The Innovation Factory at the University of Bolton was officially opened by entrepreneur Imran Hakim last Thursday (10 July 2008).
The Innovation Factory is home to several academic subject areas, including fine art and special effects as well as new engineering and textile laboratories. But it also houses the Innovation Zone which offers consultancy services to companies looking to get design ideas working, using the University's know-how and practical facilities.
As well as having the knowledge of academics and the input of student creativity, companies seeking consultancy services will be able to convert concept ideas to working prototypes for testing.
The Innovation Factory concept, which is partially funded by the European Regional Development Fund (ERDF), builds on the successful, adjoining Design Studio, which opened in 2005 offering design solutions to North West Companies.
Imran said: 'I am really excited, not only because this facility is in Bolton, my home town, but also because it can give our business community an edge over the competition around the country.'
Imran used the product design facilities within the University's adjoining Design Studio to create drawings for his iTeddy prototype.
He said the Design Studio service helped him focus on what was important and what would be the challenges before he took his drawings to China to have prototypes created. 'That's why the Innovation Factory is so exciting. We could make prototypes here,' he added.
Welcoming Imran and guests to the opening event was Deputy Vice Chancellor Dr Peter Marsh.
He said: 'The Innovation Factory is a great stride forward in developing our professional services to the business community. Building on the successful Design Studio it will also provide excellent experience of working on real design briefs for our students, experience which will be invaluable to them when they graduate.'
A winner of the BBC programme Dragons' Den, the iTeddy was Argos' second best selling toy last year with a £20million turnover. Next year its turnover is estimated at £40m.