New £3.5m incubator boost for spin-outs

A NEW £3.5 million business incubator has been launched in the Lothians with the aim of nurturing hi-tech spin-outs and other firms with high-growth potential.

The new hub, which will be run by an independent operator, will be based at the 100-acre Alba campus in Livingston, which has been developing a reputation as a world-class technology research and development centre.

The new 25,000sq ft hub hopes eventually to accommodate 54 companies and its development is being undertaken as part of the West Lothian Strategic Action Plan, drawn up in the wake of the Motorola and NEC plant closures, to revitalise and diversify the local economy.

Funding for the project will come jointly from the money made available by the Scottish Executive to support the strategic action plan and Scottish Enterprise Edinburgh and Lothian.

Officials suggest the new hub will help create more than ten new companies a year while injecting £3.6m into the local economy over five years.

Paul Lewis, executive director, SE Edinburgh and Lothian, said: "The focus on supporting high value new-start and spin-out companies has also been given greater strategic priority by Scottish Enterprise in building a knowledge-driven Scottish economy.

"The key to the success of the project will be the level of business support and advice that will come as an integral part of the agreement with tenant companies."

Councillor Willie Dunn, convener of West Lothian Council’s enterprise and development project, said: "We have been working with SE Edinburgh and Lothian to help develop this pioneering project. It forms an important part of the West Lothian Strategic Action Plan."