The Dundee-based hub, a joint venture between Michelin, Dundee City Council, and Scottish Enterprise, has fostered substantial growth, with the MSIP Accelerator Programme contributing to over £12.65 million in net sales and £6.4m in gross value added (GVA) impact.

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. Participating businesses in the MSIP Accelerator have successfully leveraged over £4.37m in innovation grants and £17m in investment.

Construction and refurbishment at MSIP have totalled almost £25m. 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.”