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Scotland's universities will create nearly 300 new spin-out companies over ten years, exceeding the 150 target set by Technology Ventures in 1996, according to the second Technology Ventures annual report. The strategy, led by Scottish Enterprise, is aimed at commercialising scientific and technological research to create wealth, jobs and increase Scotland's competitiveness. Euan Baird, chairman of the leadership group, said the initiative encouraged scientists and technologists "to believe business is fun".