Glasgow and Strathclyde universities are co-funding a new business incubator in Merchant City, a central district in Glasgow.
The cost for the £4m ($6.73m) incubator will between the Scottish government, Scottish Funding Council, Glasgow City Council, Glasgow University and Strathclyde University. The UK government will be covering nearly half the cost at a contribution of £1.7m ($2.86m). The incubator will have capacity for up to 125 startups and is expected to generate some 30,000 jobs both directly and indirectly in the wider area.
On top of this, the UK government is investing £1.2m in a MediCity Scotland facility, which will cost a total of £4m ($6.73m). The facility’s aim will be to connect academic with entrepreneurs, healthcare professionals and business mentors, and spin out healthcare and medical technologies.
In total, the UK government is putting more than £18m ($30m) into the Scottish life sciences sector. The major chunk of the investment will be going towards Stratified Medicine Imaging Centre of Excellence, a new addition to the South Glasgow Hospitals Campus. The centre is receiving £16m ($26.95m), while the total cost for the building will be £64m ($107.8m).
The investments were announced by George Osborne, chancellor of the exchequer, at the Commonwealth Games Business Conference.
Gordon Matheson, leader of the Glasgow City Council, said: “The City Deal will transform the Glasgow city region. It is the best example of partnership between local and central government. The Imaging Centre of Excellence will put Glasgow at the forefront of cutting edge medical research. This will mean not only better health for Glaswegians but, crucially, more sustainable, high value jobs.”
