Scottish Enterprise (SE) has supported the highest-ever number of academic spin outs via its High Growth Spinout Program (HGSP), figures for the 2022-23 financial year reveal.
SE supports research teams to commercialise their innovative ideas and projects, transforming them into successful businesses. This facilitates the creation of homegrown high-value jobs and the development of new products and services for domestic and international markets, generating significant economic impact for Scotland.
The projects came from research institutions including the universities of Strathclyde, Edinburgh, Aberdeen, Glasgow, Heriot Watt, Edinburgh Napier and the West of Scotland, and the James Hutton Institute. SE also supported the creation of six brand new spinout companies, with four of these going on to receive tailored, wrap-around support to help accelerate their scaling journey.
The programme supported 33 research teams in FY22/23, awarding a total of £2.06m SE grant funding. Within the same period 14 HGSP alumni companies saw continuing growth, leveraging a total of £35.5m private investment as well as undertaking £9m of R&D activities.
Adrian Gillespie, Chief Executive of Scottish Enterprise, said: “The HGSP supports brilliant academics to turn their ideas into commercial reality, creating high growth companies for the future. We are delighted that it has been a record year as spinouts are vital for Scotland’s economy, and our academic researchers play a pivotal role in tackling global challenges, such as climate change, energy and health.”
Innovation Minister Richard Lochhead said: “I congratulate Scottish Enterprise for such impressive results in ensuring through this programme that our world-leading universities have a clear pathway to market.
“Close working between government, industry and universities is central to the Scottish Government’s National Innovation Strategy to maximise our research potential and bring about new products and businesses which benefit society and our economy.
“We are committed to working with our universities to enhance the role they play. This is why the First Minister recently announced a ten-year Entrepreneurial Campus plan to strengthen global networks and support more university startup businesses.”
“The HGSP supports brilliant academics to turn their ideas into commercial reality, creating high growth companies for the future. We are delighted that it has been a record year as spinouts are vital for Scotland’s economy, and our academic researchers play a pivotal role in tackling global challenges, such as climate change, energy and health.”
The six companies that spun out in FY22/23 are:
Scott Davies, Agrecalc’c CEO, said: “Joining the SE’s HGSP portfolio helped us access vital resources to develop our calculator further, enhance our market reach and strengthen our offering.
“The continuation of support from Scottish Enterprise has been a valuable asset towards building a scalable business that has it eyes on both national and international expansion. We are looking forward to further collaboration that will enable us to support more farmers and other agri-food chain actors in successful reduction of their GHG emissions.”
"Joining the SE’s HGSP portfolio helped us access vital resources to develop our calculator further, enhance our market reach and strengthen our offering. We are looking forward to further collaboration that will enable us to support more farmers and other agri-food chain actors in successful reduction of their GHG emissions."
Scottish Enterprise’s High Growth Spin-out Programme supports the creation of academic spin-out companies which in turn create high-value jobs and develop new products and services for international markets. These activities generate significant economic impact for Scotland. The HGSP team has a history of working collaboratively with research teams, tailoring its support to best meet the project’s needs. With a detailed understanding of the key requirements for successful commercialisation, it can help build credible management teams and secure investment.
Scottish Enterprise (SE) is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. It supports businesses to innovate and scale to transform the Scottish economy by focusing on new market opportunities through targeted investment, innovation and internationalisation. Follow SE on X (formerly Twitter) and LinkedIn.
In May this year Scottish Enterprise was named the UK’s top investor in spin-outs by number of deals in the Royal Academy of Engineering’s Spotlight on Spinouts report.
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