Enterprise agency reveals blueprint to boost jobs and innovation in Scotland

Scotland’s enterprise agency has launched a plan which could help create tens of thousands of jobs across the country, along with billions for the economy.

Scottish Enterprise said that work to scale up innovation – one of three missions it has set itself – alone could result in more than 60,000 jobs being created by 2030, with the companies involved able to generate almost £14bn additional annual turnover by then.

Chief executive Adrian Gillespie hailed the plan, which will require some restructuring within the organisation, as a “blueprint to enable our businesses to deliver high value jobs, boost their levels of innovation and productivity, and create wealth for Scotland’s economy”.

He added that the work “signals the start of a different approach for Scottish Enterprise, making sure we do everything we can, alongside our partners, to support ambitious businesses and entrepreneurs and deliver a successful, growing economy for all of Scotland”.

First Minister Humza Yousaf said the strategy being put forward “builds on a strong track record of achievement” from the enterprise agency.

Over the last five years, Scottish Enterprise said it had helped create and safeguard 75,000 jobs across Scotland – which in turn raised £900m worth of income tax.

The agency has also provided £87m of capital investment grant support to businesses over this period, with this money bringing in a further £460m from other sources.

Its plan comes after work by the Scottish Government raised concerns that low levels of innovation and productivity are barriers to business.

Scottish Enterprise took similar action two decades ago, with low levels of investment in companies in the early stages and business spending on research and development identified then as hindering economic growth.

This new plan sets three key missions: developing an energy transition; scaling up innovation and entrepreneurship in Scotland; and increasing productivity through capital investment in facilities and equipment.

As part of this work, Scottish Enterprise will target efforts on high growth opportunity areas of energy transition, including offshore wind and hydrogen production, as well as space, photonics and quantum technology, industrial biotechnology, life sciences and fintech.

The agency said that achieving the plan’s aims “requires a change in the way the organisation is structured”.

Yousaf, who officially launched the plan during a visit to energy technology firm Verlume in Aberdeen, said: “Scottish Enterprise has an important role to play in driving the energy transition and advancing our vision of a fair, green and growing economy.

“This strategy builds on a strong track record of achievement and sets out how it will do this in alignment with the Scottish Government’s priorities, to support economic growth by creating high-value jobs enabling innovation, boosting productivity and attracting investment.

“I welcome the specific emphasis our focus has on continuing to build close relationships with businesses and stakeholders to support that economic transformation.”

Gillespie said: “Scotland has a phenomenal opportunity to harness its unique capabilities to transform the economy and now is the time to sharpen our focus to help drive this.

“Scotland has an excellent track record, for example in foreign direct investment, but there is room for improvement in other areas.

“We need a future economy that drives up levels of investment and innovation that positively impacts economic performance and generates wealth for everyone in Scotland – we are changing the way we are organised, how we work and what we do, to help secure that.”

Verlume chief executive Richard Knox told how Scottish Enterprise had been a “pivotal supporter” of his firm over the last 10 years.

“This support has allowed us to work at the forefront of the energy transition, reducing emissions associated with existing offshore operations and now scaling our energy management and storage technology with multi-million-pound commercial orders being delivered in the offshore wind market to optimise wind farm performance,“ he commented.

“Hopefully, we can be an example of how others can take their existing capabilities and, through innovation, build their business to allow them to make a positive contribution towards achieving emissions reduction targets and net zero.

“It is encouraging to see the energy transition as one of Scottish Enterprise’s new missions, alongside scaling innovation, entrepreneurship, and productivity, which will be key elements of ensuring Scotland remains a global leader within this new energy industrial revolution with benefits across the whole economy.”

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.