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14 September 2018

Scottish Enterprise welcomes IBioIC £11m funding announcement, including £2.8m from Scottish Enterprise

Scottish Enterprise welcomes IBioIC £11m funding announcement, including £2.8m from Scottish Enterprise: David Smith

IBioIC announced today that it will receive £11m of Scottish Government funding to support Scotland’s Industrial Biotechnology sector, aiming for £130m economic boost and creation of 1400 jobs by 2023

David Smith, Senior Director at Scottish Enterprise, commented:

“Securing this funding is fantastic news for IBioIC as it will build competitive advantage in companies for years to come. Scotland has all the ingredients crucial to developing industrial biotech as a highly disruptive and transformative manufacturing technology to help businesses increase productivity and innovation. Business innovation is a key driver of economic growth, which is why, alongside our partners, we’re investing £2.8 million in IBioIC over the next five years.

“We’re making excellent progress in raising Scotland’s business innovation levels, with R&D investment in Scotland reaching £1 billion for the first time last year as well as the EY Attractiveness Survey 2017 recognising Scotland as the UK leader in attracting foreign direct investment for R&D projects. IBioIC will build on this and ensure Scottish companies are able to access the support they need to harness the power of industrial biotech.”

 

Read the IBioIC funding news release at http://www.sfc.ac.uk/news/2018/news-68706.aspx

Contact information

Ruth Andrew
Ruth.Andrew@scotent.co.uk

Scottish Enterprise is Scotland's main economic development agency and aims to deliver a significant, lasting effect on the Scottish economy. Our role is to help identify and exploit the best opportunities for economic growth. We support ambitious Scottish companies to compete within the global marketplace and help build Scotland's globally competitive sectors. We also work with a range of partners in the public and private sectors to attract new investment to Scotland and to help create a world-class business environment.

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