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IBioIC receives £11m of Scottish Government funding

Wednesday September 26th, 2018

Glasgow’s Industrial Biotechnical Innovation Centre (IBioIC) has celebrated being awarded £11 million of funding from the Scottish Government.scottishgovernment_logo

The centre, which is an academic partner of the University of Glasgow, University of Strathclyde and Glasgow Caledonian University, will receive the funding over the next five year, with ministers expecting the financial boost to create 1400 jobs and increase the economy by £130 million by 2023.

The technology used by the centre involves using biological inputs such as plant matter to process or produce materials, chemicals or energy. Over the coming five years IBioIC will focus on areas critical to Scotland’s economy, such as advanced leadership, accelerating commercialisation and creating a skilled workforce.

The Scottish Government’s funding forms part of £50m funding channelled through the centre into Industrial Biotechnology businesses over its first five years. This investment is understood to have supported £100m of growth and 170 new jobs in the sector.

Earlier this month it was revealed by business advisor RSM that Glasgow, Edinburgh and Dundee contribute £2.4 billion, or three fifths of Scotland’s total tech turnover, estimated to be worth around £3.9 billion in total.

This will be managed by Professor Dame Anne Glover, newly appointed chair of the IBioIC governing board, who commented on the centre’s ambitious targets:

“I’m not sure that we aren’t being slightly conservative because if you look at before the innovation centre was there, there was activity but it wasn’t networked, we didn’t produce the platform of support across the board for companies.

We didn’t have an easy way for knowledge to come from those generating it to those who can actually translate it into the economy, so all that has happened.

If you plot it on a graph and look at the curve it’s going into more exponential growth, so I think with a high level of confidence we can say that given our success so far we can deliver this, and we would be genuinely pleased and maybe not surprised if we do a lot better.”

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