Scotland CAN DO action framework: building on our vision to become a world-leading entrepreneurial and innovative nation
Action framework describing where and how we are investing and working with partners to become an entrepreneurial and innovative nation.
Our actions - capable
| What are we doing? (how much will we invest?) |
Who's involved? |
What do we aim to achieve? |
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| CAPABLE |
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| We will continue to support the Scottish EDGE Fund in 2014-15 and 2015-16. This competition delivers prizes of up to £50,000 to Scotland's most talented and ambitious early-stage entrepreneurs. In addition, we have launched the new Young Scottish EDGE Fund, which runs in tandem with the core competition. Winners will receive up to £10,000 funding plus ongoing support from the Prince's Trust Youth Business Scotland. Our investment: £3,050,000 over two years |
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The Scottish EDGE Fund aims to promote a culture of ambition in Scotland, encouraging Scotland's most talented early-stage entrepreneurs to think big and achieve their growth aspirations. Part of the philosophy is that those supported will, in turn, give back to the developing entrepreneurial ecosystem in Scotland, creating a virtuous cycle that benefits the country as a whole. Already since its creation in 2012, the Scottish EDGE Fund has helped 54 of Scotland's most dynamic early-stage businesses with investment totalling £1.9 million. These winners have, in turn, generated 97 new and sustainable jobs as well as £3.5 million in turnover and £2.5 million in further private investment. |
| Local Government manages and delivers the pan-Scotland Business Gateway service. The service includes a website ( http://www.bgateway.com), featuring a range of useful information and case studies, a business information service providing helpful market information, and a broad catalogue of workshops focussed on developing key business skills. For businesses with the ambition and potential to grow, Business Advisers will provide support and access to further support from partners, including acting as a conduit to the enterprise agencies' 'Account Managed' service. Meanwhile, the Business Portal ( http://www.business.scotland.gov.uk/) provides ready access to a wide range of useful information and tools to help people set up and succeed in business. |
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Our desire is that anyone involved in business or looking to establish an enterprise can easily access information and support when they need it to move forward with their ambitions. Currently, seven out of 10 of the businesses assisted by Business Gateway's Growth Advisory Service are micro-businesses with less than 10 employees. The other three out of 10 are larger businesses. Up to December 2013 nearly 2,000 businesses had received more intensive one-to-one support from an Adviser leading to an agreed action plan for growth. In addition, the local services had provided advisory support and expert help in over 5,500 cases to improve business competitiveness and encourage growth. Local Government will look to build upon this record in the year ahead. |
| We are supporting an innovative project to send specially equipped mobile education units to SMEs across Scotland in 2014-15 and 2015-16. A series of roadshows will be facilitated by three separate vehicles, equipped with appropriate IT, staff and resources, to deliver an engaging and multi-faceted experience. Our investment: £50,000 over two years |
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Through this project we aim to facilitate better engagement with SMEs in terms of the support on offer to them for increased resilience, enhanced leadership capabilities and improving the health and wellbeing of their staff. This will in turn improve their capability to grow. |
| We are supporting the rollout this year of an innovative short programme of 'Catalyst' workshops across Scotland. These events are designed specifically to support women-led companies to become investment-ready. Our investment: £50,000 |
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As part of our focus on supporting female entrepreneurship, this project will enable more women in business to step up their entrepreneurial ambitions. |
| Assessing the potential for additional support for sales and marketing skills. |
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Increased competitiveness through the greater ability of Scottish businesses to convert their products and services into sales. |
| HIE and SE will continue to encourage companies to develop leadership skills and strategies to help to improve competitiveness, innovation and international trade by providing a range of services to support leadership development and succession planning and alternative business ownership models. |
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Our aim is to support the long-term growth and sustainability of Scotland's businesses by helping their leaders to develop and their owners to plan ahead for succession. |
| We will continue to work with the banks to improve the supply of finance to new and growing ventures and with Scotland's vibrant Business Angel community. Scottish Enterprise will provide advisory services for companies seeking to access finance, including through the finance hub of the Scottish Business Portal and a team of investment readiness specialists. The Scottish Investment Bank ( SIB) will continue to work with our most entrepreneurial and innovative companies to ensure they have debt and equity financial solutions. SIB invests some £32 million a year alongside £60 million from private sector investors. We are also investigating the potential of non-bank finance such as peer-to-peer lending and crowd funding, including funding a Saltire Fellowship to investigate the US experience. |
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To improve access to finance for viable SMEs. To help businesses to improve their chances of securing funding by providing advice, information and financial specialist support; including under the UK Start Up Loans scheme which now operates across Scotland. Specifically, SE/ SIB plan to help 350-400 companies secure growth finance by improving their financial readiness. To improve diversity and competition in the market, giving businesses greater choice. The work of the Saltire Fellow will inform policy development in this area. See also: alternativebusinessfunding.co.uk |
| Skills Development Scotland ( SDS) is undertaking a range of activity supportive of entrepreneurial ambition: For example:
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Create improved awareness and understanding of what entrepreneurship is and how to access information about it. Support businesses through information, access to funding sources and real examples of businesses to encourage forward thinking relating to skills and developing their workforce. Work with businesses to develop their workforce and utilise the assets of their employees, including spotting and developing entrepreneurial thinking, to enable their businesses to thrive. Identify wider support for the Public sector as significant employers to develop their future workforce planning through young talent. |
Contact
Email: Tom Craig, cando@gov.scot
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