Energy firm launches innovation support service

Deputy Business Editor

Tuesday 16 October 2012

A SCOTTISH energy efficiency technology company has started its own innovation support service offering entrepreneurs and inventors assistance and mentoring.

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greig cameron deputy business editor

Direct Savings, which has its headquarters in Livingston, West Lothian, has launched the initiative to uncover "golden nuggets" of ideas that have not been developed to their full potential.

The support may involve interest-free loans to a start up, intellectual property advice, marketing support, product development or helping to develop industry contacts around the world.

Michael Donald, business development manager, says the firm is open-minded and keen to hear pitches from people of all ages.He said: "The win-win situation would be for us to find another energy efficient product we can bring to the market."But we are opening it out wider so it could be a window cleaner requiring an interest-free loan of £1000 to start up a round but they don't have the business plan to go through the public sector process."I really believe there are some real golden nuggets out there in the schools sector where they are creating products."Those might get sold in the local area then die a death but I believe some of them could have greater potential."We want to unearth the talent that is already there and will look at things on a case by case basis."There is no set budget. If it is a big commercial product then we have contacts in Asia and America and can look at raising funding if needs be."We may take equity or we could market and sell a product through an exclusivity route. Again we will look at that on a case by case basis."Although the innovators service has only recently launched Mr Donald has already signed a non-disclosure contract with one person and is mulling over the potential of another pitch.He said: "We hope people see it as a helping hand and an opportunity. I see it as a continual process where we can build momentum. "We don't just want it to lie dormant and can hopefully bring some things through in the first year or two. We believe this is our way to put something back by identifying and being involved in future waves of successful innovation."We want to help those people who have great ideas that could potentially change the world, but have no practical way to bring them to life."Direct Savings, which employs 130 people, supplies energy efficiency products such as infranomic heating systems and inflector window insulation from bases in Livingston, Peterhead, Bradford and Milton Keynes.

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Energy firm launches innovation support service

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