Funding support will help strengthen Scotland's inward investment activity

Some £40,000 has been awarded by the Scottish Inward Investment Catalyst Fund to strengthen ties between Scotland’s universities and businesses based outside the country.

Four companies, headquartered in England, the US and Finland, will collaborate with a number of Scottish institutions with a view to establishing operations in Scotland. All of the collaborative projects will support a net zero, health and wellbeing economy with the principles of “fair work and sustainable, inclusive growth”.

Scottish Government business and trade minister Ivan McKee launched the fund in December with a total of £100,000 over two rounds this year, aimed at attracting businesses to invest in Scotland by establishing research and development partnerships with universities.

He said: “Attracting businesses to invest in Scotland is a key driver of the Scottish Government’s long-term economic wellbeing and prosperity ambitions. EY’s annual attractiveness survey 2022 showed Scotland has already established itself as the UK’s top performing region for attracting inward investment, outside of London.

Ivan McKee: 'Attracting businesses to invest in Scotland is a key driver of the Scottish Government’s long-term economic wellbeing and prosperity ambitions'

“For Scotland to remain competitive in the current challenging climate, we need ongoing close collaboration between our higher education institutions and industry in areas of our academic strengths.

“The projects chosen for the current phase of the inward investment catalyst funding align with the opportunity areas identified in our inward investment plan, demonstrating that our evidence-based plan to attract values-based investment is working.”

The four companies to benefit from the initiative are US-headquartered Neocycl, Finnish firm SkenarioLabs, Bristol-based Vertical Aerospace and London start-up Heat Wayv.

Howell Davies, sector and business engagement manager, Interface, said: “These projects are highly innovative and technical. They reflect the world-leading expertise Scottish universities have to offer international companies, particularly in key areas such as energy transition and decarbonisation of heat and transport.”

The Scottish Inward Investment Catalyst Fund will open a new round of funding in September.

Interface connects businesses from all sectors to Scotland’s universities, research institutes and colleges.

Funded by the Scottish Funding Council, Scottish Enterprise, Highlands and Islands Enterprise and South of Scotland Enterprise, Interface is a free service that aims to stimulate demand for innovation and help companies to collaborate with academics to solve business challenges.