Glasgow City Council has announced the approval of £900,000 of funding from the UK Shared Prosperity Fund (UKSPF) that will be distributed to the Glasgow City Innovation District in 2023/2024 and 2024/2025.
The approval of the UK Shared Prosperity Fund will support innovation, creation of new businesses and expertise in Glasgow. Leading the commercialisation of deep tech innovation, collaboration, and tech entrepreneurship in the city, Glasgow City Innovation District is aligned to supporting the growth of the local innovation economy in utilising the fund to create new products, attract investment and build the city’s innovation cluster. In addition to the core funding already received from Glasgow City Council, the Innovation District will receive additional funding bringing their total to £900,000.
As part of the funding, the District will be supporting businesses in line with the three themes set out for the UKSPF - supporting local business; communities and place; and people and skills.
Glasgow City Council has approved two new UKSPF schemes - the Innovative Districts Support Programme (under the supporting local business theme) and the Net Zero Neighbourhoods project (under the communities and place theme).
The recent council decision means that £1.08M in UKSPF support will be given to the University of Strathclyde and the University of Glasgow in 2024/25 to enhance the development of the Glasgow City Innovation District and Glasgow Riverside Innovation District, in addition to the core funding the council already provides for these districts.
This funding will support the scaling of inclusive innovation-led development initiatives that follow on from the £33M Innovation Accelerator Pilot investment awarded to the Glasgow City Region.
Councillor Susan Aitken, Leader of Glasgow City Council, said: "These awards will benefit the city's economy in a number of ways. This funding will support and develop businesses in sectors key to our future economic growth, drive research into how best to retrofit our homes and allow more businesses to gain from adopting the principles of the circular economy.
Alisdair Gunn, Project Director of Glasgow City Innovation District, said: “We are delighted to be receiving this funding from Glasgow City Council to support innovation activity in the city and further develop the city’s thriving innovation ecosystem.”