Boosting university spin-outs
New initiatives taking advantage of Scotland’s world-class reputation as an innovation nation have been announced by Deputy First Minister Kate Forbes.
Three projects, backed by £4.4 million, are designed to help turn ground-breaking research across the country’s universities and colleges into high-growth businesses that create jobs and support economic growth.
The package includes:
- £2.9 million for the Proof of Concept Fund which will explore the commercial potential of research projects by developing prototypes and pitching to investors, as well as analysing markets to attract further investment
- £800,000 for the Spinout Pipeline Project which, led by the University of Strathclyde, will help share commercialisation expertise across Scottish universities, culminating in a summit where innovators will pitch to potential investors
- £700,000 for the Entrepreneurial Campus Blueprint which will help college students to develop business skills and link in with investors
A further £141,000, spent over two years, will support a new course at the University of Aberdeen to train 40 high school computing teachers, better preparing future generations for careers in tech-based businesses.
Scaling businesses account for the majority of net job creation in the UK and their annual turnover is around £1.2 trillion, highlighting the opportunity afforded to Scotland’s economy by investing in the drive to turn research findings into high-growth start-ups.
Deputy First Minister Kate Forbes said: “The Scottish Government is fostering and supporting entrepreneurial talent as part of strategic investment to capitalise on Scotland’s reputation as a start-up nation. The economic opportunities presented by this are enormous.
“Our universities and colleges are the engines of innovation. They are known the world over as the home of some of the greatest ideas and inventions ever made and can present real solutions to the challenges we face.
“This new investment underlines our commitment to realising the economic potential of the incredible work taking place across Scottish universities and colleges.”
Chief Entrepreneur Ana Stewart said: “The world’s leading entrepreneurial economies are often powered by universities with strong entrepreneurial cultures. This is an ambitious package which positions Scottish institutions as drivers of start-up creation and growth.
“I look forward to collaborating with universities to maximise the impact of this funding.”
Professor Sir Jim McDonald, Principal and Vice-Chancellor, University of Strathclyde, said: “We are pleased to welcome the Scottish Government’s continued investment in universities as engines of economic growth through excellent research, innovation and production of high-quality skills.
“This new Proof of Concept Fund will help to translate academic innovation into real-world economic and social impact.
“As the lead institution for the Spinout Pipeline Project, and a leading entrepreneurial campus, the University of Strathclyde is also pleased to continue to play a central role in strengthening Scotland’s entrepreneurial ecosystem.
“By harnessing the collective expertise of our universities, we aim to accelerate the journey from breakthrough ideas to market-ready ventures – creating high-value jobs, attracting investment, and supporting the next generation of innovators.”
Applications to the Proof of Concept Fund are open now.
