Managed by the Scottish Funding Council (SFC), the College Innovation Fund highlights the Scottish Government’s commitment to innovation.
It is hoped that it will forge new and dynamic links between colleges and Scotland’s innovation centres. Money from the fund will also be used to invest in a pioneering College Innovation Accelerator Fund and in further support for the College Innovation Voucher Scheme.
The SFC has already established FUTUREquipped, a pilot project involving colleges and half of Scotland’s eight current innovation centres. The pilot will see innovation centre and colleges working collaboratively to demonstrate a new approach to skills training for the future needs of industry. 13 colleges from across Scotland are now working closely with the Construction Scotland Innovation Centre and the Digital Healthcare Institute, supported by The Data Lab and CENSIS.
Paul Wheelhouse Minister for Business, Innovation and Energy said of the launch:
“Scotland’s economic success has been forged on innovation – it is intrinsic to our culture and we want to extend this to all aspects of our society and economy, with a strong ambition to broaden innovation activity within our SME community.”
“I am delighted to launch the £500,000 College Innovation Fund, which arises from cross-portfolio work between economy and education Ministers within our CAN DO Business Innovation Forum, and which will support future job creation and skills needs, by increasing innovation and engagement between colleges and businesses, recognising the strong links colleges have with local businesses.”
“The fund will establish dynamic links between our colleges and our innovation centres helping us drive increased productivity, competitiveness and growth, playing a vital role in creating the jobs of the future.”
Audrey Cumberford, Principal of West College Scotland and Chair of the College Innovation Working Group, said:
“Colleges already collaborate with businesses, especially SMEs. We want to be the natural choice for businesses looking for support and expertise to improve their performance through product or workforce innovation.”
“The College Innovation Fund will help us explore further opportunities for colleges to deepen the relationship with Innovation Centres and industry. And the Innovation Fund will raise the profile of our work, putting colleges at the heart of the innovation landscape and show how we can do more.”
“The national FUTUREquipped pilot will support colleges to work with industry and demonstrate just how well placed we are to add the value, ideas and skills needed to deliver products and services in the digital era.”
Mike Cantlay, Chair of the Scottish Funding Council, said:
“Colleges across Scotland already play an incredibly important role in helping businesses to be innovative. This funding takes things to a new level, especially in helping to exploit the very exciting opportunities being created through the innovation centre programme.”