Monday 30th August 2010
Edinburgh University creates record number of new companies
The University of Edinburgh
The University formed 40 new firms in the 2009-2010 academic year - the most ever generated by a Scottish university in a single year. It created 26 new companies in 2008-2009.
New companies created by Edinburgh Research and Innovation (ERI) - the university's commercialisation arm - in the past year include NGenTec, which creates light-weight gearboxes for wind turbines, potentially making wind power generation more efficient. The company recently won an £800,000 contract from the UK Department of Energy and Climate Change.
Other new firms include Actual Analytics - which uses video analysis technology to help develop drugs for diseases that affect the central nervous system, such as Alzheimer's and Parkinson's - and Skoogmusic, which produces new musical instruments for disabled children.
The 40 firms formed in the past year have together secured over £3 million in funding.
Derek Waddell, chief executive officer of ERI, said: "As well as the unprecedented increase in the number of companies formed in 2009/2010 by the University, the quality of the companies created is at a higher level than ever and this is testament to the entrepreneurship and creativity of the University's staff and students, and to the excellent support provided by ERI's company formation team.
"Several of the new firms present real potential not only to contribute positively to the Scottish economy, but also to become globally significant - potentially helping to generate further economic growth and new jobs."
In the last 5 years, the university has formed 131 companies, which currently employ over 300 staff. Over 85 percent of the companies are still in operation.