Companies based outside Scotland are being encouraged to strengthen relationships with Scottish academia through a £100,000 inward investment fund.
Following on from a pilot programme at the end of 2021, a new round of funding is being offered through Interface and the Scottish Government, aimed at attracting businesses to invest in Scotland by establishing a partnership for research and development with universities.
Up to five awards of £10,000 each will be awarded to successful applications in this round, with a further competitive call being launched later in the year.
Earlier this year, six companies and universities were awarded £10,000 each. These included Romanian wellness company Therme Group and University of Glasgow for research into health and wellbeing intelligence to help make a business case for an inclusive Centre of Wellbeing Excellence to be established in Scotland.
Minister for Business, Trade, Tourism and Enterprise Ivan McKee said: “Scotland was the UK’s most attractive foreign direct investment location outside London in 2021, with a 5.9% increase in projects, whilst incoming projects across Europe as a whole fell by 13%, and projects into the UK declined by 12.1%.
“Scotland has been the top performing region of the UK, outside of London, for eight out of the last 10 years and for six years running.
“As set out in the National Strategy for Economic Transformation, we want to be dynamic and confident of our place in the world, where we can attract international investment in research and the industries of the future, the new phase of the Inward Investment Catalyst Fund will support our ambitions.”
Howell Davies, sector engagement manager at Interface, said: “The pilot fund brought in an array of high potential, innovative companies from England, South Africa, the US and Romania, recognising the world-leading expertise and facilities universities in Scotland have to offer, and we are excited to see who the fund will attract in this time.
“The Inward Investment Catalyst Fund responds to our ambition to attract inward investment that aligns with our value as a nation, our commitment to delivery, and the strengths of Scottish universities.
“It creates a solution for potential investors to access these strengths and use them to further their ambitions to expand and grow operations in Scotland, creating jobs for the Scottish economy.”
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