Glasgow City Council has announced the approval of 拢900,000 of funding from the UK Shared Prosperity Fund (UKSPF) that will be awarded to the Glasgow City Innovation District (GCID) in 2023-5.鈥�
鈥疶he funding will support innovation and the creation of new businesses and expertise in Glasgow. By leading the commercialisation of deep tech innovation, collaboration, and tech entrepreneurship in the city, GCID is aligned to supporting the growth of the local innovation economy in utilising the fund to create new products, attract investment and build the city鈥檚 innovation cluster.鈥�
鈥疉s part of the funding, the Innovation District will be supporting businesses in line with the three themes set out for the UKSPF: supporting local business; communities and place; and, people and skills.鈥�
鈥疓lasgow City Council has approved two new UKSPF schemes: the Innovation Districts Support Programme, under the supporting local business theme, and the Net Zero Neighbourhoods project, under the communities and place theme.鈥�
The Council's decision means that 拢1.08 million in UKSPF support will be given to the 吃瓜tv and the University of Glasgow in 2023-25 to enhance the development of the Glasgow City Innovation District3 and Glasgow Riverside Innovation District, in addition to the core funding the council already provides for these districts.鈥�
鈥疶his funding will support the scaling of inclusive innovation-led development initiatives that follows on from the 拢33 million Innovation Accelerator Pilot investment awarded to the Glasgow City Region.鈥�
Professor Sir Jim McDonald, Principal and Vice-Chancellor of 吃瓜tv, said: 鈥淎s the principal driving force behind GCID, 吃瓜tv welcomes the City Council鈥檚 funding for the Innovation District.
鈥淚nnovation is essential to underpin thriving local, national and global economies. GCID provides a supportive and well-resourced ecosystem for businesses to access leading research outputs, to attract high quality talent, to engage in collaborations and to accelerate innovative ideas into commercially successful ventures.鈥�
Alisdair Gunn, Project Director of GCID, said: 鈥淲e are delighted to be receiving this funding from Glasgow City Council to support innovation activity in the city and further develops the city鈥檚 thriving innovation ecosystem.鈥濃��
Councillor Susan Aitken, Leader of Glasgow City Council, said: 鈥淭hese awards will benefit the city鈥檚 economy in a number of ways. This funding will support and develop businesses in sectors key to our future economic growth, drive research into how best to retrofit our homes and allow more businesses to gain from adopting the principles of the circular economy.鈥濃��