Alma Deep Dive | Investing in University Spin-outs
- Event exclusive to Alma Angels -
University spin-outs can offer exceptional opportunities, but they also come with a very different set of risks, incentives and diligence questions compared with a typical startup.
In this Alma Deep Dive, we’ll explore how experienced investors assess university spin-outs, what to look for before investing, and the specific red flags angels should be aware of around founders, IP, university relationships, cap tables and commercialisation.
The session will include a 30-minute panel discussion, followed by 30 minutes of open Q&A with the Alma community.
Speakers
Christine Martin, Head of Ventures, Cambridge Enterprise
Christine oversees Cambridge Enterprise’s investment activities, with the team investing more than £5 million each year into early-stage companies.
She brings deep experience across life sciences, technology transfer and university commercialisation. Her portfolio includes University of Cambridge spin-outs such as Carrick, STORM, Z-factor, PhoreMost, Qkine and PolyProX.
Before moving into venture investing, Christine spent six years in Cambridge’s Life Sciences Technology Transfer team managing the licensing of university IP. She also previously spent 11 years at Biotica, a biotechnology spin-out from the University of Cambridge.
Hanadi Jabado, Co-founder & Managing Partner, Sana Capital
Hanadi is a founding Alma and an experienced Deep Tech investor and entrepreneur.
Through her work leading Accelerate Cambridge, she supported the creation and scale-up of more than 180 early-stage ventures, building a portfolio with an estimated collective value of £1.5 billion and more than £300 million in risk capital raised.
She is the co-founder and Managing Partner of Sana Capital and has more than 30 years of experience working with entrepreneurs and technology-led businesses. Hanadi has also served as a Deputy Lieutenant of Cambridgeshire since 2023.
What we’ll explore
How due diligence on a university spin-out differs from a typical startup
How to assess academic founders and founder commitment
IP ownership, licensing agreements and university rights
Cap tables, university equity and implications for future fundraising
How to distinguish strong research from a commercially scalable business
Conflicts of interest and incentive alignment
Common red flags investors should identify before investing
Practical questions angels should ask during due diligence
Come with your questions. The second half of the session will be an open conversation with Christine, Hanadi and the Alma community.
As Head of Ventures, Christine oversees our investment activities, with the team investing over £5 million each year in young companies.
With expertise in Life Science investment, Christine has a focus on drug discovery with a broad portfolio of technologies, including University of Cambridge spin-outs Carrick, STORM, Z-factor, PhoreMost, Qkine, and PolyProX. Christine was featured in BioBeat’s 50 Movers and Shakers in BioBusiness 2018.
Previously, Christine worked for six years in the Life Sciences Tech Transfer team managing licensing of University IP. Christine also managed the University of Cambridge-GSK open innovation drug discovery initiative based at the SBC, working closely with academics to gain funding to develop translational projects.
Prior to that, she enjoyed 11 years working for Biotica, a biotechnology spin-out from the University of Cambridge as Department Director and Project Leader.
Christine has an MA and DPhil from the University of Oxford. She is the author of over 20 peer reviewed journal articles and over 20 patents. She was also the recipient of the Arthur E. Schwarting award for the best article published in the Journal of Natural Products in 2006.
Christine joined Cambridge Enterprise in September 2011.
Hanadi is the co-founder and Managing Partner of Sana Capital. Her work to support entrepreneurs earned her recognition as one of the Maserati100 in 2016, and as top 20 Asians Tech Pioneers in 2020.
A leader in Deep Tech with over 30 years of experience in entrepreneurship, through her work at Accelerate Cambridge, Hanadi has supported the creation and scale-up of over 180 early-stage ventures, building a portfolio with an estimated collective value of £1.5bn and over £300m of risk capital raised.
Hanadi has served as a Deputy Lieutenant of Cambridgeshire since 2023.