£70 million ideas-business scheme seeks new applicants

Run in partnership by Scottish Enterprise (SE) and The Royal Society of Edinburgh (RSE), the Enterprise Fellowships Scheme provides Scotland-based academics committed to creating a spin-out company with a year's salary, business training, development fund and access to networks of mentors, experts and advisors.

At the recent 10th anniversary celebrations of the scheme, held in Glasgow's Mitchell Library, leading businessman and philanthropist, Sir Tom Hunter told past and present Enterprise Fellows: "Scotland needs you".

RSE Research and International Awards Manager, Anne Fraser said: "The Enterprise Fellows themselves reflect what a life-changing opportunity this scheme can offer. Many have gone on to take lead roles in some of Scotland's most exciting new high tech companies, such as: Intense; MicroEmissive Displays; Surfactant Solutions; Photonic Materials; DEM Solutions, Biopta and Haptogen. I would encourage any researcher focused on developing a spin-out business around their technological idea to find out more about the Fellowships".

Carole McCarthy, Director of Innovation and Commercialisation, Scottish Enterprise said: "Our Enterprise Fellows demonstrate the entrepreneurial spirit needed to create a viable business from a research idea. What we offer is support to develop their business skills, plus 'money-can't-buy' introductions to mentors, potential collaborators, investors and other specialists to help get their business off the ground.

"As Scotland's enterprise, innovation and investment agency, Scottish Enterprise has a major role to maximise Scotland's innovation and this is a great opportunity for more researchers with great business ideas and a burning ambition to make these ideas a reality".

Fellowships are available in:

• Life Sciences;
• Energy (including oil & gas and renewables);
• Financial Services;
• Electronic Markets;
• Forestry;
• Food and drink;
• Tourism;
• Ship building; Aerospace;
• Construction;
• Chemicals;
• Textiles; and
• in convergent areas between these sectors.

Closing Date for applications is 6 June 2008.

Download Enterprise Fellowship application forms and regulations from the RSE website
Download case studies with quotes from Enterprise Fellows from the RSE website (PDF, 1Mb)

An independent Ernst and Young review demonstrated the success of the Enterprise Fellowships scheme in 2007 showing that at least £70 million of investment has been made into the companies formed, (90 per cent from Venture Capital funds); 35 trading business have been set up with a further nine in the pipeline and that at least 220 new jobs in Scotland have been created.

A new £5.6 million contract between the RSE and Scottish Enterprise for the next phase of Enterprise Fellowships was announced on 19 March 2008. It is expected to support 60 new Enterprise Fellows, benefiting many others in the creation of quality jobs and products that enhance well-being and wealth-creation in Scotland and beyond. The successful businesses created range from yacht sail design and cleaning systems for the oil and gas industry, to a platform technology for Midge Forecast.

Striking, specially-commissioned photographs of successful Enterprise Fellows are available in digital format upon request from SE. These images form part of a touring exhibition of portraits of Scottish-based entrepreneurs, provided by the Entrepreneurial Exchange and Scottish Enterprise.