High growth start-ups to receive funding to help them grow

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HIGH growth start-up companies and university spinout projects will receive grants to help them grow in the wake of the coronavirus pandemic.

Part of a £3 million package of support, the funding provides grants of up to £50,000 for 41 high growth potential start-ups and up to £130,000 for 16 spinout projects. It also includes bespoke support to help the businesses develop.

Fiona Hyslop, economy secretary said: “Start-up and spinout companies, many of which are in the technology, digital and low carbon sectors, are the future of our economy.

“They are driven by the spirit of entrepreneurship and innovation. Crucially, they are the kind of enterprises that create high-quality jobs, and which attract investment into Scotland – both of which will be vital to successfully rebuilding the economy after the damage caused by COVID-19.

“By supporting start-up companies and spinout projects through this funding we can not only help them survive, but give them the potential to prosper.

“This is a key part of our long-term mission to create new jobs, good jobs and green jobs.”

It is not yet known how many North-east based companies or projects are set to benefit.  A Scottish Government spokeswoman said a full list would be published “in due course” when all funding has been allocated.

Steve Dunlop, CEO of Scottish Enterprise said: “The coronavirus pandemic has had far-reaching impacts on all aspects of our business base including our high growth early stage businesses and university spinouts.

“It’s vital we continue to support these ventures so that those with the very best growth potential can flourish into significant businesses of the future.

“We’re pleased to have been able to work at pace with our partners to identify these projects and to get the funding to them in such a short space of time.

“We will continue to work closely with the companies and spinout teams to provide a range of support that will help them further develop and attract new future investment.”

 

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