Scotland is gearing up to further bolster its innovative bio-based manufacturing sector with the launch of a new funding round, offering businesses the opportunity to apply for grants ranging from £25,000 to £1 million. This initiative is part of Innovate UK’s Launchpad programme, which aims to fuel growth and sustainability in this thriving industry.
Significant Investment for Innovation
A total investment of £5.25 million has been earmarked for Round 2 of the Launchpad funding programme, which is developed in partnership with Scottish Enterprise. The funding is targeted at Micro, Small, and Medium Sized Enterprises (SMEs) or consortia that demonstrate the potential to make a significant impact within the bio-based manufacturing cluster.
This funding opportunity opens today, November 4, 2024, and will remain available until 11 December 2024. It is anticipated that the grants will provide essential financial support for innovative companies looking to scale their operations, thereby contributing to Scotland’s vision of a greener economy.
Supporting Scotland’s Industrial Biotechnology Strategy
The Launchpad aligns with Scotland’s Industrial Biotechnology strategy, which aspires to increase company turnover beyond £1.2 billion by 2026. The initiative also aims to accelerate innovation across various sectors, including industrial biotechnology, biomass supply chain development, and sustainable production and manufacturing practices.
Derek Shaw, Director of Scaling Innovation at Scottish Enterprise, highlighted the critical role of bio-based manufacturing in Scotland’s economy. He stated, “Scotland is at the forefront of the bio-based manufacturing revolution. We punch above our weight with a fast-growing nascent innovation cluster, abundant bio-resources and renewable energy, world-class research in the field, and effective cluster management from the Industrial Biotechnology Innovation Centre (IBioIC).”
Building on Previous Successes
The initial phase of the Launchpad saw a remarkable response from the industry, with over £1.8 million allocated to Scottish companies in sectors such as green fuels, polymers, and alternative foods. This success underscores the potential for Scotland to maintain its leadership in bio-based technologies as the next phase aims to continue fostering collaboration and innovation.
Shaw expressed optimism about the upcoming funding round, saying, “With this second round of funding, we’re keen to support Scottish businesses to innovate, collaborate, and lead in sustainable practices that will benefit our communities and the environment, as well as supporting Scotland’s ambitious Industrial Biotechnology strategy goals.”
Application Process
Interested businesses looking to tap into this funding are encouraged to apply before 11am on December 11, 2024. Detailed information on the application process can be found on the official Innovate UK website.
As Scotland continues to champion bio-based manufacturing, this funding initiative represents a significant opportunity for businesses poised to contribute to a sustainable future while driving economic growth in the region.
