A NEW research hub at Glasgow’s Strathclyde University, which will see academics work alongside business and industry heads, is expected to bring £64.5 million into the local economy each year.
A topping out ceremony was held today at the Technology and Innovation Centre at Strathclyde University, which is due to be completed later this year.
Professor Sir Jim McDonald, principal of Strathclyde, said the £89 million centre in Glasgow city centre will “transform” the way universities, business and industry collaborate in sectors that are key to economic growth, including power and energy, health, and high-value manufacturing.
A study by consultants BiGGAR Economics has suggested the centre will generate £64.5 million a year for the economy by 2021/22.
It estimated the combined contribution of the university’s partnerships with business and industry at £1.4 billion over the next 10 years.
Sir Jim said: “As a leading technological university, we are committed to working side-by-side with business and industry to find solutions to global challenges, accelerate the pace of research and development and deliver benefit to our students, society and the economy at large.
“The Technology and Innovation Centre will play a critical role in supporting our core industry partners, attracting innovative businesses to the city and forging new levels of collaboration between researchers, the public and private sectors.
“Today’s report further underlines the contribution universities can make by translating research into high impact, applicable solutions and providing high-quality graduates for a wide range of industries.”
Strathclyde said its new 26,000-square metre centre has already attracted partners including SSE, ScottishPower and the Weir Group, as well as financial backing from Scottish Enterprise, the Scottish Funding Council and the European Regional Development Fund.
Weir Group chief executive Keith Cochrane said: “The university’s commitment to providing first-class facilities as well as access to leading academics is one of the reasons we invested in the Weir Advanced Research Centre to help develop new and innovative products.
“We look forward to continuing our partnership with the university, making use of the Technology and Innovation Centre to bring benefits to our Group.”