Prof Russell Smith is an expert in entrepreneurship who has extensive experience starting and advising companies. Over his career, he has co-founded and led several successful university spin-offs, raised over $25 million in venture funding, and helped over 100 businesses raise more than $100 million. He currently directs the Centre for Entrepreneurship and Business Incubation at the University of Malta, where he teaches entrepreneurship and mentors students.

1. Prof RUSSELL SMITH (Professor in Entrepreneurship and Director of the
Centre for Entrepreneurship and Business Incubation, University of Malta)
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OVERVIEW: Prof Russell Smith began his career in business by starting a software
company, whilst still studying for his PhD (RAF and King’s College, London) in the
1980s. Products from that company sold in 27 countries. In 1985 he joined the
pharmaceutical industry, running international drug-development programmes
in North America, Europe and Japan finally leading a team of more than 100 staff.
For the last twenty years Russell has specialised in the commercialisation of
intellectual property arising from academic research and the teaching &
development of student entrepreneurship resulting in the development of the
Incumatrix™ system of entrepreneurship. In 2012 Her Majesty, The Queen was
graciously pleased to approve the Prime Minister’s recommendation that he
should receive the Queen’s Award for Enterprise Promotion.
LEADERSHIP. In 1999, Russell co-founded Avidex Ltd, a spin-out company from the University of Oxford and, as
Managing Director, raised £1.7m in their first year of operations. Russell left Avidex in December 2000 (after
the successful completion of a £10m finance round that valued the company at £25m) to take over Prolysis Ltd,
another University of Oxford spin-out, as Chief Executive Officer. During his time at Prolysis he raised over £5m
of venture capital and successfully restructured the company. In November 2004 Russell became Chairman of
Surface Therapeutics Ltd, his third University of Oxford spin-out, leading a finance round that raised £1.5m of
venture capital. All three companies have now been sold. In 2007, Russell led, as Chairman, the launch of Oxford
Expression Technologies from Oxford Brookes University (where he is also Visiting Professor of Bio-Enterprise).
INNOVATION. Business Boffins Ltd was founded by Russell in order to create an educational programme for
those new to enterprise and for small business owners; that programme became an accredited university
course. A major trial of the programme with nearly 150 businesses over one year, and followed-up for five years,
saw business failure rates dramatically reduced in comparison to national statistics. The material has now been
provided to 4,000 owner-managers who, between them, have raised more than 100m euros of business funding.
The programme has been licensed to a total of seven universities in the UK and abroad.
NETWORKS. From 1999 to 2008, Russell was a Founding-Director of Venturefest Ltd, the organisation that
facilitates the annual conference in Oxford for entrepreneurs; he was Chairman of the Board in 2007. During his
ten-year tenure he worked with regional and central government, the university sector and professional advisers
to secure funding that ensured the conference remained free-of-charge for all attendees. Venturefest is now a
national organisation. During the same period he oversaw, as Chairman, the creation of ‘Oxfordshire Bioscience
Network (OBN)’ as a spin-out from Oxford Brookes University in collaboration with local government. Whilst in
office, Russell developed for OBN the “Business for Bioscience” internet-delivered management course which
was accredited by Oxford Brookes University. OBN brings together life-science companies, corporate partners
and investors; it currently has more than 360 Member companies.
COMMUNICATION. Russell wrote a monthly page on business, from 2004 to 2010, for “The Independent” and
his book “How to Start a Successful Business” was published in 2007 and has been re-issued with two further
editions. He has also written more than 100 business plans for businesses from a variety of sectors. He is an
award-winning speaker and lectures extensively at universities in England and the University of Malta on
undergraduate and postgraduate programmes that he has designed and written. His invited lecture tours
outside of the UK include Spain, Cyprus, Iceland, Finland, Estonia, Latvia, Italy, Russia and Malta. Russell has also
trained academics from India, Thailand, Vietnam, South Africa and Chile at the invitation of the HM Government.
He has been an adviser to politicians at HM Government Ministerial level and within the Dept of Health.
STUDENTS. Russell has worked to inspire student entrepreneurship since 1999. He was an early supporter of
‘Oxford Entrepreneurs’ (OE) and delivered its ‘Boot Camp’ training for three years; OE now has more than
10,000 members. Since 2008, Russell led an annual two-day Doctoral Entrepreneurship Workshop for final-
year PhD students from Warwick University and Imperial College. In 2010, he was invited by the National
Council for Student Entrepreneurship (NACUE) to deliver its entrepreneurship training programmes at the
Universities of Oxford, Reading and Southampton. He created the Undergraduate Module in Entrepreneurship
for Oxford Brookes University and has taught on MBA programmes there since 2003 and delivered a similar
module for undergraduates at Lomonosov Moscow State University in 2016. In 2012, he was asked by the
University of Oxford to design, write and deliver a new Masters in Entrepreneurship programme for the
University of Malta. That course has now been delivered successfully by him to 100 students over five cohorts.

2. Prof RUSSELL SMITH (Professor in Entrepreneurship and Director of the
Centre for Entrepreneurship and Business Incubation, University of Malta)
Page 2 of 3
Selected Entrepreneurial Activities and Projects from the last 20 years
1999 to 2008 Member of Founding Committee and Director of Venturefest Ltd (see www.venturefest.com).
International conference for entrepreneurs (now a national organisation); collaboration between university
sector, investors and local, regional & national government. Chairman in 2007.
2000 to 2008 Founding Chairman of ‘Oxfordshire Bioscience Network (OBN)’ (see www.obn.org.uk), as a spin-
out company from Oxford Brookes University in collaboration with local government. Brings together life-
science companies, corporate partners and investors and currently has more than 360 Member companies.
2000 to 2001 Development of the Business for Bioscience course for Oxfordshire Bioscience Network – a
comprehensive business course for scientists working in the biotechnology sector. Developed Business for
Engineering programme and further variants for other sectors via industrial/academic collaborations.
2002 Development of the Sustainability Support for Small Business (S3) programme subsequently validated and
accredited by Oxford Brookes University as the new, “Certificate in Small Business Management”.
2003 The Mentors to Small Business project. Delivery of the S3 project to 150 new businesses with intensive
research carried out by nine MBA graduates involving >2,500 interviews. Very successful outcome in that
business failure rates were slashed and the programme received a 95% approval rating. Material from that
programme has been delivered to >4,000 business owners who have collectively raised more than 100m euros.
2004 to 2010 Adventures in Microbusiness: monthly page written for “The Independent” that featured issues
and case studies around running new businesses. Also wrote various feature articles and opinion pieces.
2004 Business Leaders: a training and development programme for 1,500 managers and owners of SMEs based
in SE England. Initial budget of £4m increased to £6m based on success of programme once Business Boffins Ltd
took over project management.
2005 to 2007 Consortium for Enterprise Outreach: European-funded (Leonardo de Vinci) project providing
business education and mentoring to disabled people and carers in Latvia, Italy and the UK. The project
supported 70 people and worked in partnership with Apeirons (Latvia), Conform (Italy), universities (Oxford
Brookes, University of Latvia, University of Naples) and support organisations (AbilityNet and ADP; UK).
2005 - 2008 Survival Training for SMEs: provision of direct support and project management function to 600
SMEs over three years with budget of £550k.
2005 to present The Hamilton Project: Provides enterprise education and mentoring for ex-service personnel -
launched in 2005 with the Royal Marines and now available across the armed forces (see
www.hamiltonproject.org.uk). More than 300 individuals wishing to start a business have been supported.
Russell raised all of the finance needed in order to create the programme and provide services free-of-charge.
2007 to present. Department of Health: Adviser on commercialisation of intellectual property and
management of significant projects including:
 National Cancer Action Team (NCAT) staff survey – clinicians and other staff across the NHS in England with
reference to Multi-disciplinary Teams. Prepared, collated and reported on major survey of staff working in
cancer treatment centres. Successfully promoted survey to achieve >80% response rate.
 ‘R-PORT’ and ‘C-PORT’ commercialisation. A project to manage the sale of Department of Health owned
intellectual property to the private sector with regard to chemo- and radiotherapy treatment regime
planning software. Sale achieved to US company.
 Development and delivery of three-day training programme for clinicians and other staff with respect to the
commercialisation of intellectual property arising from activities within the NHS.
 ‘VERT’ (Virtual Environment for Radiotherapy Training programme) – a £6m project for the installation of
3D simulation of linear accelerator equipment used with cancer patients into 14 UK HEIs and 44 major
hospitals. Involved negotiations with (i) Universities to resolve IP ownership issues and (ii) with Government
Departments, Universities & Hospital Trusts and commercial suppliers to ensure project ran to specification,
time and budget. All targets, previously announced by the Prime Minister, were met.

3. Prof RUSSELL SMITH (Professor in Entrepreneurship and Director of the
Centre for Entrepreneurship and Business Incubation, University of Malta)
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Selected Activities with Academics and Students from the last 15 years
2001 Oxford Entrepreneurs: Russell has worked to inspire and support student entrepreneurship since 1999.
He was an early supporter of ‘Oxford Entrepreneurs’ (OE) and delivered its ‘Boot Camp’ training for three years;
OE now has more than 10,000 members.
2003 to present Oxford Brookes MBA: Lectures on the commercialisation of intellectual property, the creation
of high-tech, high-growth companies and how to raise equity finance.
2004 to 2006 Oxford Brookes Research Staff: Lectures on the commercialisation of intellectual property, the
creation of spin-out companies and how to raise equity finance.
2007 to 2009 Warwick University Executive MBA: Lectures on the commercialisation of intellectual property,
the creation of high-tech, high-growth companies and how to raise equity finance.
2007 to 2009 CommercialiSE: Designed and delivered six-day workshops to four cohorts of university
researchers (>100 academics) from Oxford Brookes, Bucks New University and the University of Reading.
2008 to 2012 Doctoral Entrepreneur Workshop: Russell has led an annual two-day entrepreneurship workshop
for final-year PhD students from Warwick University and Imperial College.
2010 National Council for Student Entrepreneurship (NACUE): Devised and delivered the STEM
entrepreneurship training programmes at the Universities of Oxford, Reading and Southampton.
2011 to 2015 Oxford Brookes Undergraduate Module in Entrepreneurship: Created and delivered an
undergraduate module in entrepreneurship for final-year students at Oxford Brookes University.
2012 to present Masters in Technology Entrepreneurship: Invited by Isis Innovation Ltd (University of Oxford)
to design, write and deliver a new Masters programme for the University of Malta. That course has now been
delivered successfully by him in Malta to 100 students across five cohorts.
2015 Leadership in Innovation Fellowship (LIF): The Royal Academy of Engineers launched its ‘LIF’ programme
which saw 150 overseas researchers (selected from 10,000 applicants) come to the UK. Russell was asked to act
as coach and mentor for delegates from India, Mexico, Thailand, Vietnam and South Africa.
2015-2017 Chilean Agricultural Innovators: at the request of HM Government, developed and delivered annual
two-week programme in entrepreneurship for Chilean Young Agricultural Innovators in Santiago, Chile.
2016 Lomonosov Moscow State University: delivered week-long intensive course in entrepreneurship.
What students say:
“Russell is extremely professional, knowledgeable and inspiring. I am very lucky to have him as my mentor! “
Chung Yen Looi, DPhil Candidate at University of Oxford, EPA Cephalosporin Scholar
“The MEnt takes a hands-on approach to setting up your own company. I was rather sad it was over by the end
of it and I kind-of wanted it to start all over again!”
Dr Nick Sammut PhD MEnt, Deputy Dean ICT Faculty
“Following the MEnt was one of the best decisions I ever made - one of the most positive and motivating
experiences in my life.”
Mandy Mifsud MEnt, Entrepreneur
“The MEnt course was a big breath of fresh air. The way it is delivered is not comparable to any other course at
the University of Malta.”
Anthony Sant MEnt, Entrepreneur
“I can honestly say that my life changed 180 degrees after this amazing year.”
Rachelle Muschamp MEnt, Entrepreneur
And what they say about post-MEnt mentoring:
“The equity finance process of raising money from investors was facilitated very professionally by Prof Smith
who provided solutions to any problems that arose.”
Dr Daniel Fenech MD MEnt, Entrepreneur Timely Ltd
“Prof Smith facilitated rapid agreement over Heads of Terms between ourselves and a major Scandinavian
company involving royalty payments and equity participation. And it was all agreed in less than one hour!”
Nick Borg MEnt, Entrepreneur Ton 80 Metric