First Minister Alex Salmond announced that money from the European Regional Development Fund (ERDF) is being used to establish the business innovation and growth programme.
The Scottish Government said it plans to bring in a further £30 million from both the public sector and third sector for the scheme which will help support businesses that are creating jobs.
The programme, which will be up and running by the autumn, also aims to boost companies’ competitiveness and improve employment for people living in deprived areas.
Mr Salmond said the initiative would “help fuel businesses as the engine of the economy to drive economic growth and create the jobs that Scotland needs”.
Last week the Scottish Government announced almost £88 million to help young people into work and support small businesses.
Meanwhile new figures show that 118 companies accepted a total of £43.3 million public cash in 2012-13 under the Regional Selective Assistance scheme which is said to have helped to support 4,766 jobs across Scotland.
Mr Salmond announced details of the innovation and growth programme at a meeting of the National Economic Forum in Edinburgh.
“Sustainable economic growth remains this Government’s priority,” he said.
“By working with public and third sector partners, together with unions and business, as we do through the National Economic Forum, we can deliver on our ambition to support and mobilise talented individuals and thriving communities across the country.
“We are using all the levers and resources currently available to us to create jobs, support investment and drive down unemployment, including youth unemployment.
“Through the choices we’ve made, and through our stewardship of ERDF funds in Scotland, we’re maximising the impact of the public sector and third sector drive for economic growth to ensure that no part of Scotland is left behind.
“This programme can help fuel businesses as the engine of the economy to drive economic growth and create the jobs that Scotland needs.”