of staff needed to be finalised before trading could commence. Skilled CEO needed to be recruited. Detailed work on Admission Document prior to AIM flotation.

What value was your role to the process:A single point of focus for all parties, being responsible for driving progress, ensuring accuracy of detail and providing a commercial/marketing resource for the embryonic board.

Spin-Out Creation, Board Support & Flotation

Profile: George Murlewski

George brings a wealth of both large & small company management experience across a wide spectrum of industries.He has specialised in bringing new ideas to the market place and has spent many years in roles where he provided a marketing/new product development/commercial perspective to predominantly technology-focussed peer groups.

Summary of competencies. Marketing. New product development. Market Research. Start-

up company creation and nurturing. Ensuring product development is informed by the real needs of

the marketplace. Attention to detail. Well honed coaching/mentoring skills achieving results through

influence as opposed to line management direction. Collaborative team player.

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