The highest-ever number of Scottish university research teams received support during the year to the end of March from the High Growth Spinout Programme (HGSP) run by Scottish Enterprise.
A total of 33 research teams received a combined £2.06 million in grant funding in the latest financial year, topping the previous high of 29 projects during the year to March 2022.
Also in the last year 14 HGSP alumni companies saw continuing growth, leveraging a total of £35.5m of private investment as well as undertaking £9m of research and development activity. The projects came from research institutions including the universities of Strathclyde, Edinburgh, Aberdeen, Glasgow, Heriot Watt, Edinburgh Napier and the West of Scotland, and the James Hutton Institute.
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Scottish Enterprise further supported the creation of six brand-new spinout companies: Fitabeo Therapeutics from the University of Strathclyde; Eye to the Future from the universities of Edinburgh and Dundee; Agrecalc from Scotland’s Rural College (SRUC); Albasense from the University of the West of Scotland; TauProbes from the University of Glasgow; and Clyde Hydrogen Systems, also from the University of Glasgow.
“The HGSP supports brilliant academics to turn their ideas into commercial reality, creating high growth companies for the future," Scottish Enterprise chief executive Adrian Gillespie said.
"We are delighted that it has been a record year as spinouts are vital for Scotland’s economy, and our academic researchers play a pivotal role in tackling global challenges in areas such as climate change, energy and health.”
Mallikarjun Chityala, chief executive of specialty pharmaceutical company Fitabeo, said HGSP helped his team access resources vital to turning their research into a fully-fledged business plan, while also progressing development of the technology and building executive and advisory teams.
“We made significant progress in both technology and product developments, made further patent filings, signed contracts with two pharmaceutical companies and won a prestigious Scottish EDGE award," he said. "Joining SE’s High Growth Ventures portfolio has enabled international outreach and the achievement of significant milestones towards building a scalable business that will ultimately create high-quality jobs in Scotland.”
Eye to the Future has developed new retinal imaging technology via a collaborative project by the universities of Edinburgh and Dundee. Chief executive and co-founder David Bowie said: “The continuation of support from all areas of SE – including HGV and Scottish Development International – has been fantastic and a real motivator for our rockstar team who see this as validation of what we’re doing as a business.
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“As we continue to push boundaries in all aspects of our company, we always aim to be the best of the best and we can only achieve this thanks to the support we receive.”
Innovation Minister Richard Lochhead said: “I congratulate Scottish Enterprise for such impressive results in ensuring through this programme that our world-leading universities have a clear pathway to market.
“Close working between government, industry and universities is central to the Scottish Government’s National Innovation Strategy to maximise our research potential and bring about new products and businesses which benefit society and our economy.
“We are committed to working with our universities to enhance the role they play. This is why the First Minister recently announced a ten-year Entrepreneurial Campus plan to strengthen global networks and support more university startup businesses.”
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