Saturday, July 20, 2024

MSIP Demonstrates Significant Economic Impact for Scotland

Michelin Scotland Innovation Parc (MSIP) is proud to announce that it has demonstrated substantial economic potential since its formation.

MSIP, a joint venture between Michelin, Dundee City Council and Scottish Enterprise, is a dynamic and creative home for innovators, manufacturers and skills leaders who are actively working towards reducing carbon emissions and fostering a cleaner, more sustainable future.

MSIP has been operational for three years, since taking ownership of the former Michelin tyre factory site in 2020. Despite being in its early stages of operations, significant progress has been made in that time.

The MSIP Accelerator Programme, part funded by Scottish Enterprise, has driven estimated net sales impact exceeding £12.65 million, generating a net Gross Value Added (GVA) impact of £6.4 million. Additionally, participating businesses in the MSIP Accelerator have successfully leveraged over £4.37 million in innovation grants and £17 million in investment.

Construction and refurbishment at MSIP have totalled almost £25 million. This investment has not only enhanced the available infrastructure at the Innovation Parc but also created numerous job opportunities, supporting local economies.

The physical transformation of the Innovation Parc has enabled 16 companies to establish their operations at MSIP, collectively supporting 190 jobs.

MSIP has maintained a focus on working with the local community and has directly engaged with over 5,000 young learners over the last three years.

Each of these initiatives has generated various outputs, outcomes, and impacts that align with the objectives of Scotland’s National Strategy for Economic Transformation (NSET). This alignment underscores MSIP’s crucial role in advancing Scotland’s economic ambitions and securing MSIP’s ambition to be Scotland’s home for sustainable innovation.

Greig Coull, CEO of MSIP, said: “As we continue to evolve, our commitment to sustainable innovation and robust support for businesses promises even greater economic benefits.

“While we are early in our journey, the potential for transformative impact is undeniable, inspiring confidence in MSIP’s mission and vision for the future.

“MSIP remains dedicated to fostering an environment of growth, innovation, and economic prosperity. The early successes highlight the promising trajectory of MSIP as a pivotal player in Scotland’s economic landscape.”

Dundee City Council leader, Councillor John Alexander, said: “The progress that MSIP has made in a relatively short period of time is something that we as a city can be really proud of.

“It’s encouraging not only to see jobs being created right now in Dundee, but also the building blocks being laid for the workforce of the future at the Skills Academy.

“On top of that there’s the huge contribution to the local community through school engagement and the ground-breaking collaboration taking place daily in the Innovation Hub.

“While there have been and will continue to be challenges to overcome, I’m in no doubt there’s still lots of potential for MSIP to grow further in the years ahead.

“Its role in the sustainable and low carbon technologies will not only help create prosperity here in Dundee, but also play a part in addressing the global climate emergency.”

Further information can be found in MSIP’s Three Year Impact Report here –

MSIP Tenants include:

  • Swarco
  • Scottish Enterprise
  • Mabbett
  • Data Monitoring Systems
  • Tronius
  • MEP Technologies
  • Ember
  • Genista
  • SolarisKit
  • HGP (Scotland)
  • Dundee and Angus College
  • Medigold
  • Utili-Tay
  • Tay Country Travel
  • Coast Training
  • Silva Service Catering

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