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Investment in hi-tech Scottish firms
08/06/2007
Some of Scotland's most innovative, hi-tech businesses are to receive £2.3 million from the Government's SMART: Scotland scheme.
Forty seven awards were given to firms to support technical and commercial feasibility studies at a ceremony in Glasgow today.
Enterprise Minister Jim Mather said:
"The Scottish government aims to create a wealthier Scotland and will make Scotland a more competitive place to do business. A part of that means investing in innovation and helping take new products to the market.
"I want to acknowledge and celebrate the success of some of Scotland's most innovative businesses. This latest investment allows companies to progress their ideas and develop cutting edge technology.
"The ongoing success of the SMART: Scotland awards shows that Scotland continues to produce firms with world-class ambitions. Together, these firms are helping to maintain Scotland's enviable reputation for excellence in research and development. I'm very pleased to acknowledge the progress made by today's award winners."
The maximum amounts available for project feasibility studies have increased by 40 per cent from £50,000 to £70,000 while the maximum levels available for research and development projects have risen by 20 per cent from £500,000 to £600,000.
There is now an open application process, with all applications treated on a non-competitive basis. Applicants can apply at any time, unlike the previous three-times per year competition/closing date for SMART Awards. For the first time, the feasibility study element is open to medium sized firms.