The University of Edinburgh has surpassed its innovation goal by £150m and five years ahead of schedule, marking a “huge milestone” for Scotland’s entrepreneurial sector.
In 2018, as part of the Edinburgh and South East Scotland City Region Deal, the institution committed to help more than 400 entrepreneurs raise at least £50m within 10 years.
But since then the university has gone on to help 500 firms raise more than £200m in investments – four times the initial target.
Scottish secretary Ian Murray said: “It’s fantastic to see the world-leading excellence in innovation being pioneered at the University of Edinburgh. Seeing the Data-Driven Innovation programme surpassing its target in entrepreneurial investment is a huge milestone.
“We need to encourage more of this kind of investment in our local economies to ensure growth in all parts of the UK and our world-class universities will help us achieve this.”
As part of the city region deal, the institution partnered with Heriot-Watt University to create the Data-Driven Innovation (DDI) initiative, a cluster of innovation hubs where researchers can collaborate with public and private sector firms to push forward their work.
Over the past five years, the institution has delivered specialist programmes via the project to boost funding for innovative projects, with half of the capital coming from businesses registered within the city region area.
Schemes include the AI accelerator programme, delivered at the Bayes Centre, the university’s hub for AI and data science.
Through the programme, tech innovators Trade in Space, which uses satellite technology to find better deals for coffee businesses by tracking beans through the supply chain, secured £380,000 to harness the benefits that cutting-edge tech can provide and learn how to be investor-ready.
Other initiatives include the Venture Builder Incubator programme, which works with PhD students and academics to maximise the commercial opportunities of their products.
The Edinburgh-based institutions have also partnered with other public and private sector organisations to bridge the digital skills gap in the city by providing new routes to employment, especially for groups that are traditionally less involved in the digital, data science and AI sectors.
Responding to the announcement, Deputy First Minister Kate Forbes said: “Innovation is the lifeblood of a thriving and vibrant economy and nurturing our pipeline of entrepreneurs and start-up companies is crucial to economic success.”
Forbes’s words echo First Minister John Swinney’s programme for government pledges, where he outlined his ambition to make Scotland a “start-up and scale-up nation”, arguing it was a “critical” step to make the country “attractive to investors”.
She continued: “The support secured by companies through the Data Driven Innovation programme, backed by investment from the Scottish Government through the Edinburgh and Southeast Scotland Regional Growth Deal is hugely promising, and demonstrates the important role public and private sector collaboration has in delivering on our potential. It is great that the DDI team are ahead of target for company engagement, and I look forward to seeing the innovation that support unlocks in key sectors of our economy.”
Professor Kim Graham, provost of the University of Edinburgh, said it was a “privilege” to lead the “vital programme”.
She said: “Investment in businesses, within and outside our region, have allowed them to far exceed their growth expectations and we relish the chance to further enhance support for emerging companies to deliver research and innovation impact using advanced data, digital and AI technologies.”
Source: Holyrood