Three of Scotland’s traditional 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 of Scotland a hatchery of new biotechnology enterprise.
The Universities of Aberdeen, Dundee and St Andrews together scooped almost half of the £4.6 million in awards announced yesterday for 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.
Professor C Duncan Rice, Principal of the University of Aberdeen, said: “This is a tremendous opportunity for the innovative technologies arising from the research of the University of Aberdeen to be turned into commercial opportunities. It will further build upon the University’s significant investment in medicine, medical sciences and the life sciences. The ultimate aim is to generate a high level of economic activity in the region through the creation of spin out companies.
“The assistance 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.
Further Information:
Angela Begg, Media Relations Officer, University of Aberdeen, Tel. (01224) 272960.
Issued by Public Relations Office, External Relations, University of Aberdeen, King's College, Aberdeen. Tel: 01224 272014 Fax: 01224 272086.
University Press Office on telephone +44 (0)1224-273778 or email a.ramsay@admin.abdn.ac.uk.