Edinburgh BioQuarter’s Commercialisation Team has been awarded approximately £500,000 to support business creation activity.
The funds reward the success the team has had over the past four years in creating more than 10 new life science businesses which have collectively attracted £30m of funding and generated 24 jobs. It has also attracted more than £57m in life sciences venture capital funding into Edinburgh.
The team aims to target 18 new spin-outs over the next seven years, and create more than 100 new jobs.
The cash, awarded by the European Regional Development Fund (ERDF), will be used to stimulate further business growth and enterprise.
The BioQuarter’s Commercialisation Team was established in 2010 to foster deeper links with industry through collaborative research; to create new companies based on Edinburgh’s research base, and to encourage a culture of commercialisation in the NHS and among academic researchers within the University of Edinburgh’s College of Medicine and Veterinary Medicine.
Giles Dudley, Business Creation Executive at Edinburgh BioQuarter said: “This funding will be used to catalyse the formation of early stage spin-outs and to provide them the necessary support to help them secure the next phase of onward investment.”
“But ultimately,” he added, “the aim is to create economic benefit for the Edinburgh region by producing better companies with strong growth prospects and the capacity to create new job opportunities.”