Innovation for Scotland plan unveiled
Jun 22 2009
The Scottish government has published a new framework to encourage innovation in the country's businesses.
Under the initiative, the Scottish Investment Bank, which was proposed in April, will play a role in financing business growth, while the country's enterprise agencies will deliver their Business Innovation Service to more than 2,500 firms.
In addition, specific support will be given to the country's key sectors, such as the £10 million Saltire Prize which rewards research in renewable marine energy technologies.
Announcing the Innovation for Scotland framework at the Business in Parliament conference, finance secretary John Swinney claims that the current economic climate makes it more important for companies to identify and capitalise on new opportunities.
He explains: 'Successful businesses find more efficient and effective ways to improve productivity, expand market share and increase profits. In other words, they innovate.'
Jonathan Kestenbaum, chief executive of the National Endowment for Science, Technology and the Arts, adds that Scotland has the opportunity to experience sustainable economic growth through supporting cutting-edge sectors such as life sciences, video games and green technologies.
Last week, Northern Ireland's enterprise minister Arlene Foster recommended that small firms in the country invest in innovation and research to survive the recession and prepare for economic recovery.
Under the initiative, the Scottish Investment Bank, which was proposed in April, will play a role in financing business growth, while the country's enterprise agencies will deliver their Business Innovation Service to more than 2,500 firms.
In addition, specific support will be given to the country's key sectors, such as the £10 million Saltire Prize which rewards research in renewable marine energy technologies.
Announcing the Innovation for Scotland framework at the Business in Parliament conference, finance secretary John Swinney claims that the current economic climate makes it more important for companies to identify and capitalise on new opportunities.
He explains: 'Successful businesses find more efficient and effective ways to improve productivity, expand market share and increase profits. In other words, they innovate.'
Jonathan Kestenbaum, chief executive of the National Endowment for Science, Technology and the Arts, adds that Scotland has the opportunity to experience sustainable economic growth through supporting cutting-edge sectors such as life sciences, video games and green technologies.
Last week, Northern Ireland's enterprise minister Arlene Foster recommended that small firms in the country invest in innovation and research to survive the recession and prepare for economic recovery.
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