Nicola Sturgeon announces £78m new product funding

The funding package will be available to business between now and 2018 and will offer a support service of financial support and specialist advice.

An extra 1,200 businesses will be able work directly with Scotland’s universities as part of the scheme, the government expects.

The First Minister announced the plan as she delivered a speech to Scottish business leaders today.

Ms Sturgeon said: “Our economic strategy focuses on the ‘four I’s’ -Investing in our people, Innovation, Inclusive Growth and Internationalisation.

“Now, we want to do even more. I can announce today that the Scottish Government and our enterprise agencies have created a new package of support for innovation worth £78 million over the next three years.

“In total, we expect to see businesses develop 1,000 commercial products which are new to their firm – or perhaps even more importantly, completely new to the market place as a whole.

“Those new products will differ in terms of their importance and their impact – but our overall intention is clear. We want to support ambitious and innovative companies in every corner of Scotland. And we want those companies to develop and profit from new products, which improve the wellbeing of individuals around the world.”