Tuesday, 29 September 2021 08:56

Scotland to become “innovation nation” with £78m boost for business

First Minister Nicola Sturgeon addressing delegates at an SCDI event

First Minister Nicola Sturgeon has unveiled a £78million funding package which will help Scottish companies develop almost 1,000 new inventions, products and services.

The fund will be available to businesses between now and 2018, and offer financial support and specialist advice as part of its bespoke support service.

It is also expected to allow an additional 1,200 businesses to work directly with Scottish universities.

The measure is the next step in the Scottish Government’s Economic Strategy, which aims to turn the country into an “innovation nation” by focusing on investment, innovation, internationalisation and inclusive growth.

In a key note address at an SCDI event yesterday, First Minister Nicola Sturgeon said: “Promoting innovation is an incredibly powerful way of creating a sustainably prosperous society. For example, the innovation support Scottish Enterprise provided just last year will generate additional economic activity worth more than £650million between now and 2018.

“Now, we want to do even more. I can announce today that the Scottish Government and our enterprise agencies have created a new package of support for innovation worth £78million over the next three years.

“In total, we expect to see businesses develop 1,000 commercial products which are new to their firm – or perhaps even more importantly, completely new to the market place as a whole.

“Those new products will differ in terms of their importance and their impact – but our overall intention is clear. We want to support ambitious and innovative companies in every corner of Scotland. And we want those companies to develop and profit from new products, which improve the wellbeing of individuals around the world.”

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