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Prize winner
Subject category: Entrepreneurship
Simon Barnes (Imperial College London)
Published in:
23 pages
Data source:
Field research


The case explores the creation and venture capital financing of Renovo, a biotechnology start-up created in 2000 at the University of Manchester, UK. At the time of the deal, Renovo secured one of the largest first round venture financings for a UK-based biotechnology start-up and at the time of writing, the company continues to grow rapidly. The case examines a variety of issues central to the creation of technology start-ups from both the entrepreneur's and the VC's perspective, with the overall goal of constructing a deal acceptable to both parties. In a broader context, the case illustrates the notion of milestone-based financing for venture capital-backed technology start-ups, and the complexities of creating a business from within an academic institution.

Teaching and learning

This item is suitable for postgraduate courses.


Biotechnology; Life sciences; Entrepreneurship; Venture capital; Start-up; Financing; Spin out; Biopharmaceuticals; Deal; Equity; Intellectual property; Patent


The events covered by this item took place in 2000.

Geographical setting

United Kingdom

Featured company

Company name:

Featured protagonists

  • Mark Ferguson (male), Founder
  • Sharon O'Kane, Founder

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Awards, prizes & competitions

Classic case collection - Entrepreneurship
2005 - ecch European Case Awards - category winner

Reviews & usage