Extra investment to grow and nurture high-growth businesses and
entrepreneurs has been announced.
The £5 million package will help deliver end-to-end support for
Scotland's start-up companies. It forms part of an ongoing to
commitment to deliver on the recommendations of the Logan report
into developing a world-class technology sector, and the Pathways
report which is focussed on expanding the number of women
starting and scaling-up businesses.
The package includes:
- funding to expand the business funding competition Scottish
EDGE, helping broaden and tailor the range of financial support
available to fledgling businesses
- the development of pre-start support, aimed at stimulating
the earliest stages of business creation and product
development for under-represented groups.
- support to maximise the economic impact of university
spin-out companies, and commercialise research
- investing in initiatives that will attract the world's top
talent and showcase Scotland as a global destination for
start-up founders and investors.
The additional support coincides with an announcement that
Codebase, delivery partners of the Scottish Government's £42
million Techscaler programme, are to partner with Scottish EDGE
to develop the end-to-end support offered to businesses and
entrepreneurs.
Deputy First Minister and Economy Secretary announced the new funding as
she visited the National Robotarium, the UK's centre for Robotics
and Artificial Intelligence and home to a number of spin-out tech
companies.
She said:
“Innovation is at the very heart of our economy. We have the
talent, the skills and the facilities to make Scotland one of
Europe's fastest-growing start-up economies: an economy that is
strong, successful and dynamic.
“This package of measures, which builds on the multi-million
investment the Scottish Government is already making into our
start-up business community, forms the next step in providing one
of the most comprehensive government-backed support networks in
Europe.
“The partnership between Codebase and Scottish EDGE also
underlines our joined-up approach to fostering and nurturing
Scotland's young and vibrant business community. My message to
Scotland's innovators, entrepreneurs and disruptors is simple but
clear: this Government believes in you and we will back you.”
Founder of the Hunter Foundation Sir Tom Hunter said:
“Scottish EDGE is a proven, world class model of delivering
finance to potential high growth early stage businesses and that
has been independently verified. I am delighted the Deputy First
Minister has recognised that and added significant additional
resource to Scottish EDGE. When business and Government come
together as they do in financing Scottish EDGE it can drive real
economic growth by building the pipeline of entrepreneurial
businesses, employment and the taxes that pay for public
services.”
Entrepreneur and Investor Ana Stewart, author of the Pathways
report on under-representation of women in entrepreneurship,
said:
“‘This is a meaningful step forward in tackling the extreme
gender imbalance which currently exists in entrepreneurship. I
look forward to engaging and supporting the Government and other
partners in enacting change whilst building on the existing
momentum created since the publication of the Pathways report.
“Change will not happen overnight so I am also encouraged to see
the adoption of a more strategic approach with a multi-year
investment - a critical component if we are to tackle these
persistent challenges.”
Background
The Scottish Government confirmed in June 2023 that it would take
forward all the recommendations of Ana Stewart's Pathways report
on under-representation of women in entrepreneurship as part of a
multi-million funding package being delivered this year to help
establish Scotland as one of Europe's leading start-up economies.
The Scottish Government's full
response to Pathways: A New Approach for
Women in Entrepreneurship is available on the Scottish
Government website.
The Logan Report
Details on the Pathways
Pre-Start Fund
Encouraging entrepreneurship is a key action in the Scottish
Government's National Strategy for
Economic Transformation.
The Scottish Government is increasing the number of start-ups
through the national £42 million TechScaler network
which offers mentoring and incubation space for new tech
businesses.
Chief Executive Officer of Scottish EDGE Evelyn McDonald said:
“I am delighted to see this commitment from the Scottish
Government of funding to support businesses in Scotland. Scottish
EDGE has supported over 600 businesses in the last ten years,
many of which have gone on to create hundreds of jobs and develop
innovative products and services. This funding will enable
us to support many more and have a positive impact on the
Scottish economy.”
Chief Entrepreneur said:
“This is a very welcome additional investment into making
Scotland one of the best places in the world to start and grow a
business. It enables us to further strengthen the support
environment for start-ups and to enfranchise more people into
entrepreneurship. Every job that exists in Scotland today, does
so because someone, at some time started something. We need more
starters, and this extra investment directly drives that goal.”
