Academics at Oxford University are being offered the chance to earn extra money by moonlighting for commercial organisations.

Oxford dons have traditionally boosted their income with lucrative journalism or TV appearances, as well as working for industry.

Now the process is to be put on an official footing, with a new company, Oxford University Consultancy, offering its services to those who have so far missed out on the bonanza.

The company is now scouting the University for new consultants. It will help them to find contracts with local, national and international companies, as well as negotiating terms and pay.

The managing director of OUC, Dr Mark Taylor, believes the new company's professional marketing and contractual services will save academics' time, and also bring them greater financial rewards.

Engineering professor David Edwards, of Wadham College, has been a consultant for more than 20 years.

He said: "The service that OUC provides has greatly simplified matters, allowing me to concentrate on the work in hand."

Biochemist Dr Kieran Clarke, associate director of the British Heart Foundation molecular cardiology group, added: "Having a third party dealing with the money side of the contract allowed me to deal with the company purely on a scientific basis."