The centres work with Scotland’s higher education institutions, such as colleges, universities, and research institutes, with the aim of spurring innovation in businesses, as well as the public and third sectors.

The Scottish Government said that the yearly funding “will support the Innovation Centres to strengthen relationships with colleges and universities” and “lead to greater impact for Scotland.”

The funding announcement was made by first minister Humza Yousaf at the opening of the National Retrofit Centre for Scotland at Built Environment Smarter Transformation (BE-ST) in Hamilton.

BE-ST aims to improve Scotland’s construction industry through the use of technologies such as drones, robotics, and exo skeletons, while the retrofit centre wants to help the retrofitting of buildings in Scotland via new technologies, materials, and processes.

Speaking on the funding, the first minister said: “Innovation and collaboration are at the heart of our work to grow our economy and that is why I am delighted to announce funding of up to £8m per year for the SFC’s new investment plan for the Innovation Centres.

“This is a long-term commitment that will deliver greater stability and allow them to sustain and deepen their impact.

“The centres allow businesses and organisations to innovate by working with the best from academia to develop new products and processes. This will drive positive societal impact and economic prosperity across the country.”

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While the aim of the yearly funding is to help drive innovation and economic prosperity, the Scottish Chambers of Commerce’s latest survey, published today, has indicated that Scotland’s economy is stuck in a persistent low growth cycle.

“Persistently high inflation, higher borrowing costs, frozen investment and ongoing global uncertainty are placing businesses under significant pressure,” said Stephen Leckie, president of the Scottish Chambers of Commerce.