Business News Round Up (23/11/2020)
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Scottish National Investment Bank marks launch with £12.5m investment
The Scottish National Investment Bank has officially launched with the completion of its first major investment. Supported by the Scottish Government, it is the UK’s first mission-led development bank and will be capitalised with £2 billion in funding over the next ten years. The bank’s proposed missions will focus primarily on supporting Scotland’s transition to net zero, extending equality of opportunity through improving places and harnessing innovation to enable Scotland to flourish. It will provide patient capital for businesses and projects in Scotland, which it is hoped will catalyse further private sector investment. The Bank’s first action will see £12.5 million invested in Glasgow-based tech start-up, M Squared Lasers. The firm intends to use the funding boost to support and accelerate growth.
https://digit.fyi/scottish-national-investment-bank-marks-launch-with-12-5m-investment/
Alliance Manchester Business School secures £1m fund to research long-term Covid impact on communities
Alliance Manchester Business School (AMBS) has secured around £1m to fund its research into the long-term recovery of local communities from the coronavirus pandemic. The project has been part-funded by the Economic and Social Research Council (ESRC) and specialists from AMBS and the University of Manchester will work together to create a framework to build resilience in local communities post-pandemic. A team of academics will analyse how stakeholders such as local government, emergency services and volunteer groups have responded to the pandemic in the UK and overseas, identifying changes required to support short-term recovery and drive long-term renewal within local communities moving forward. Academics will partner with Local Resilience Forums – groups of representatives from local authorities and the wider public sector – in Merseyside, the Thames Valley and Essex to develop and test a resilience framework.
UK Space Centre of Excellence in Scotland receives financial commitment of millions of pounds
A commitment to invest over £80 million in a UK Space Centre of Excellence in Ayrshire, Scotland, was made by both the UK and Scottish Governments, in partnership with South Ayrshire Council, as part of the Ayrshire Growth Deal. The funding package will develop and support a wide range of new, cutting-edge aerospace and space activities around Glasgow Prestwick Airport, including a satellite launch site and a range of other advanced technology initiatives beyond space launch. This significant investment forms part of an even larger £250 million package that was announced via the Ayrshire Growth Deal Head of Terms agreement 18 months ago. This saw the Scotland Office pledge to invest £103 million in the region over the next 15 years, alongside £103 million from the Scottish Government over 10 years, augmented with further investment from the three local authority areas of East, North and South Ayrshire. This will help drive economic development across the region, create new employment opportunities and encourage further inward investment.
Smart cities offer growth for Manchester SMEs
Greater Manchester SMEs can access new markets and achieve significant growth by focusing on the innovation and new technologies that will help create cleaner and smarter places to live and work. According to a new programme, Sustainable Cities and Infrastructure, small and medium sized businesses in the region have the opportunity to work alongside large corporates and leading academics on fresh approaches to the urban environment. The business opportunity spans a vast area from traditional manufacturing, construction, energy, and engineering to software and app development, sensor technology, future mobility, data analysis, cyber security, and Internet of Things products.
https://www.businesscloud.co.uk/news/smart-cities-offer-growth-for-manchester-smes/