The site, which is situated at RBS’s headquarters, will host a number of entrepreneur support organisations including social enterprise Entrepreneurial Spark and is due to open in mid-February.
In the first six months it will support over 80 entrepreneurs and their businesses through free facilities, mentoring, networking opportunities and workshops.
Entrepreneurial Spark is the world’s largest free business accelerator for early stage and growing ventures. They have 10 sites across the whole of the UK, including three in Scotland where it has already made a significant impact by support almost 400 companies, securing £20 million investment and helping to create over 1,000 new jobs.
Chief Secretary to the Treasury, Greg Hands said: “The government understands that small businesses are crucial to our economy, creating millions of jobs and driving productivity, which is why we want Scotland and the rest of the UK to be the best place in Europe to start and grow a business.
“The invaluable support that Entrepreneurial Spark is providing, along with the RBS and UK government’s backing of small businesses, means we can help nurture Britain’s ever expanding pool of entrepreneurial talent and ensure that local economic growth is supported across the country.”
Chief Executive of Entrepreneurial Spark, Jim Duffy, said: “The support we’ve had to date from RBS has really helped Entrepreneurial Spark in our own entrepreneurial journey, from providing cash investment and physical space in our new cities, through to opening up the bank’s extensive business network to us.
“We have seen a great number of technology entrepreneurs come through the Edinburgh Hatchery to date, so will seek to build upon this success as we further enhance our tech start-up offering in Edinburgh, whilst also supporting entrepreneurs from each and every other sector.”