ST. LOUIS, April 6, 2016 - CIC St. Louis, St. Louis’ largest innovation community offering co- working, offices and labs, and StartEDIN, a community inclusive to Edinburgh which is focused on promoting the city’s dynamic tech ecosystem, announced today the creation of EDIMO, an innovative arrangement to reduce barriers for Edinburgh companies to enter the US market and for Missouri companies to enter the European market via Scotland’s capital city, Edinburgh.
April 6 is a significant day in Scottish-American relations, in that across the US today is the celebration of Tartan Day. “There is a good match between Edinburgh and Missouri, especially in the areas of financial services, health innovation, aerospace and life science, and this new arrangement will allow growing companies in each region to expand into major foreign markets,” Mark Sutherland, a Scottish immigrant to the US and VP of Market Strategies at the Missouri Partnership, said.
EDIMO will give Edinburgh companies access to complimentary office space at CIC St. Louis. This will enable them to focus on entering the market, hiring personnel and establishing a market presence without the pressures of entering into long term rental agreements or expending initial capital on facilities. Similar arrangements will be available in Edinburgh. StartEDIN will provide access to their members’ network and as a founding member of the community, The City of Edinburgh Council will provide Investor Support soft landing space to Missouri-based companies establishing offices in Edinburgh.
“CIC St. Louis was established to allow companies to focus on growing their business,” Dougan Sherwood, Managing Director of CIC St. Louis, said. “We are excited to help these Edinburgh companies establish themselves and create jobs in St. Louis by setting up and managing their office for them. This reduces their initial risk in entering a new market and allows them to focus on what is essential to grow their companies.”
Councillor Frank Ross, Convener of the Economy Committee at The City of Edinburgh Council, welcomed the opportunity created by these two great locations. “StartEDIN and CIC St Louis have opened a new door to very significant markets and investment opportunities. The sectoral match is strong, as will be the welcome to companies who want to join the initiative.”
“We have already seen great success in being based in St. Louis,” James Varga, CEO of Edinburgh-based miiCard, said. “The access to the entire US, the support structure in place, the competitive business costs, and the capital and mentorships available, all translate into a competitive advantage for companies entering the US through Missouri.” MiiCard was a SixThirty cohort company in 2013, a St. Louis program that invests $100,000 in each FinTech company that it recruits to St. Louis.
“I am delighted to welcome this new initiative by StartEDIN and CIC St Louis,” Donnie Jack, Scottish Affairs Counsellor for the Americas, said. “Having access to business networks and support services in Edinburgh and St Louis will ensure that companies will be able to enter key markets more easily and make a bigger impact in less time. As Scotland’s senior diplomat in North America, I wish this new venture every success and look forward to seeing increasingly stronger ties between Missouri and Scotland.”
Companies participating in the collaboration will also gain from mentorship/mentoring and other business growth and networking assistance. For more information on EDIMO visit www.EDI-MO.com.