- 25% of Centre of Innovation and Entrepreneurship alumni go on to found their own business.
- Partner will give alumni, new and existing students access to Genie AI’s legal library. This includes all of the clauses and contract templates they require to launch and grow a company to Series A.
Bristol, UK; 6th January, 2023Genie AI is the UK’s most popular open-source legal library. Today, University of Bristol’s Centre for Innovation and Entrepreneurship announced a partnership to give students free access to templates and clauses. This partnership is designed to give entrepreneurs the tools they need to create and manage legal contracts.
Bristol is home to a vibrant startup community. The city has the highest concentration of high-growth tech companies in South West England. The Centre for Innovation and Entrepreneurship in Bristol supports entrepreneurs to develop their ideas and start their entrepreneurial journey. It offers an Integrated Masters degree for undergraduates and a Masters degree for postgraduates. The Centre has supported hundreds of entrepreneurs through its support. Students come from many academic backgrounds. Some of these include Welleasy, which sells healthy snacks, Peequal that reduces women’s queueing at festivals and Kaedim technology to create 3d models out 2d images, Vive, which pioneers mental wellness through visualization.
The startup process requires founders to have a variety of legal agreements, including collaboration and founder agreements, as well as term sheets and patent assignments. Genie AI allows users to quickly find, create, edit, and sign legal-sound contracts. Genie AI will make its legal templates library available to Centre students through this partnership. This should reduce legal expenses by an average PS30k for the period leading up to Series A funding.
Genie AI team members are also expected to mentor the Centre for Innovations in the new Runway project.
Mark Neild is the Programme Director for Runway, where students start-ups fly at The Centre for Innovation. He said: “Our job here at Runway was to enable student ventures have maximum impact. Startups don’t have the resources they need and sometimes legal support can be costly. Customers are often more important than their start-ups. This can come back to bite. Genie AI is a great tool that has reduced the effort and cost for students. They can access open-source data, templates and insights. This will give them the confidence to make deals and not get taken advantage of.
Rafie Faruq (Genie AI CEO) said: “Our long-term strategy to give back UK’s best universities is to partner with the Centre for Innovation and Excellence. We span out from UCL’s AI lab. The partnership is an extension of our ongoing partnerships with Imperial College, Oxford University and other universities. It takes many years to create deep technology. We would love to help reduce the legal costs for future entrepreneurs.
Alex Asher (University of Bristol) is co-founder of mifu. He shared that there were many confusing and costly legal offers when he started mifu. This AI-powered digital marketing startup was founded by Alex Asher. Genie AI will allow Runway to provide greater legal support. We’re thrilled! It will make it much easier to source our early-stage legal venture frameworks. This will allow us to move ahead with greater confidence and at a lower cost.
Students at the University of Bristol can claim increased access to Genie AI today using the following unique sign-up link: https://app.genieai.co/signup?ref=brist-lchitg41
To hear more about Genie AI’s partnership with the University of Bristol’s Centre for Innovation and Entrepreneurship, or to find out about partnership opportunities, get in touch with Genie AI here: https://www.genieai.co/partnerships
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About Genie AI
Genie AI was founded in 2017 and is Britain’s most popular open-source legal library. It is dedicated to providing businesses with flexible and up-to-date legal contracts. Connect Ventures (Citymapper), which funds it, awarded the largest government grants for startups in Britain.
Genie AI allows users to find, create, edit, and sign legal-sounding contracts within 15 minutes. To ensure that your contracts for business are legal, you don’t need to hire a lawyer.
Genie AI’s proprietary AI learns from millions of data points what “good” looks like at each clause. The company then uses these data to develop high-quality templates that meet market standards. Standardizing contracts can reduce the time and effort required to negotiate contracts.
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Leah Jones
CommsCo
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The Centre for Innovation and Entrepreneurship
The University of Bristol’s Centre for Innovation and Entrepreneurship was founded in 2016. It is multi-award winning and blends design, innovation and entrepreneurial skills. The multidisciplinary, practitioner-led design of the Centre for Innovation and Entrepreneurship at Bristol produces high-impact graduates that are skilled founders of start-ups with high growth potential. This makes them a favorite among forward-thinking employers.
University of Bristol, one of the UK’s most successful universities, is ranked at 61st place in QS World University Rankings 2023.
Contact Media
Jack Pitts
University of Bristol
jack.pitts@bristol.ac.uk
+44 7977 983547