Grant funding

Scottish Enterprise supports record spin-outs

Adrian Gillespie: spinp-outs are vital

Scottish Enterprise has supported a record number of academic spin-outs via its High Growth Spinout Programme (HGSP).

In 2022/23 the government-funded economic development agency backed 33 research teams which received £2.06m of grant funding.

In the same period 14 HGSP alumni companies leveraged £35.5m of private investment as well as undertaking £9m of R&D activities.

The projects came from research institutions including the universities of Strathclyde, Edinburgh, Aberdeen, Glasgow, Heriot Watt, Edinburgh Napier and the West of Scotland, and the James Hutton Institute.

SE also supported the creation of six new spinout companies, with four of these going on to receive tailored, wrap-around support to help accelerate their scaling journey.

Adrian Gillespie, chief executive of Scottish Enterprise, said: “The HGSP supports brilliant academics to turn their ideas into commercial reality, creating high growth companies for the future.

“We are delighted that it has been a record year as spinouts are vital for Scotland’s economy, and our academic researchers play a pivotal role in tackling global challenges in areas such as climate change, energy and health.”

Innovation Minister Richard Lochhead said: “Close working between government, industry and universities is central to the Scottish Government’s National Innovation Strategy to maximise our research potential and bring about new products and businesses which benefit society and our economy.

“We are committed to working with our universities to enhance the role they play. This is why the First Minister recently announced a ten-year Entrepreneurial Campus plan to strengthen global networks and support more university startup businesses.”

Specialty pharmaceutical company Fitabeo Therapeutics spun out from the University of Strathclyde in FY22/23. Founder and CEO Mallikarjun Chityala said: “The HGSP helped us access vital resources to develop our idea into a fully-fledged business plan, progress the development of our technology and build executive and advisory teams.

“Joining SE’s High Growth Ventures portfolio has enabled international outreach and the achievement of significant milestones towards building a scalable business that will ultimately create high-quality jobs in Scotland.”

The six companies that spun out in FY22/23 were:

  • Fitabeo Therapeutics (University of Strathclyde)
  • Eye to the Future (Universities of Edinburgh and Dundee)
  • Agrecalc (Scotland’s Rural College – SRUC)
  • Albasense (University of the West of Scotland)
  • TauProbes (University of Glasgow)
  • Clyde Hydrogen Systems (University of Glasgow)

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