Industrial Biotechnology Innovation Centre granted long-term investment from Scottish Funding Council for growing Scotland's bioeconomy and supporting net-zero transition; IBioIC targets £1.2B turnover by 2025

Sample article from our Sustainability & Social Responsibility

February 2, 2024 (press release) –

 

The innovation centre is a key driver of Scotland’s National Plan for Industrial Biotechnology and will be enabled to continue the development of a greener economy and support Scotland’s transition to net zero

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

Share

Renewable Carbon News – Daily Newsletter

Subscribe to our daily email newsletter – the world's leading newsletter on renewable materials and chemicals

Subscribe

 

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo
Dan Rivard
Dan Rivard
- VP Market Development -

We offer built-to-order sustainability & social responsibility coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.