These are the areas to benefit from £5 million of fresh Scottish Government support for start-ups: Sir Tom Hunter reacts
“When business and government come together as they do in financing Scottish Edge, it can drive real economic growth” – Sir Tom Hunter
Start-up businesses north of the Border have been given a £5 million lift with the government package directed at a number of areas including “under-represented” groups.
The funding unveiled by the Scottish Government comes in the wake of Mark Logan’s report, which made a number of recommendations to grow Scotland’s technology sector, and the Pathways report, which is focused on expanding the number of women starting and scaling-up businesses.
The latest package includes the development of pre-start support, aimed at stimulating the earliest stages of business creation and product development for under-represented groups. It will also be used to expand the business funding competition Scottish Edge, and help to broaden and tailor the range of financial support available to fledgling businesses.
Support will be provided to maximise the economic impact of university spin-out companies, and to commercialise academic research. The funding will also be used to back initiatives designed to 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 tech incubator Codebase, the delivery partner of the Government’s £42m Techscaler programme, is to partner with Scottish Edge to develop a support package for businesses and entrepreneurs.
Sir Tom Hunter, entrepreneur, philanthropist and founder of the Hunter Foundation, 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 resources 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 while 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.”
The Scottish Government confirmed in June 2023 that it would take forward all the recommendations of Stewart’s Pathways report on under-representation of women in entrepreneurship.
Economy Secretary Kate Forbes, who announced the new funding as she visited the National Robotarium, added: “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.”
Comments
Want to join the conversation? Please or to comment on this article.