BT And IncuVest Form World's Largest Technology Business Creation Alliance.Business/Technology Editors LONDON--(BUSINESS WIRE)--Dec. 6, 2000 BT's Brightstar and Leading U.S. Technology Operating Company operating company A business that engages in transactions with outsiders. Collaborate to Commercialize Proprietary Technologies In the largest global technology collaboration devoted exclusively to new company creation, British Telecommunications plc (NYSE NYSE See: New York Stock Exchange : BTY BTY Battery BTY Betty BTY Back To You BTY Better Than You BTY Blessings to You ) today announced an agreement to work with U.S. based technology operating company incuVest LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The collaboration will focus on unlocking the commercial value of thousands of patented technologies developed by BT's world-class team of scientists and engineers at its research and development headquarters in Adastral Park Adastral Park is the name given to what was once the BT Research Laboratories or BT Labs based at Martlesham Heath near Ipswich in the English county of Suffolk. , Ipswich, UK. IncuVest LLC was founded in October 1999 by former Schroder's executive Richard C.E. Morgan, who has an impressive 20-year track record of transforming proprietary, sustainable technologies into market-leading technology companies, including nine formed under the auspices of incuVest. Last month incuVest, which has already established a $100 million capital base, announced the opening of London headquarters for its European operations. Brightstar, BT's corporate incubator, rewards executives within the company for entrepreneurial efforts to develop untapped technologies into stand-alone enterprises. Chris Earnshaw, BT's Group Engineering director and chief technology officer, said: "Brightstar was founded on the concept of creating small, growing big and thinking fast. This collaboration with incuVest exemplifies that concept because it will create high value for our shareholders and our employees, and will lead to further UK economic growth in high-technology business." BTexaCT is BT's advanced communications technologies business which provides research, development and consulting services for the BT Group. incuVest will expand its global network of "Enterprise Factories" through the opening of a facility specializing in communications and related technologies at BT's Adastral Park research and development center where start-up companies have access to the entrepreneurial network In business, entrepreneurial networks are social organizations offering different types of resources to start or improve entrepreneurial projects. Having adequate human resources is a key factor for entrepreneurial achievements. situated in the Cambridge-Ipswich High-Tech Corridor. There, incuVest will have access to the talents of 3,500 BT scientists and engineers, the largest such concentration in Europe. Stewart Davies Stewart Davies is the former chairman of Darlington. He became chairman following George Reynolds, and got the club out of debt and liquidation, from stadium costs, other footballing matters, and put them back into financial stability. , managing director of BTexaCT, expands: "incuVest has a unique and exciting company creation model that we believe perfectly complements intellectual capital represented by some 13,000 patented technologies within BT that have yet to come to market. This collaboration represents the perfect marriage of innovation and entrepreneurial business flair." "The robust stock of existing technologies and flow of new technologies to be developed by BT's scientists and engineers holds tremendous potential for effective commercialization on many fronts," said Richard C.E. Morgan, incuVest's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Adding BT to our growing roster of partners will undoubtedly help bring to market disruptive and transforming technologies that change the way we work and live," Morgan added. The collaboration between BT's Brightstar and incuVest will center around a process incuVest has pioneered called the "industrialization industrialization Process of converting to a socioeconomic order in which industry is dominant. The changes that took place in Britain during the Industrial Revolution of the late 18th and 19th century led the way for the early industrializing nations of western Europe and of enterprise creation," a proprietary methodology that addresses each phase of enterprise creation from conception through execution. Substantial human and financial capital is deployed to identify promising new business opportunities and enabling technologies, validate their potential for sustainable differentiation, refine and prove the value proposition, and establish, position and manage the emerging company. In fact BT and incuVest have already embarked on a "discovery process" for company development - an integral part of incuVest's company creation model that has been tested through incuVest's existing relationships with other major corporations and leading research universities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . About Brightstar Brightstar is BT's corporate incubator and part of BTexaCT which provides research, development and consulting services for BT Group. It is situated at Adastral Park, Suffolk, UK and home to 3,500 of BT's top scientists, engineers and business people. By working with partners and collaborators around the world BTexaCT is transforming its research and development activity through direct commercial exploitation of its immense intellectual property base. BT has an intellectual property portfolio of some 13,000 patents based on almost 2000 inventions. Brightstar is focused to deliver the immense latent value in BT's Intellectual Property portfolio and is targeting the creation of companies whose value is estimated to be GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 100m in three years. Brightstar provides seed funding Seed funding is investing capital to begin a new project, so that it has enough funds to sustain itself for a period of development until it reaches either a state where it is able to continue funding itself, or has created something in value so that it is worthy of future rounds for internal start-ups, where groups of BT's brightest people have a patent or an idea so powerful that they are given the chance to develop it as a fledgling company whilst still under the BT umbrella. Four companies have already spun out of Brightstar - Kymata, Truth, Corning Advanced Photonics Research Centre and IDL (1) (Interface Definition Language) A language used to describe the interface to a routine or function. For example, objects in the CORBA distributed object environment are defined by an IDL, which describes the services performed by the object and how the data . Further companies will be spun out of Brightstar by the end of the year and many more are in the pipeline. The evidence of its success is the strong Venture Capital partners who have come forward to work with Brightstar and other technology based start-ups, as well as established corporations who are planning to co-locate their activities at Adastral Park to exploit the ideas flow. Brightstar has developed an extensive entrepreneurial network within the Silicon Fen environment of the A14 Cambridge-Ipswich Hi-Tech Corridor and are driving forward the UK agenda of "enterprise for all." For more information about Brightstar please go to www.btbrightstar.com. About incuVest LLC incuVest LLC is a technology operating company that is rapidly establishing itself as a preeminent partner for corporations, universities and others seeking to profitably commercialize intellectual property. Through its global network of Enterprise Factories, incuVest applies a proven and repeatable process - "the industrialization of enterprise creation" - to build market-leading companies that leverage proprietary technologies to create sustainable competitive advantage. incuVest is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , with locations in London, England; Austin, Texas; Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. ; and XL Vision LLC in Sebastian, Florida. For more information about incuVest or its partner company network please go to www.incuVest.com. |
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