The Industrial Biotechnology Innovation Centre will invest in research projects at Scottish universities to support the creation of more spinouts.
The Industrial Biotechnology Innovation Centre (IBioIC), a Scottish state-backed hub that connects academia, industry and government, will invest up to £20,000 ($28,000) in research projects at Scottish universities, according to the Press and Journal.
The proof-of-concept grant can be up to a third of a project’s total value and it will be offered to researchers who want to launch a spinout within two years of receiving the funding.
IBioIC was created in 2014 to help Scotland reach a target of generating £900m in turnover across more than 200 biotech companies by 2025. Current turnover stands at more than £747m.
Liz Fletcher, director of business engagement and operations at IBioIC, said: “This will be the first time we have delivered a support programme specifically aimed at the academic community, who are often working on ideas that would make a great foundation for a spinout company.
“Turning these concepts into commercial businesses represents a significant opportunity for the continued growth of Scotland’s bioeconomy.”
“There is much more to industrial biotechnology than its links with the chemicals industry and we are keen to support proposals across a breadth of sectors and applications.
“Spinout companies could operate in a wide variety of sectors, ranging from food and drink, textiles, construction to healthcare, vaccine development or marine and aquaculture.
“We are keen to engage with researchers at the earliest possible stage of the funding application and work together to develop ideas and create strong proposals for funding that can ultimately fuel successful new businesses.”
