Glasgow City Council has announced the approval of £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.
The 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’s innovation cluster.
As 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.
Glasgow 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.
The Council's decision means that £1.08 million in UKSPF support will be given to the University of Strathclyde 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.
This funding will support the scaling of inclusive innovation-led development initiatives that follows on from the £33 million Innovation Accelerator Pilot investment awarded to the Glasgow City Region.
Professor Sir Jim McDonald, Principal and Vice-Chancellor of Strathclyde, said: “As the principal driving force behind GCID, Strathclyde welcomes the City Council’s funding for the Innovation District.
“Innovation 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.”
Alisdair Gunn, Project Director of GCID, said: “We are delighted to be receiving this funding from Glasgow City Council to support innovation activity in the city and further develops the city’s thriving innovation ecosystem.”
Councillor Susan Aitken, Leader of Glasgow City Council, said: “These awards will benefit the city’s 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.”