THE UNIVERSITY of Dundee has been given £1 million to furbish a new centre that will foster the commercialisation of world-leading science.
The grant which was provided by the Wolfson Foundation will fund the furnishing of the Tay Cities Regional Innovation Hub by installing new laboratories and facilities.
These new facilities to be installed are required by major companies hoping to develop new medicines and medical technologies and will anchor new biomedical companies and jobs in the city.
The Innovation Hub is an important part to the project ‘Growing the Tay Cities Biomedical Cluster’ with the aim to help the post-Covid recovery by combining entrepreneurial expertise with Dundee’s strengths in scientific innovation.
Paul Ramsbottom, CEO of the Wolfson Foundation, said: “We are thrilled to be able to continue our long partnership with the University by funding the new Innovation Hub.
Dundee has a highly impressive research footprint in the life sciences, and it is this rich track record as well as the clear need for the Hub that stood out through our assessment process.”
Dundee has provided scientific work that has managed to improve lives of others and advanced science all around the world.
In spite of this a lack of sites capable of housing companies means Dundee struggles to retain the firms it created.
The Wolfson Foundation is a charity with a focus on research and education aiming to support civil society by investing science, health, humanities and the arts projects.
Professor Iain Gillespie, Principal and Vice-Chancellor of the University of Dundee, said: “We are delighted to receive this generous funding from the Wolfson Foundation, which recognises the potential of the Innovation Hub to make a real difference to people’s lives locally and globally.”
Currently the Innovation Hub has been scheduled to open in Autumn 2023 and is predicted to create 280 jobs by 2033, eventually rising to 800 by 2053.
Kate Forbes, the Scottish Government’s Economy Secretary, said: “The Scottish Government has committed £150 million to the Tay City Deal, as well as a complementary additional investment package of £50 million.
“This means we are investing a total of £200 million in the region.”
