Passion capital describes a shift in funding behaviour away from traditional response mode funding of research to a venture capital approach, where funding is given to support strategic projects in universities, spin outs or companies.

Instead of using standard application calls, passion capital funders create venture funds or develop targeted bids that will allow research ideas to be translated to tangible outputs, such as new diagnostics or treatments. Funders look for excellent science, but also assess the likelihood of the new idea to be successful in the real business world.

As passion capital approaches ‘derisk’ the idea, the funder also expects a proportion of any revenue deriving from the initiative to come back to them. AMRC is revising its guidance on Managing Intellectual Property and terms and conditions for revenue returns.

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