Planning & Preparation
When starting a new project, we sit down with our industrial partners and discuss the ideas they want to develop or challenges they are facing. Then the recruitment process starts. Since we are based in Oxford, with proximity to London, we have access to some of the best young and creative minds and we bring them together to form teams.
At our first event, the newly formed teams are presented with general guidelines for the projects put forward and enter the PanaceaStars Accelerator competition. The teams are given a few months to generate a business/research proposal that they finally present to a panel of judges at our gala event in Oxford. The teams also have the chance to compete for the PanaceaStars grand prize.
The selected teams for each project meet with their respective industrial partner and academic mentors to set specific aims and generate a plan for the next year. The projects span a period of 2 years during which the scientist-entrepreneurs work on the research and business development under the banner of an academic institution. The 1-year funding scheme is renewable after the first year given that the project is still viable. In order to be efficient and focused, we closely monitor the progress of the projects and support the teams with business and academic mentoring.