Multi-million pound scheme unveiled to unleash Scottish entrepreneurial talent
Register for free to read more of the latest local news. It's easy and will only take a moment.
A SCOTTISH Government funding package worth £17.5million has been unveiled to support entrepreneurs has been unveiled.
In a statement to the Scottish Parliament, Wellbeing Economy and Fair Work Secretary Neil Gray set out a range of actions and investments this year to support entrepreneurs and start-up businesses, which are worth nearly £1 billion to the Scottish economy.
He also announced that the Scottish Government will take forward the recommendations of the Pathways report on supporting women in entrepreneurship.
These include: Developing pre-start centres and pop-ups focused on encouraging women to start businesses and providing best-in-class support to help them develop products and get early access to funding; Relaunching the Scottish Government’s Ecosystem Fund with an explicit focus on supporting projects that address the report’s key themes; Continuing funding for key partner organisations including Women’s Enterprise Scotland, Investing Women, Business Women Scotland and Scottish Edge; Working with enterprise agencies, the Scottish National Investment Bank, and private sector investors to open up access to investment avenues for women-led businesses and other under-invested groups.
The First Minister recently launched a 10-year plan to help create world-class entrepreneurial campuses at 45 universities and colleges across Scotland, with a £5.5 million increase in the 2023-24 University Innovation Fund helping deliver the plan and support wider efforts to turn world-leading research into important innovations.
Welcoming the news of the funding, Banffshire and Buchan Coast SNP MSP Karen Adam said: "This multi-million investment aimed at fortifying Scotland as a powerhouse for start-ups.
"The commitment from the Wellbeing Economy and Fair Work Secretary Neil Gray to unlock entrepreneurial talent and further nurture Scotland’s reputation around the world as a nation of innovators.
“Particularly heartening is the Scottish Government's determination to advance the role of women in entrepreneurship. The incorporation of the recommendations from the Pathways report is a progressive step towards dismantling the barriers women face in establishing and scaling their businesses.
“With the creation of world-class entrepreneurial campuses across Scotland's esteemed universities and colleges, we are setting the foundation for a dynamic ecosystem of innovation and entrepreneurship. This is a golden opportunity for Scotland to lead in emergent industries like clean energy, life sciences and artificial intelligence, and to nurture the next generation of innovators.
“Scotland is already rich in entrepreneurial spirit and potential – now, through this funding, we are reinforcing our commitment to harnessing this potential and driving Scotland's wellbeing economy forward. To our innovators and entrepreneurs: the SNP Scottish Government believes in you, supports you, and eagerly awaits the ingenuity and progress you will undoubtedly bring."
Mr Gray added: “We have all of the raw ingredients necessary to match the leading European exemplars: a proud tradition of innovation and entrepreneurship, a university system that is the envy of the world, and exceptional capability in emerging industries such as clean energy, life sciences and artificial intelligence.
“Over the last three years we have worked closely with Scotland’s Chief Entrepreneur Mark Logan to produce a series of publications that, together, form a sophisticated and comprehensive plan to make this vision a reality.
“I want to thank Ana Stewart for leading the Pathways review of Women in Entrepreneurship and am pleased to commit to take forward the recommendations of the report. We have a moral and economic duty to do more to support women to start and grow successful businesses.
“This is a package of vision and aspiration that sends a clear and powerful message to Scotland’s innovators, entrepreneurs and disruptors – this government believes in you and we are prepared to back you.”
