Glasgow City Innovation District, the hub for innovation, investment, and enterprise, has released its new strategic plan for the next five years, laying out its goals and plans to boost innovation and startup support in the region.
The innovation district in Scotland’s largest city serves one of the fastest growing tech ecosystems in the UK, according to Dealroom, with a collective enterprise value of over £4 billion.
Following its establishment in 2019, Glasgow has seen its venture capital investment into tech businesses raise by 211%.
“Glasgow City Innovation District has been the catalyst for collaboration, enterprise, and growth, driving real impact for investors, businesses, researchers, and the wider community,” Alisdair Gunn, director, Glasgow City Innovation District, said.
“I am incredibly proud of the progress that has been made to position Glasgow as a global leader in technology and a desirable place to invest and locate.
For the next five years, Glasgow City Innovation District have set out five goals it plans to implement with overarching themes of social innovation, sustainability, and core social values, and associated KPIs to track success.
Goal 1. Innovation, Enterprise, and Investment
The District aims to further develop its position to attract government and private sector investment in a bid to deliver business-focused innovation programmes, and expand support for its Venture Studio programme delivery.
Further, it aims to work with its ecosystem partners to develop a dedicated deep-tech and impact-driven innovation accelerator focussing on business growth.
To achieve these goals, it aims to align its delivery with Glasgow city, Glasgow city region, Scottish and UK innovation policy and strategies to attract funding and venture investment. It also aims to increase the network of active VC investors participating in the ecosystem.
In practical terms, in the next five years the Glasgow City Innovation District aims to support 50 businesses per year and work with 40 partners annually for ecosystem activities.
It also aims to attract £1 million worth of new investment to scale Deep Tech and High Growth businesses, as well as participate on five key strategic innovation policy, industry and committee groups.
Goal 2. Ecosystem Development and Industry Engagement
This goal focuses on fostering deeper collaboration within the ecosystem, and strengthen industry partnerships across sectors and subjects.
This would be accomplished through continued international activity, as well as developing the Innovation District’s industry sector engagement to align to regional, national, and university strengths and priorities.
As far as KPIs, the Districts aims to initiate and deliver five collaborative projects with innovation active partners, and introduce ten new investors to the Innovation District.
Glasgow also aims to engage with four new international innovation focused organisations a year, and engage with ten industry/research organisations to work on their projects as well.
Goal 3. Infrastructure and Placemaking
Glasgow aims to establish the Innovation District as Scotland’s flagship location for startups, scaleups, investors, enterprises, and researchers.
Specifically, the goal is to support the development of the Innovation District’s place offering through its active engagement with the delivery and exploitation of the Charles Huang Advanced Technology & Technology Centre, the development of Broomielaw, TIC East and West proposition and the further development of Tontine and The Social Hub to ensure a mix of incubation, innovation, collaboration, and business spaces.
This goal is encapsulated by the Glasgow City Innovation District’s ‘Live, Work, Play’ ethos, which it plans to enact through a range of local community initiatives. It also plans to extend engagement and delivery to support the growth of the Advanced Manufacturing Innovation District Scotland and Clyde Gateway.
To measure progress, Glasgow plans to support partners deliver two new innovtion, incubation, and community spaces, as well as collaborate with five place-based innovation hubs to support their innovation programme delivery.
It will also use its Fusion Fund to provide a micro-fund to support up to eight community focused projects per year, and support at least one community group located within the district to access external funding each year.
Goal 4. City, Regional, National, and Global Partnerships
Glasgow aims to position itself as a world-leading innovation district via international collaboration, as well as working with local governments of varying levels to attract inward investment to raise its profile at innovation and investment forums, here and abroad.
It aims to develop and deliver a ‘Grow Glasgow’ trade position to promote trade and internationalisation. It also seeks to leverage its membership with varying international bodies to raise Glasgow’s national and international reputation as a global innovation district.
To achieve this, Glasgow seeks to work collaboratively with one international innovation district per year, as well as undertake four national or international ecosystem or knowledge exchange engagements per year.
It also aims to deliver three Venture Studio Challenge programmes with an international investment component.
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Goal 5. Talent, Skills, and Learning Development
The Glasgow City Innovation District aims to partner with varying local authorities, universities, colleges, and skills agencies to support the development of key sector workforce programmes.
It also seeks to strengthen the District’s role in Scotland’s national tech incubation programmes to scale the pipeline of innovation driven businesses.
The District will deliver an annual programme of events to provide learning opportunities, and support diverse and inclusive talent pipelines.
It will specifically support the delivery of four district based skills or talent programmes and collaborate with ecosystem partners to develop and deliver three ecosystem events per year.
Further, it will deliver an annual Glasgow City Innovation District conference, as well as continue delivering Glasgow Tech Week each year.
Resources and Implementation
Delivering on these goas will require additional resources, such as long term funding and the development of measurable impact metrics.
Further, the Glasgow City Innovation District aims to ensure appropriate representation across its governance and workstream activities.
While the District aims to leverage its existing partnerships and relationships to support its goals, its strategy acknowledges that adaptation is required to support the growth of innovative businesses in Glasgow amid a changing policy and funding ecosystem.
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