A £100 MILLION fund is being pledged as part of a blueprint which aims to make Scotland “one of the most innovative small nations in the world”.
Innovation minister Richard Lochhead said the new strategy could help transform the country over the next decade and “drive a lasting improvement” in its economic performance.
It sets the ambition for “Scotland to rank alongside Denmark, Norway and Finland in being recognised as one of the most innovative small countries in the world”.
The strategy has been drawn up by the Scottish Government with input from business and universities – including a steering group chaired by Professor Jim McDonald, vice-chancellor of the University of Strathclyde.
The plan seeks to encourage the development of European-style clusters of similar businesses in areas such as advanced manufacturing, health and life sciences, net-zero, and data and digital technologies.
It also pledges a new approach to investing in innovative companies by reviewing existing public sector funds, and to improve support for Scotland’s “world class universities” so they can be better at turning research into successful products and businesses.
The document says ministers will “work closely with universities to design and develop a £100 million Scottish Innovation Fund to invest in early stage start-ups focused on deep science and other emerging technology areas”.
Lochhead unveiled the blueprint during a visit to the Medicines Manufacturing Innovation Centre in Glasgow.
He said: “This strategy sets out our vision to become one of the most innovative small nations in the world over the next decade.
“This is key to our efforts to transform the economy and drive a lasting improvement in Scotland’s economic performance.
“It also sends out a wider message – that we are determined to become a world leader in entrepreneurship and innovation.
“Scotland will use all the powers we have to create an economy which supports businesses to thrive. We will do this by harnessing the skills and ingenuity of our people and seizing the economic and social opportunities provided.”
McDonald said it had been “privilege” to have helped lead the steering group, which brought together entrepreneurs, academics, industry experts, business leaders and investors.
He added: “Scotland is already home to a number of globally competitive, research intensive universities and some of the most exciting and innovative companies in the world, and this strategy focuses on actions required to scale, accelerate and further unleash the potential of innovation across the country.
“Countries that can show agility and harness the power of new ideas and new technologies will thrive and become magnets for talent and investment over the next decade and beyond.
“We must also support the development of a much more diverse and inclusive community of entrepreneurs, researchers and business leaders which in itself will create a more innovation-led ecosystem.
“I believe that this strategy will help Scotland regain its position as an international innovation leader.”
