£5 million government support for start-ups unveiled

The Scottish Government has unveiled a £5m package of support for start-ups.

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; and
• 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 partner of the Scottish Government’s £42m Techscaler programme, is to partner with Scottish EDGE to develop the end-to-end support offered to entrepreneurs.

Deputy First Minister and Economy Secretary Kate Forbes announced the new funding as she visited the National Robotarium, stating: “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.

“My message to Scotland’s innovators, entrepreneurs and disruptors is simple but clear: this government believes in you and we will back you.”

Entrepreneur and investor Ana Stewart, author of the Pathways report, said: “This is a meaningful step forward in tackling the extreme gender imbalance which currently exists in entrepreneurship.

“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 last June that it would take forward all the recommendations of Stewart’s report on under-representation of women in entrepreneurship as part of a multi-million funding package to help establish Scotland as one of Europe’s leading start-up economies.

The government’s chief entrepreneur Mark Logan added: “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.”

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