The Scottish Government has recently unveiled a £5 million support package for start-ups, demonstrating its dedication to implementing the recommendations outlined in the Logan report and the Pathways report. These reports are focused on fostering a world-class technology sector and increasing the participation of women in business start-ups and expansion.
The support package encompasses financial support for the expansion of the Scottish EDGE business funding competition, aimed at providing a diverse range of financial resources to new businesses. Additionally, there will be a focus on developing pre-start support to stimulate early stages of business creation and product development for underrepresented groups. The funding will also be directed towards maximizing the economic impact of university spin-out companies and the commercialization of research. Furthermore, investments will be made in initiatives to attract top talent from around the globe and to promote Scotland as a global destination for start-up founders and investors.
In tandem with this announcement, Codebase, a delivery partner of the Scottish Government’s £42 million Techscaler programme, will work hand in hand with Scottish EDGE to enhance entrepreneur support.
Deputy First Minister and Economy Secretary Kate Forbes expressed confidence in Scotland’s potential to become one of Europe’s fastest-growing start-up economies. She underscored the government’s unwavering support and belief in Scotland’s innovators, entrepreneurs and disruptors.
Entrepreneur and investor Ana Stewart, author of the Pathways report, praised the initiative as an important step forward in addressing the gender imbalance in entrepreneurship. She also highlighted the strategic and long-term approach of the investment as crucial in overcoming persistent challenges.
In June, the Scottish Government confirmed its commitment to implementing all the recommendations of Stewart’s report as part of a multi-million funding package to establish Scotland as one of Europe’s leading start-up economies.
Mark Logan, the government’s chief entrepreneur, stressed the importance of fostering entrepreneurship, emphasizing that every job in Scotland today exists because someone started something. Therefore, the increased investment aims to drive the goal of creating more opportunities for new ventures.
The government’s dedication to supporting start-ups represents a positive step in creating a thriving entrepreneurial ecosystem in Scotland. As the initiatives take shape, they are anticipated to reinforce the foundation for new businesses and contribute to the growth of the start-up economy in the country.