The Royal Academy of Engineering has launched an initiative supporting the growth of tech businesses in Scotland.
The Enterprise Hub Scotland will work with local entrepreneurs to commercialise deep tech developments, spin companies out from universities and attract new investments.
The hub is based on similar initiatives from the Royal Academy of Engineering in Wales and Northern Ireland.
Enterprise Hub Scotland is based in Glasgow and supported by the city council, as well as the National Manufacturing Institute Scotland and Scottish Enterprise.
“Scotland has a proud history of innovation and a rich heritage that underpins its engineering economy today,” said Sir Jim McDonald, president of the Royal Academy of Engineering
“Opening our first Enterprise Hub in Scotland marks an exciting step in the Academy’s journey to support ambitious, high-potential engineering and deep tech entrepreneurs across the country.”
The academy said that while Scotland has some of the UK’s highest levels of investment for spinout companies, the rate at which Scottish spinouts are being produced is 50% lower than the rest of the UK relative to the amount of research funding received.
Enterprise Hub Scotland will offer equity-free funding, training, mentorship and access to networking opportunities.
“The Enterprise Hub can provide a shop window for local innovators to a global network of investors who specialise in sectors where Scotland is strong,” said Gillian Gregg, head of regional engagement at the Royal Academy of Engineering.
“We look forward to collaborating further with other organisations within Scotland’s dynamic innovation ecosystem to support local commercialisation and investment in engineering and technology.”
Read more: Regional spotlight: Why the future is bright for Scotland’s tech industry
