Scotland's three traditional north east universities today welcomed a joint £2.25 million boost to commercial spin out activity with the success of their triple consortium bid to the University Challenge Fund. The new fund will help make the north east a hatchery of new biotechnology enterprise.
The Universities of Dundee, Aberdeen and St Andrews together scooped almost half of the £4.6 million in awards announced yesterday to Scotland's universities and colleges, with their plans to establish a seed fund of venture capital to springboard technology transfer mainly in the biomedical and life sciences.
Sir Alan Langlands Principal of the University of Dundee said: "Biomedical and life sciences already account for well over 2,000 jobs in Tayside alone, where the number of biotech companies has quadrupled over the last seven years. This fund will give the north east of Scotland the opportunity to invest in more spin out company activities, building on the synergy and research strengths of the three partners to deliver tangible benefits to people and putting the north east of Scotland in the same frame as major players in the wider biotechnology economy.
"The support of the local enterprise companies is a welcome and very important element in this initiative."
The award will help to create a £3 million technology seed fund, NES Tech based on contributions of £200k from each partner and £150K collectively from the local enterprise companies of Tayside, Grampian and Fife. An independent fund manager will be appointed through whom each of the three universities can make applications to the fund to support spin out initiatives.
One immediate benefit of the funding success is the creation of three new posts - one at each university - of managers dedicated to easing the complex path of technology transfer. /ends
Contact
Carol Pope
Press Officer, University of Dundee
Tel 01382 344021
Fax 01382 345515
Press@dundee.ac.uk
Angela Begg
Press Officer, University of Aberdeen
Tel 01224 272960
Fax 01224 272086
a.begg@abdn.ac.uk
Claire Grainger
Press Officer, University of St Andrews
Tel 01334 462529
Fax 01334 467458
Cg24@st-andrews.ac.uk