Scottish Government backing ‘engines of innovation' at colleges and universities
The Scottish Government is 'fostering and supporting' entrepreneurial talent at colleges and universities, the Deputy First Minister has said, with £4.4m of funding announced for schemes to help convert research projects into new businesses.
Kate Forbes said Scotland's universities and colleges were 'the engines of innovation' as she revealed details of three new projects which aim to turn their research into 'high-growth businesses' that will create jobs and boost the economy.
Scotland's chief entrepreneur Ana Stewart welcomed the move, saying: 'This is an ambitious package which positions Scottish institutions as drivers of start-up creation and growth.'
As part of the work, £2.9m will go to a proof of concept fund, which will explore the commercial potential of research projects.
There will also be £800,000 for a spinout pipeline project, to be led by the University of Strathclyde, which will share expertise across universities, culminating in a summit where innovators will pitch to investors.
The Scottish Government is also providing £700,000 for an entrepreneurial campus blueprint initiative to help college students develop business skills and link up with investors.
Ms 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.'
She added: '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.'
Ms Stewart said: 'The world's leading entrepreneurial economies are often powered by universities with strong entrepreneurial cultures.'
She added: 'I look forward to collaborating with universities to maximise the impact of this funding.'
Professor Sir Jim McDonald, the principal and vice-chancellor of the University of Strathclyde, said the new proof of concept fund would 'help to translate academic innovation into real-world economic and social impact'.
He added: '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.'
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