A Dundee innovation accelerator has contributed £6.4 million gross value added (GVA) to the national economy over three years, new analysis has found.
The Michelin Scotland Innovation Parc (MSIP) has supported 41 companies through a programme of business support, helping them to raise £1.9 million in investment capital.
That led to them being able to have a ‘direct impact’ on the economy in GVA terms, the figures issued by MSIP showed.
MSIP – a joint venture between Michelin, Dundee City Council and Scottish Enterprise – is geared towards supporting innovative, green-tech companies working on sustainable solutions.
Part funded by Scottish Enterprise and delivered by Skillfluence, the MSIP Accelerator is specifically designed to ‘help ambitious young companies who are developing new solutions in sustainable innovation and decarbonisation achieve a step-change in their business’.
Sarah Petrie, innovation director at Michelin Scotland Innovation Parc, said: “We’ve witnessed an extraordinary contribution from the MSIP Accelerator to the national economy in just three years.”
“Our commitment to nurturing young companies in sustainable innovation and decarbonisation is unwavering, driving tangible results and propelling Scotland towards a cleaner, greener future.”
“The 41 companies that have participated to date have demonstrated a great level of success and impact. I look forward to meeting the next group of businesses that will take part.”
Delivered across four cohorts, the businesses have gained a combined £2.5 million of innovation funding, enabling business growth and the creation of 81 jobs, and went on to deliver 21 innovation projects, generating a combined turnover of £12.7 million.
Applications are now sought from ambitious companies looking at scaling up products and services focused on sustainable innovation, as part of cohort 5.
Alison Gray, founder and director of Skillfluence Ltd, said: “We are delighted to be partnering with MSIP again for this exciting Accelerator programme, which has to date produced several companies working at the forefront of sustainability and generating significant investment.
“Skillfluence prides itself on delivering world-class accelerator programmes designed to help individuals and teams accelerate the development of their goals. Our programmes involve a combination of skills development and implementation coaching, and we support participants throughout their journey.
Companies that have benefited from the scheme:
- Zuos
- Solariskit
- Power to go Hyrdo
- PowerCircle
- LIND Products
- Intra-drive
- Genista Energy Ltd.
- Frisco e-bikes and Solar Docks
- TraPar
- Quickblock Ltd
- Kottackal
- ELE Group
- DCarbon
- Danu Robotics
- Cyclopic
- City Q
- Caigan Vehicle Technologies
- Boxergy
- Bounce
- HANA
- Vahanomy Ltd.
- ThermaFY Eco Solutions
- 4SB
- dpSun Ltd./ IC2EV
- Carruthers Renewables Ltd
- CalPac Resources Limited
- Myriad Wind Energy Solutions Ltd.
- Shakey Robotics Innovators Ltd.
- Tronius Ltd.
- Láidir Circular Mobility Ltd.
- Kinetic Hydro Ltd
- HydroTux (Greenway Fuels)
- Well Spent Ltd.
- Recarbox
- Redbarn Group Ltd./ Veritherm
- Copper & Carbon Ltd.
- BioBright
- Boaber by Innovation Rural
- Donaa Ltd.
- Other Way Climate Limited