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Budding Entrepreneurs To
Benefit From Groundbreaking Transatlantic Initiative out of Scotland
It was Apple's John Sculley, who as CEO led the early growth of what has
become a $3 trillion tech phenomenon, who famously said "the stars
aligned - timing is everything." Inspiration, perhaps, as Scotland takes
a similar stance, recognising now as an opportune moment to launch a
brand new US Export Plan, as lead to a step-by-step business booster.
The Scottish Government has drawn up a bespoke plan to help companies
export to the United States as integral to new measures aimed at
boosting trade. It represents one of six actions in its "Programme for
Government" aimed at assisting exporters whilst simultaneously
addressing global trade challenges.
Other steps include increased funding for product development, market
research and attendance at international trade shows. The cross-Atlantic
strategy specifically identifies a States offering involving the best
markets for Scottish products, as part of wider support for trade with
North America.
An international growth support programme will unlock opportunities
through trade shows, distributor visits, market research and product
development, also bring more global buyers to Scotland to showcase what
companies have to offer.
Timing with all of this is an expansion of funding for overseas trade
missions through the International Trade Partnership with Scottish
Chambers of Commerce and exporters in the technology, life sciences,
renewables and hydrogen sectors.
There is to be a widening of support for
businesses through the country's economic development agency Scottish
Enterprise's international team Scottish Development International (SDI)
including more overseas trade missions and exporter showcase events.
Why Now?
Deputy First Minister Kate Forbes: "In the face of global uncertainty I
am determined to protect and grow Scotland's business interests around
the world. As the USA remains the single largest destination for
Scottish exports outside the European Union, action to maintain and grow
the market share while recognising the changing dynamics of US export
opportunities is an important focus of our (new) programme."
Such steps will build on the significant support the government already
provides through SDI and its network of 34 offices across the world -
including four in the States. Scotland needs to "grasp all
opportunities" to strengthen its already enviable reputation in world
markets.
Demand for Scottish products and services around the world is already
high with global customers recognising the innovation, quality and
ambition of the country's businesses. The Deputy FM spoke during a visit
to Summerhall Distillery.
Its Commercial Director Dave Quinnell reports they export around the
world. Including the US where Summerhall recently signed a new contract
to sell in excess of 100,000 bottles a year. In a plaudit to SDI, he
adds that without them "we would not have been able to access the
majority of our international markets."
Crucially, this included the initial export plan to access specialist
advice and to fund trade visits overseas, all vital to the business as
it continued to grow and explore markets across the world. An ideal
paradigm for the government's new export plan.
Advanced Manufacturing Facility
Global investors were out in force in Edinburgh to hear the fine detail
of Scotland's new advanced manufacturing strategy along with pitches
from a cluster of ambitious tech scale-ups. EIE25 saw key players from
the country's tech ecosystem joined by the European Growth Deeptech Tech
Tour.
Business champion Mark Logan presented Scotland's "Deep Tech
Supercluster" initiative that aims to provide scale-up startup and
spinout pathways currently lacking for innovative hardware companies
rooted in advanced science and engineering
Scottish Enterprise is leading the initiative in partnership with the
National Robotarium and National Manufacturing Institute Scotland plus
universities including Edinburgh, Glasgow and Heriot-Watt, with plans
for a new large-scale advanced manufacturing facility in Renfrewshire
well underway.
At the Bayes Centre EIE gathering 43
companies from all over the planet pitched for startup and scaleup
investment including eight Scottish businesses: Bright Ascension, Ceres
Holographics, IOtech Systems, Novosound, pureLiFi, Skyrora, Sofant
Technologies and Sunamp. Respectively providing cutting edge
developments in aerospace, enhanced reality, industrial operating
technologies, ultrasound technology, wireless communications, space
rockets, satellite communications, and thermal energy storage.
Since 2008 EIE has supported 550 enterprises, many at seed stage,
advancing to secure more than £1.2 billion in investments, such progress
made possible crucially by Danny Helson, head of programme delivery and
investor relations.
Craneware "Unicorn" Status No More?
The Scottish marketplace has mixed feelings over US Bain Capital Private
Equity hovering over Edinburgh's Craneware. A stock exchange
announcement prompted a rise in the Alternative Investment Market (AIM)
quoted software company shares valuing it at around £790 million
($1,050.000).
As speculation mounted of rival bids Craneware, whose practically entire
business is in the States' healthcare market, was getting ready to
assume the elusive distinction of "Unicorn" status. Bain has until 5pm
on 13 June (Greenwich Mean Time) to either announce a firm intention to
make an offer or not.
Skyscanner flights comparison website assumed Unicorn status after
announcing plans to open a US base in Miami in 2013 and within months
Sequoia Capital bought an interest valuing the company then at £800
million.
Within three years the Scottish enterprise was valued at $1.6 billion
attracting attention from Trip.com Group (formerly Ctrip) headquartered
in Shanghai. However, the COVID-19 pandemic led to 300 employee
lay-offs, a fifth of entire staff. To this day Skyscanner's headquarters
remain in Edinburgh.
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