Smart thinking wins funding for CL firm

An optical manufacturing business has won a share of a £900,000 pot in a prestigious research and development funding project.
In the third 2005 'Smart' financial awards selected by the Scottish Executive, Glasgow-based Ocutec has been commended for its 'novel biomedical materials'.

The company, based in the Bearsden area of the city, will use the money to demonstrate the technical feasibility of synthesising hydrogel materials that are capable of being manufactured as contact lenses.

Ocutec was one of 18 businesses to be involved in the latest round.

The Executive's enterprise minister Nicol Stephen said the Executive was committed to growing the economy by investing in new skills and new ideas.

'We need to do more to transform ideas and innovations into successful businesses,' he said. 'These awards of £900,000 will help companies right across Scotland to develop new cutting-edge technology. This support is vital to these exciting new projects.'

Entries for 'Smart: Scotland' can be submitted by individuals planning to start a business in Scotland, and by existing small firms or groups with less than 50 employees.

There are three rounds of judging each year, with closing dates for applications in January, May and September. The Scottish government meets 75 per cent of the project costs and the maximum award payable has recently been raised to £50,000. Projects last between six and 18 months.