The Scottish Government has announced the launch of a new £5 million fund aimed at supporting university spin-out companies across the country.
This initiative seeks to help innovative businesses, which originate from academic research, to grow and succeed in the commercial marketplace.
The fund will be managed by Scottish Enterprise and is designed to bridge the gap between academic research and commercial success.
It will provide vital early-stage funding to help spin-outs develop their ideas, attract further investment, and create high-value jobs in Scotland.
Economy Secretary Mairi McAllan emphasised the importance of supporting home-grown innovation, highlighting that university spin-outs play a crucial role in driving economic growth and technological advancement.
She stated that the new fund will help Scotland retain and nurture entrepreneurial talent, ensuring that promising ideas are developed locally rather than moving elsewhere.
The initiative forms part of the Scottish Government’s broader strategy to encourage innovation and entrepreneurship, building on Scotland’s strong track record in academic research and development.
The fund is expected to support a wide range of sectors, including life sciences, technology, and engineering.
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.”
Sir Jim McDonald, principal and vice chancellor of the University of Strathclyde, said: “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.”
Applications for funding are now open, with universities and research institutions encouraged to put forward their most promising spin-out projects.
