University of Dundee has received a £1 million boost for its innovation hub plans that it hopes will create hundreds of life sciences jobs.
The grant from Wolfson Foundation will help develop the hub to bring new biomedical companies and jobs to the city.
It will also give university spin-out firms room to expand in Dundee.
The grant will go towards costs of fitting-out the Tay Cities Regional Innovation Hub with laboratories and facilities.
It is hoped 280 new biomedical jobs will be created by 2033.
This is expected to rise to 800 new jobs and over £190m benefit to the local economy by 2053.
What are the Dundee University Innovation Hub plans?
The project will help the post-Covid recovery by bringing entrepreneurial expertise to Dundee’s life sciences research, drug discovery and medical innovation.
A lack of sites able to house companies generated from the University’s research activity means Dundee has struggled to retain the firms started there.
The Innovation Hub will provide space for new companies as well as support through their growth phase.
Construction will start early next year and the hub is due to open autumn 2023.
University principal and vice-chancellor professor Iain Gillespie hopes the innovation hub will “make a real difference” to people in the city.
He says: “There is real momentum behind our goal of making Dundee a powerhouse of the bioeconomy.
“Biomedical innovation activity is at an all-time high here, with a record number of companies ready to spin out from the University.
“As well as creating high-quality jobs and attracting investment, this innovation also means earlier access to health care advances.”
Grants will fund skilled jobs
The project has received funding of £2om from the Scottish Government as part of the Tay Cities Deal.
The Wolfson Foundation is an independent charity with a focus on research and education.
It aims to support civil society by investing in excellent projects in science, health, heritage, humanities and the arts.
Paul Ramsbottom, chief executive of the Wolfson Foundation, says: “Dundee has a highly impressive research footprint in the life sciences.
“It is this rich track record as well as the clear need for the hub that stood out.”
