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New initiative to scale-up firms

SE unveils Start2Scale plan to boost growth

Paul Wheelhouse, Scale2Scale, VentureFest

Paul Wheelhouse: we need to boost this dynamic group (photo by Terry Murden)

Scottish Enterprise has launched a service to help companies with a potential to reach turnover upwards of £100 million.

The Start2Scale service will target fast growing innovative start-up and early-stage companies as well as existing companies with ambitious plans to scale. 

It will provide an intensive, tailored service focussing on the key drivers of growth: international sales, investment and talent acquisition and development.

Making the announcement during his speech at Venturefest in Glasgow,  Scottish Business Minister Paul Wheelhouse, said: “Evidence from Scotland, and benchmark economies such as Germany, shows these mid-sized businesses are the most dynamic group of companies which are most likely to boost innovation, increase productivity, exports, international competitiveness and to deliver sustainable, well paid new jobs.

“According to a UK scale-up report, boosting just 1%of our scale-up business population could create 238,000 jobs and £38 billion of GVA across the UK within three years and we want to see Scotland pursue such an objective.”

Managing director at Scottish Enterprise, Adrian Gillespie, added: “Regardless of whether a company is starting up or is already well established, if it has the ambition to quickly grow to scale, we want to help. 

“We already actively work with around 180 fast growing companies on this journey.  This enhanced service aims to build on that support, recognising that these important group of companies have specific needs.  We aim to increase the number of companies we work with to 250 during 2018.”

The enhanced service was launched at Venturefest, an innovation summit held in Glasgow’s Science Centre,  to hear about tools, advice, funding and contacts young companies need to take their business to the next level.

Three teams, aged 14 to 20, pitch their innovative ideas to tackle future energy challenges in front of Scotland’s leading investors.

The winning team was Fishing for Fusion – they are the team whose idea was an overhaul of the sewage system combining existing clean energy technologies.

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