THE Oxford University team which transforms academic ideas into commercial reality is celebrating a major milestone.

Technology transfer operation Isis Innovation, based in Summertown, has just “spun out” the 100th company in its 25-year history.

The organisation was created by the university in 1988 to help students and staff turn their ideas into businesses.

Isis marketing director Simon Gray said: “The university is a fantastic source of inventions and commercialising these technologies makes them accessible for everyone’s benefit.

“This part of the economy is thriving and we are convinced that it is key to continued growth.

“There have been 100 companies formed in fields from drug discovery to renewable energy technologies. This is a very important milestone for Isis.”

Web-based service SmartEatOut is the 100th company to come out of the university through Isis. It allows people with similar interests to meet together over dinner at a registered restaurant.

Its first pilot scheme was only launched in Oxford a few weeks ago but 12 restaurants have already signed up.

Chief executive and founder Fateh Amroune said: “SmartEatOut allows people to socialise in a friendly and cost-effective way and helps independent restaurants get more customers when they need them most.”

While 100 firms have spun out of the university since 1988, the university started the process in 1959 with Oxford Instruments, founded by Sir Martin and Lady Audrey Wood in a garden shed.

It is now a world-renowned competitor in the field of nano-technology, researching materials at atomic level. Annual revenue was £176.5m in 2008 and has doubled to £350.8m in 2013.

Oxford Instruments chief executive Jonathan Flint said: “My advice to new firms starting up at Oxford is this: Coming up with the great idea is a first step, but converting it into something customers will want to buy is the most important one.”

SUCCESS STORIES

Oxford Molecular (now Accelrys)
Founded: 1989
Revenue: Acquired by US firm Pharmacopeia for £18m in 2000.
Description: Supplies information management software for researchers in chemical industries.

Asymmetry International
Founded: 1992
Revenue: Acquired by Evotec BioSystems for £316m in 2000.
Description: Drug development company that sells and licenses products for pharmaceutical and biotechnology companies.

PowderJect (now Novartis)
Founded:1993
Revenue: Acquired by the Chiron Corporation for £520.7m in 2003.
Description: Vaccine, drug and diagnostics delivery company founded by Lord Drayson.

Oxford Biomedica
Founded: 1996
Revenue: £7.8m (2012)
Description: Technologies to develop and make gene-based medicines.