Programme boosts Scottish technology

Newly founded Scottish technology companies have been given a boost to their potential growth thanks to a joint Scottish Enterprise and Royal Society of Edinburgh programme.

The Enterprise Fellowship programme helps academic researchers develop spin-out businesses from a science or technology idea. Fellows receive 12 months of salary funding, business training, professional mentoring and introductions to legal, financial and business networks.

To be considered for an Enterprise Fellowship, candidates must demonstrate their technology-based business idea and its market potential. The application process is highly competitive, with short-listed candidates presenting their idea to a selection panel comprising some of Scotland’s leading entrepreneurs and academics.

The 76 Fellowships awarded since the start of the programme in 1997 have resulted in the incorporation of 44 companies, 35 of which are currently trading with a further nine preparing to trade. Eighty per cent of trading companies have been doing so for more than a year.

The combined turnover of these trading companies was projected at more than £7m in 2006. These businesses range from yacht sail design, to cleaning systems for the oil and gas industry and a platform technology for pest disease management.