Sales target sets the gold standard for spinouts

A GLASGOW University spin-out is targeting £2 million of annual sales within three years after signing its first contract.

Gold Standard Simulations (GSS) has already signed a contract to provide services for California-based Semi Solutions and is in talks with other potential customers, including Cambridge-based CSR. The firm will also be touring six IBM sites in the United States in November.

The technology developed by GSS allows transistor makers to simulate how their products will perform.

The Scots firm is targeting makers of "nanoscale" transistors, which will be used in the next generation of computers and electronic equipment. There are one billion nanometres in one metre.

Professor Asen Asenov, James Watt chair in electrical engineering at Glasgow University, said he will be seconded to GSS as its chief executive for about 40 per cent of his time.

He said the company - owned by the university, himself and other members of staff - had avoided venture capital funding in favour of growing through sales. Asenov said: "The business is based on cutting-edge research that we've been carrying out for a number of years and we know there is demand out there for our services."

GSS already has three members of staff and aims to grow to about 20 in the next three years.