A Dundee innovation partnership has delivered multi-million pound economic impact over the last three years, a new report has shown.
The Michelin Scotland Innovation Parc generated net sales of £12.65 million and £6.4 million of gross value added (GVA) – in a boost to the local economy.
MSIP is a joint venture between Michelin, Dundee City Council and Scottish Enterprise.
It is home to companies, manufacturers and skills leaders who are working towards reducing carbon emissions and fostering a cleaner, more sustainable future.
MSIP has been operational for three years, since taking ownership of the former Michelin tyre factory site in 2020. Despite being in its early stages of operations, significant progress has been made in that time.
The MSIP Accelerator Programme, part funded by Scottish Enterprise, has driven estimated net sales impact exceeding £12.65 million, generating a net Gross Value Added (GVA) impact of £6.4 million. Additionally, participating businesses in the MSIP Accelerator have successfully leveraged over £4.37 million in innovation grants and £17 million in investment.
Construction and refurbishment at MSIP have totalled almost £25 million. This investment has not only enhanced the available infrastructure at the Innovation Parc but also created numerous job opportunities, supporting local economies.
The physical transformation of the Innovation Parc has enabled 16 companies to establish their operations at MSIP, collectively supporting 190 jobs.
MSIP has maintained a focus on working with the local community and has directly engaged with over 5,000 young learners over the last three years.
Greig Coull, CEO of MSIP, said: “As we continue to evolve, our commitment to sustainable innovation and robust support for businesses promises even greater economic benefits.
“While we are early in our journey, the potential for transformative impact is undeniable, inspiring confidence in MSIP’s mission and vision for the future.
“MSIP remains dedicated to fostering an environment of growth, innovation, and economic prosperity. The early successes highlight the promising trajectory of MSIP as a pivotal player in Scotland’s economic landscape.”
Dundee City Council leader, Councillor John Alexander, said: “The progress that MSIP has made in a relatively short period of time is something that we as a city can be really proud of.”