Hundreds of firms including space coffee coordinators secure £200m with Scottish university help

A Scottish university has smashed a government objective for supporting innovation in business helping firms secure £200 million of investment.

The University of Edinburgh has quadrupled the initial investment target set as part of the South East Scotland City Region Deal, signed in 2018.

The goal was to help more than 400 entrepreneurs raise £50m within a decade.

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But in just half that time, Edinburgh University has helped 500 companies raise funding to drive innovation - half of which has been secured by firms registered in the city region area.

Trade in Space is one of the firms to benefit from the fundingTrade in Space is one of the firms to benefit from the funding
Trade in Space is one of the firms to benefit from the funding | 3dsculptor - stock.adobe.com

Trade in Space is one of those companies, and uses satellite technology to broker deals for coffee suppliers and producers by tracking the raw ingredients through the supply chain.

The firm secured £380,000 of investment after participating in the university-led AI Accelerator scheme. The programme is designed to foster investment for AI-driven scale-ups.

Another enterprise to benefit from the support is EVA Biosystems, based in Edinburgh.

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The start-up is working to develop degradable packaging products, a growth sector which helps tackle the issue of discarded plastic in oceans and landfill, and gives firms a competitive advantage in boosting sustainability credentials.

Company founder Dr Alex Speakman too part in the Venture Builder Incubator scheme, the university’s programme working with PhD students and other academics to turn design into commercial products. This secured the firm £10,000 for equipment.

Scottish Deputy First Minister Kate Forbes said: “Innovation is the life-blood of a thriving and vibrant economy and nurturing our pipeline of entrepreneurs and start-up companies is crucial to economic success.

The University of Edinburgh has exceeded a key government objective to drive innovation by supporting businesses secure more than £200 million of investments – four times the initial target.The University of Edinburgh has exceeded a key government objective to drive innovation by supporting businesses secure more than £200 million of investments – four times the initial target.
The University of Edinburgh has exceeded a key government objective to drive innovation by supporting businesses secure more than £200 million of investments – four times the initial target. | University of Edinburgh

“The support secured by companies through the Data Driven Innovation (DDI) programme, backed by investment from the Scottish Government through the Edinburgh and South East Scotland Regional Growth Deal is hugely promising, and demonstrates the important role public and private sector collaboration has in delivering on our potential.”

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Ian Murray MP, Secretary of State for Scotland and MP for Edinburgh South, said: “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.”

Edinburgh and Heriot-Watt universities are leaders on the delivery of DDI initiatives, making the most of the area’s strengths in technology and data science.

Edinburgh University Provost Professor Kim Graham added: “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.

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“It is a privilege to be leading on such a vital programme which is already having significant economic impact and benefit.”

The Edinburgh and South East Scotland City Region Deal is an ongoing Westminster and Holyrood government-led £1.5 billion investment initiative supporting transport, housing, culture, skills and employability and innovation.

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