The Industrial Biotechnology Innovation Centre (IBioIC) has been awarded long-term investment from the Scottish Funding Council (SFC), securing its position at the forefront of Scotland’s emerging bioeconomy.
The commitment, announced by the First Minister earlier today (17th January), will enable the innovation centre to continue the development of a greener economy and support Scotland’s transition to net zero. Industrial biotechnology explores the creation of more sustainable materials, consumer goods and pharmaceuticals by using bio-based alternatives to petrochemicals.
IBioIC delivers support for industrial biotechnology research and development, early-stage entrepreneurship – including university spinouts and startups – and helps develop the skilled workforce the green transition requires.
The innovation centre is a key driver of Scotland’s National Plan for Industrial Biotechnology, which sets out a target of £1.2 billion in associated turnover and 4,000 direct employees by 2025. In the decade since IBioIC was founded, it has supported over 260 companies through projects valued at £6.8 million, which has in turn generated £35 million in further investment from other sources.
To date, IBioIC has also delivered skills programmes valued at £25 million, supporting more than 467 students and connecting key universities and colleges with industry partners.
Mark Bustard, CEO of IBioIC, said: “The renewed commitment from SFC secures the long-term future of IBioIC and allows us to move into a new phase of supporting the acceleration of Scotland’s bioeconomy. Industrial biotechnology has been recognised as a key driver of sustainable, economic impact and high-value, green jobs aligned to Scotland’s National Strategy for Economic Transformation and Scottish Enterprise’s focus on economic transformation.
“Over the last 10 years, we have played an important role in developing the biotechnology ecosystem through our projects and membership initiatives. We now have our sights set on generating further impact and ramping up our efforts to connect the world-leading powerhouse of Scotland’s universities and colleges with industry, alongside activities that will fuel the development of further early-stage companies and secure inward investment into this vibrant bioeconomy cluster.”
Karen Watt, Chief Executive of the Scottish Funding Council, added: “Today’s announcement builds on a decade of astute investment that has produced significant dividends in terms of new products, new processes and new jobs. It has also created valuable relationships between universities, colleges and industry.
“We are delighted to be continuing to support the Industrial Biotechnology Innovation Centre to bring Scottish biotechnology processes and products to the global market and create future prosperity.”
Source
IBioIC, press release, 2023-01-17.
Supplier
Industrial Biotechnology Innovation Centre (IBioIC)
Scottish Funding Council
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