MediCity Glasgow Creates New Companies
Medicity Glasgow helps create 70 new life sciences and med tech companies in the last five years, a recent survey finds.
08:36 04 November 2020
Medicity Glasgow, a life sciences incubator and accelerator, has helped create 70 new med-tech and new life sciences companies in the last five years, creating new 201 new jobs and raising more than £26million in private investment.
The MediCity focuses on providing coaching sessions for entrepreneurs and helping them to test the commercial viability of their ideas without putting significant investments. It also develops the skills and mindset required to accelerate the commercialisation of scientific research from lab to market. Entrepreneurs refine their products with a little waste as possible and use customer feedback during the ongoing product development process.
Colin Roberts is venture development director of BioCity Group, pioneers of the MediCity project. He said: “The MediCity project and its accelerator programme has provided a supportive and exciting environment for companies to commercialise opportunities in medtech, healthtech, digital health, healthcare and wellness since its launch in 2015.
“The success of the new companies in raising significant private investment funding and creating new high value jobs across Scotland demonstrates the value of its collaborative approach which has far exceeded many of its original targets.
“The outcomes have been achieved with relatively modest public sector co-funding, representing a significant return on investment for the project stakeholders.”
He said the project supports entrepreneurs at every stage, whether with just the spark of an idea or if further along the road to commercialisation.
“By applying scientific rigour to the business process, residents are taught to revise, adjust and fine tune their approach to commercialisation as they would when driving forward the science behind their product.
“Continued and sustained investment in the commercialisation of life sciences and health technology research is essential to both economic recovery in Scotland and the continued fight against COVID-19.
“If continued, the project can scale its impact on the sector even further, significantly building on Scotland’s established expertise in life sciences and complementing a number of new infrastructure projects planned across Scotland.
“These will require a significant pool of early stage companies to ensure longer term growth targets are met during and beyond the pandemic.”