Start up companies receive grants of up to £50,000 to help them survive COVID lockdown

High tech start-up companies will receive grants of up to £50,000 as part of plans to help them survive the pandemic.

Economy Secretary Fiona Hyslop announced 41 high growth potential start-ups will receive funding alongside business help.

The funding will support companies in the tech and low carbon sectors which have seen their research impacted by lockdown.

Hyslop said: “Start-up and spinout companies, many of which are in the technology, digital and low carbon sectors, are the future of our economy. They are driven by the spirit of entrepreneurship and innovation. Crucially, they are the kind of enterprises that create high-quality jobs, and which attract investment into Scotland – both of which will be vital to successfully rebuilding the economy after the damage caused by COVID-19.

“By supporting start-up companies and spinout projects through this funding we can not only help them survive, but give them the potential to prosper. This is a key part of our long-term mission to create new jobs, good jobs and green jobs.”

The funding, managed by Scottish Enterprise, is the first part of £38m in support for early stage, high growth potential companies announced in July.

Steve Dunlop, CEO of Scottish Enterprise said: “The coronavirus pandemic has had far-reaching impacts on all aspects of our business base including our high growth early stage businesses and university spinouts.

“It’s vital we continue to support these ventures so that those with the very best growth potential can flourish into significant businesses of the future. We’re pleased to have been able to work at pace with our partners to identify these projects and to get the funding to them in such a short space of time.

“We will continue to work closely with the companies and spinout teams to provide a range of support that will help them further develop and attract new future investment.”