Is there a limit to the number of partnerships available?
Not necessarily, we have three ‘incubator hub’ offices, however, a partnership doesn’t necessarily mean you have to be based in Westfield House, we’re happy to discuss other options where we see the value in a future partnership.
What could these other options look like?
The following are some hypothetical examples of the form different partnerships could take.
Company A takes up tenancy in one of the three incubator hubs, fully furnished with Wi-Fi access, on a rent free basis for a period of 2 years. Company A has access to Westfield’s established distribution network, in exchange for 2 or 3 days services for Westfield Health, per month.
Company B opts for a co-working space within one of the fully furnished incubator hubs, along with Company C and D. Company B could receive a financial investment in their busines in exchange for an equity stake. Companies C and D may negotiate different partnership arrangements, eg access to Westfield's distribution network as part of a commission based distribution agreement.
Company E do not require office space. They negotiate a financial investment as well as technical support (including HR, financial planning, and sales and marketing consultancy). In exchange they provide consultancy service to Westfield which benefits Westfield’s future product development.
Who is in your network of partners and what does the support available look like?
We have worked closely with, amongst others, the Advanced Wellbeing Research Centre, Sheffield Hallam University, Business Sheffield, The University of Sheffield and the Yorkshire & Humber Academic Health Science Network, as well as a number of other locally based business specialists.
Support could be technical, e.g. HR, financial planning, leadership and management training or in specialist areas such as sales, IT and marketing. We can also ensure that you get the right introductions to partner organisations or individuals, depending on your needs, e.g. you may want legal or accountancy support.
How long is the office space available for and on what terms?
The office space can be available for between 0-2 years, the duration can be discussed and agreed with individuals as the process progresses. The office is fully furnished, with Wi-Fi access and we would not expect the selected partners to make a contribution to running costs other than providing their own laptops, phones and PC’s.
Will Westfield take equity stakes in partner businesses?
Possibly. This will form part of discussions with potential partners once we have progressed beyond the initial application stages. There may be other types of investment that are considered too and how this works can only be agreed once more detailed discussions commence with potential partners.
How will IP (Intellectual Property) be managed?
IP owned by the partner will remain the property of the partner, with the partner granting a licence to Westfield to use such items as may be relevant to the relationship for the duration of the partnership.
Can partners work with other businesses during the term of this agreement?
Yes, however we would not expect the partner to work with businesses in direct competition with Westfield.
I am a Westfield Health policyholder, will this affect me or my policy?
No. We are committed to developing and investing in solutions to help people confidently take control of their health and wellbeing. We will only invest in ventures that we are confident will help us to deliver this commitment to customers now and in the future.