Tag: business

Creating future business leaders

Funding to expand entrepreneurship in Scotland

More than £1.9 million has been awarded to create the entrepreneurs of the future and to increase access to business careers.

Pupils will have the opportunity to learn about business from primary one to the end of high school for the first time under a new initiative to boost entrepreneurship in Scotland. This follows more than £829,000 being awarded to seven education organisations.

They include Gen+, which is designing lessons that set high school pupils real-world challenges by established entrepreneurs, focused on running aspects of a business, while the University of Strathclyde will provide activity packs that develop entrepreneurial skills in primary school children.

Adults under-represented in business, including women and ethnic minorities, will benefit from £1.08 million awarded to 13 organisations through the Pathways Fund, helping turn their ideas and fledgling businesses into growing enterprises.

Deputy First Minister Kate Forbes visited pupils at Braes High School in Falkirk to see some of the entrepreneurial projects they have been working on.

Ms Forbes said: “These projects mean that for the first time entrepreneurship will be embedded in Scotland’s classrooms, from P1 to S6. By mainstreaming the subject we aim to give every school leaver the skills, confidence and opportunity to set up their own business.

“This is a continuation of the Scottish Government’s drive to create one of Europe’s leading start-up economies. Existing entrepreneurs are already being supported, including by our successful Techscaler programme. Now, through these two funds, we are developing the next generation.

“I want young people and under-represented groups to be excited by the idea of going into business, to understand it’s something they can do.”

CEO of Gen+ Victoria Vardy said: “At Gen+, we believe education should inspire young people to become adaptable, self-aware, and ready for the future.

“ Our Industry Innovators programme connects classroom learning with insights from real-world business challenges, helping pupils understand and develop the core skills that lead to success across industries.“

By learning directly from industry experts, students gain the confidence and practical skills to turn their ambitions into reality, empowering them to become Scotland’s future entrepreneurs and leaders of tomorrow.”

The Entrepreneurial Education Pathways Fund totals £829,346  

Successful recipients of the Entrepreneurial Education Pathways Fund:  

  • University of Strathclyde – Meet the RECCO Family (£80,994): To support the development of illustrated digital educational resources for the development of an entrepreneurial mindset in early primary school children (P1-3). 
  • Daydream Believers – Dreamers and Doers (£146,200): To develop the Dreamers and Doers playlist creating three entrepreneurial challenges to promote creativity, innovation and problem-solving, integrated into the existing SCQF Creative Thinking qualification.  
  • Gen+ – Industry Innovators (£79,834): To equip S1-S3 students with essential entrepreneurial skills, structured around specific skills and aligned with a real-world challenge set by local businesses.  
  • Socialudo – Playing the Pathway to Entrepreneurship (£49,861): To co-produce and develop the game ‘Social Deal’ to provide a creative training package for use in both primary and secondary school level, introducing the different elements of business planning and business models. 
  • Founders4Schools – Role Models for the entrepreneurs of tomorrow (£157,025): To scale their network of role models in Scotland, particularly in under-represented groups and develop their platform to ensure every educator has easy access to a network of entrepreneurs for S1-S6 pupils. 
  • Powering Futures – Challenge for Education (£250,000): To deliver three programmes to enhance the understanding of the entrepreneurial mindset and the pathway to embed this work in future generations.  
  • High School of Glasgow – START (£65,405): To develop a pilot for an interdisciplinary learning programme for Scottish schools. Teams of S6 pupils will be guided from problem solving to seed investment pitch and the pilot programme will take place in a select group of local authority schools in Glasgow and Edinburgh.  

The Pathways Fund totals £1.08 million

Successful recipients of the Pathways Fund:

  • Business Women Scotland – Programme for Growth (£40,000): Support for women in business, addressing the challenges they face in achieving significant growth through a comprehensive 2-day seminar and personalised guidance from
  • GrowBiz – Developing Women’s Rural Enterprises (£106,505): Supporting women and other underrepresented groups across rural and island areas of Scotland who are either considering self-employment, seeking to grow a venture, or considering ways of becoming a greener business.
  • Orkney Island Council – Entrepreneurial Islands project (£65,350): A coaching and mentoring programme for the Orkney islands to access tailored support, building enthusiasm and encouraging new business start-ups, while assisting business funding applications.
  • Investing Women Ltd – AccelerateHER (£200,000): This project delivers educational programmes and networking opportunities across Scotland to tackle the gender gap in accessing investment, by providing female business founders with relevant knowledge, skillsets, connections and opportunities needed to grow and scale their businesses.
  • Rebel Business School (Enjoy Training Ltd) – How to Start & Scale a Business for Female Founders (£49,970): Workshop programme will be delivered both virtually and in Glasgow to support women begin their journey.
  • Together Reaching Higher – Entrepreneurial Empowerment Pathways Hub (£52,590): This will transform a temporary simple drop-in service into a permanent, sustainable resource Hub for ethnic minorities in Glasgow, focusing on women. This will support aspiring entrepreneurs with mentorship, training, and resources to develop their social enterprises.
  • Inspirent Ltd – Women Can Grow! Bootcamp (£129,200): Building on from the success of Women Can! in 2023/24 this programme will provide women with practical support to move their startup beyond the initial planning, or early stage, to implementation within Glasgow, North and South Lanarkshire.
  • Challenges Catalyst – Ready to RISE (Readiness & Incubation for the Social Economy) (£96,974): This programme, delivered in suburban areas of the central belt and Tayside, is aimed at mothers and others whose work prospects have been impacted by a career break because of caring responsibilities, migration, or health issues.
  • Edinburgh Chambers of Commerce – Women in Business: Entrepreneurial Growth Programme (£57,575): A programme to empower female founders with established businesses to expand, grow, and attract investment through training, coaching, and opportunities to connect with fellow female entrepreneurs in the Edinburgh region.
  • PeoplePlus – Supporting Women in Enterprise (£74,037): Supporting women within marginalised communities in Glasgow through a 12-week programme where Business Advisers will provide tailored business advice, training, and networking opportunities.
  • Robert Gordon University – RGU Women in Business: Starting up (£55,292): A 7-week flexible online enterprise programme offering expert consultancy support, and networking opportunities based in Aberdeenshire, tailored to the needs of mothers and care-givers.
  • Business Gateway East Renfrewshire – Black, Asian and Minority Ethnic Business Accelerator For East Renfrewshire (£95,850): Seminars, workshops, events and direct 1-2-1 support to businesses within the Black and Asian Minority and Ethnic community in East Renfrewshire.
  • West Lothian Council – Women Entrepreneurs Growth Programme (£57,630): Workshops to support women in West Lothian from pre-start to pre-investment, providing networking and commercial pop-up shop opportunities.

New report reveals Amazon’s £3.5 billion investment in Scotland

The latest edition of the Amazon Economic Impact Report is released today, and the figures show that since 2010, Amazon has invested more than £3.5 billion in Scotland. The figures are taken from the latest Amazon Economic Impact Hub, which details the investments made by Amazon across the UK since 2010.

The 2024 Amazon UK Economic Impact Hub features data on the number of jobs Amazon has created regionally and the level of the company’s economic activity supported by its investments. The figures also show the number of local, independent SMEs supported by Amazon and the export sales achieved by businesses who sell products on Amazon.

The 2024 Amazon Economic Impact Report reveals:

  • Since 2010, Amazon has invested around £2.6 billion in Eastern Scotland and over £3.5 billion in Scotland.
  • This investment led to the production of goods and services that contributed over an estimated £3 billion to Scotland’s GDP since 2010.
  • To date, Amazon has created around 3,000 full and part-time jobs in Scotland.
  • More than 130 people in Scotland have completed Amazon’s employability skills training programme since 2010.
  • More than 200 apprentices in Scotland have qualified from the Amazon Apprenticeship programme since 2010.
  • In Scotland, there are around 4,000 small and medium-sized businesses selling on Amazon as independent selling partners.
  • Small businesses from Scotland selling on Amazon recorded over £160 million of export sales in 2023. Small businesses in Eastern Scotland selling on Amazon recorded over £85 million of export sales in 2023.
  • The Big House Multibank in Fife, co-founded by Amazon and former Prime Minister Gordon Brown in 2022, has donated over 2 million surplus goods to families in need across Scotland

Jamie Strain, General Manager at Amazon in Dunfermline, said: “We’re passionate about supporting the regional economy and the wider Scottish community through investments, job creation, charity donations and volunteering. 

“Amazon continues to make a positive impact, including upskilling our employees and helping small businesses in our community reach new heights.

“While we continue to invest in the regional economy, we’re also stepping up our support of community organisations in Dunfermline.

“In 2024, our team has supported a wide range of organisations including Scot Baby Box Appeal, Lochgelly High School and CHAS through employee volunteering, product donations and financial support.

“We’re excited to continue supporting good causes over the coming months while we deliver for customers, sellers and communities.”

More details about Amazon’s economic impact in the UK can be found here – https://www.aboutamazon.co.uk/news/company-news/amazon-economic-impact-uk-tax-contributions-investments

International Investment Summit secures £63 billion and nearly 38,000 jobs for the UK

  • Total of £63 billion of private investment committed around International Investment Summit, more than doubling amount secured at 2023 Global Investment Summit
  • New investments today include £6.3 billion in UK data centres as well as world class UK university Imperial College London
  • Innovative investment projects announced over the last month across infrastructure, renewables and life sciences will create close to 38,000 new jobs across the UK

Nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment was announced around today’s International Investment Summit, turbocharging growth and innovation across the country. 

The record-breaking total figure more than doubles the £29.5 billion committed at last year’s Global Investment Summit and spans partnerships across the infrastructure and tech sectors, including over a billion pounds in new investments announced today by DP World, Associated British Ports (ABP) and Imperial College London. 

Through serious, stable governance, the UK is attracting tens of billions of pounds of new investment which is crucial to the government’s driving mission of delivering economic growth. Today’s historic figure demonstrates that businesses have confidence in Britain as a place to invest. 

The investments follow immediate action taken by the new government to reform planning, focus on AI and data centre expansion, and set a clear commitment to net zero by almost doubling the funding for renewable energy projects. 

Four major tech firms based in the US have today announced £6.3 billion in UK data centres which is critical to enhancing the UK’s AI capacity – in turn fuelling Britain’s economic growth and spurring on AI development. Data centres store the vast amount of information and data needed to power AI, and store the information generated by AI to keep the systems running. 

ABP, the UK’s largest port operator, has committed over £200 million to a joint investment with ferry company Stena Line in a new freight ferry terminal at the Port of Immingham, significantly boosting the capacity and resilience of UK trade with Europe. It is expected to create around 700 jobs during construction and around 200 permanent jobs once operational. 

Leading UK university Imperial College London is also today announcing a £150 million investment to secure a new R&D campus to add to its rapidly expanding deep tech ecosystem in West London. The new campus will expand scale-up capacity in the WestTech Corridor, supporting the UK’s innovation sector and driving investment, economic growth and job creation. 

Business and Trade Secretary Jonathan Reynolds said: “Global investors should be in no doubt that under this new government Britain is truly the best place to do business. The record-breaking investment total secured at today’s Summit marks a major vote of confidence in the UK and our stability dividend across industry and innovation.

“We’re determined to deliver economic growth in every part of the UK and these investments, together with our forthcoming Industrial Strategy, will give global businesses the certainty they need as we lead the charge for the innovation and jobs of the future.”

Chancellor of the Exchequer Rachel Reeves said: “After the investments secured as part of this summit, my optimism for Britain burns brighter than ever. It’s a sign of the confidence in the British economy.

“And it matters because it will support the growth of businesses big and small across the U.K. Helping them create new jobs and making people better off.

CEO of ABP Henrik L. Pedersen said: “We are delighted that the Development Consent Order (DCO) for the Immingham Eastern Ro-Ro Terminal (IERRT) has been granted in a timely way by the Secretary of State to allow us to move forward with investment.

“The IERRT project is a key component of our strategy to strengthen the UK’s supply chains and improve trade connectivity, whilst also bringing substantial economic benefits including the creation of hundreds of jobs during construction and ongoing operations.

“IERRT forms part of the intended £5.5bn pipeline of UK investment we have in front of us over the next 10 years and we look forward to working closely with the Government to deliver the right conditions to realise this investment.”

President of Imperial College London Hugh Brady said: “Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London.

“The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level supported by the Government’s emerging Industrial Strategy.

See below for a list of all the investments announced in the run-up to and during yesterday’s International Investment Summit:

  • Iberdrola doubling their investment in the UK, through Scottish Power, from £12 billion to £24 billion over the next 4 years. This includes £4 billion for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan CBE confirmed on Friday that the UK has become their largest Investment destination. 
  • Blackstone confirmed a £10 billion investment in Blyth, Northumberland to create one of the largest artificial data centres in Europe, creating 4,000 jobs, including 1,200 roles dedicated to the construction of the site. 
  • Amazon Web Services announced an £8 billion investment last month which is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as construction, facility, maintenance, engineering and telecommunications. 
  • CCUS investors (including Eni, BP and Equinor) reached a commercial agreement with the government that will unlock £8 billion of private investment to launch carbon capture clusters in the heartlands of the North West and North East of England, directly creating 4,000 jobs and supporting 50,000 jobs in the long-term. 
  • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8 billion (Orsted) and £2.5 billion (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.  
  • CyrusOne, a leading global data centre developer headquartered in the United States, announced plans to expand their investment into the UK to £2.5 billion over the coming years. Subject to planning permission, the two data centres should be operational by Q4 2028, projected to create over 1,000 jobs both directly and within its immediate design and construction value chain.   
  • Octopus Energy have committed to a £2 billion investment in renewable energy generation, including four new solar farms in Bristol, Essex, East Riding of Yorkshire and Wiltshire that will power up to 80,000 homes as well as breaking ground on a new 12 MW battery in Cheshire which Octopus say will store enough power for nearly 10,000 homes every day. 
  • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, and expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger. 
  • CloudHQ is developing its new state-of-the-art £1.9 billion data centre campus in Didcot. The hyper-scale data centre is currently in development and will help meet the UK’s growing demand for AI and machine learning. It will create 1,500 jobs during construction, and 100 permanent jobs once fully operational.  
  • Macquarie supporting investment of £1.3 billion into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network. 
  • ServiceNow also confirmed its commitment to the UK market, with plans to invest £1.15 billion into its UK business over the next five years. The investment will not only support the future development of AI in the UK, expanding its data centres with Nvidia GPUs for local processing data, but also support new office space as the company significantly grows into employee base beyond its current headcount of 1,000 employees.  
  • Manchester Airports Group is investing more than £1.1 billion in London Stansted Airport to expand its existing terminal by around a third, help secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs. This includes around £600 million to extend the terminal and £500 million to deliver a suite of improvements to the existing terminal building and wider airport estate. 
  • Eren Holdings confirmed a £1 billion investment in the redevelopment of Shotton Mill in Deeside, North Wales which is set to become the UK’s largest recycled paper manufacturing campus. This is expected to safeguard 147 jobs and create a further 220 when the site is fully commissioned. 
  • Network Rail and London & Continental Railways are creating a new property company which will attract additional private and public sector investment with the potential to deliver brownfield regeneration schemes across the rail estate with a value exceeding £1 billion. 
  • CoreWeave is building on its £1 billion investment announced in May and the opening of its European headquarters in London by investing a further £750 million-plus in the UK to support the demand for critical AI infrastructure. The investment in the UK is CoreWeave’s second largest investment in a country following the USA.  
  • DP World are investing up to £1 billion in their London Gateway container port operation. This new investment will fund two additional berths and a second rail terminal. Once built, the berths will add vital transport capacity and increase the resilience of UK supply chains, enabling businesses to access domestic and international markets and supporting the Government’s growth and decarbonisation missions. 
  • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for civil and defence nuclear industries. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years. 
  • BW Group proceeding with a £500 million investment, which includes new battery energy storage projects in Hampshire and Birmingham. 
  • Eli Lilly and Company is collaborating with government through a memorandum of understanding which will see the pharmaceutical giant intending to commit £279 million to tackle significant health challenges – including obesity. Lilly also plans to launch the first ‘Lilly Gateway Labs’ innovation accelerator in Europe to support early-stage life sciences businesses to develop transformative medicines and technologies. 
  • Associated British Ports (ABP), the UK’s largest port operator, has announced a £200+ million investment in a new freight ferry terminal at the Port of Immingham, boosting the capacity and resilience of UK trade with Europe. This is expected to create around 700 jobs during construction and 200 permanent jobs once operational. 
  • Imperial College London investing £150 million to build The WestTech Corridor – a new innovation ecosystem in West London which will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level. 
  • Haleon has received planning permission to develop a new £130 million Global Oral Health Innovation Centre in Weybridge, Surrey. This state-of-the-art facility will primarily support Haleon’s global oral health business by developing new products that advance consumers’ better everyday health. 

Chancellor vows to work in partnership with business ‘to fix the foundations’

The Chancellor ‘ushered in a new era of business partnership’ yesterday (29 August) as she met business groups together for the first time as Chancellor.

Rachel Reeves told senior business leaders that just as they had worked together in opposition to write their plans for government, they will work together now to deliver them.

In her first meeting with the BCC, CBI, FSB, Make UK and IoD as Chancellor, she said that businesses will be at the heart of delivering the government’s growth mission, as it takes action to fix the foundations of the economy to rebuild Britain and make every part of the country better off.

Ahead of October’s Budget, Reeves promised to ‘co-design’ policy with business on shared priorities to boost growth, pointing to the same approach being taken for designing the National Wealth Fund. 

She pledged to establish a new British Infrastructure Council to advise government on how to support more investment into UK infrastructure projects, and work closely with business to bring down barriers to growth and investment.

Reeves told senior business representatives the Treasury’s door was always open to valuable business insights on the opportunities and challenges they face. 

She added that the Business Secretary is committed to the new Industrial Strategy Council having a strong business voice and is also consulting with business on the details on Plan to Make Work Pay.

Business representatives also gave their views on what a successful partnership with government could look like and areas to prioritise to help their members grow and invest. 

Speaking after the meeting, Chancellor of the Exchequer Rachel Reeves said: “Under this new government’s leadership, I will lead the most pro-growth, pro-business Treasury in our history – with a laser focus on making working people better off. 

“That can only happen by working in partnership with businesses: big, medium and small. I want to continue the strong partnership we built with business in opposition now we are in government to deliver on our shared goal of fixing the foundations of our economy, so we can rebuild Britain and make every part of the country better off.”

Stephen Phipson CBE, CEO of Make UK, the manufacturers’ organisation said: “The Chancellor promised that she would engage properly with business and today was more evidence that the promise is being honoured.

“It was very welcome to have the Chancellor highlight further progress in delivering an Industrial Strategy with assurances that the governing Council would have a strong business voice.  

“In order to build confidence for businesses to increase investment, it is critical we keep this momentum going and see more detail on the delivery as well as vision. UK Manufacturers are fully behind the government’s growth agenda and look forward to working in partnership with government to achieve it.”

Shevaun Haviland, Director General of the British Chambers of Commerce said: “Today’s meeting was a valuable opportunity to reaffirm our commitment, on behalf of the businesses across our Chamber network, to work in partnership with Government. 

“We outlined our priorities for the Autumn Budget, recognising the public finance challenge. Boosting economic growth and investment is crucial, while maintaining a fiscal environment that protects the UK’s business competitiveness. 

“We welcome the Chancellor’s pledge to work with us on plans for an industrial strategy and to boost infrastructure investment. 

“We look forward to more discussions with the Chancellor and the Treasury team ahead of her statement on October 30th”

Tina McKenzie MBE, Federation of Small Businesses Policy Chair, said: “Today’s meeting was a crucial partnership moment, and I was pleased to raise issues and growth ideas from FSB members up and down the country, in every local community.

“You don’t get growth, jobs or wealth creation without UK small businesses; this was a core feature of our discussions in Opposition.  

“Now as the Chancellor and her team turn to the Budget, the diversity of UK businesses – 99% of which are the small, micro or self-employed that we represent – needs reflecting in Government policy-making just as much.”

CBI CEO Rain Newton-Smith said: “Businesses are the engine of growth and will be central to achieving the government’s mission to boost the UK economy. It’s why the CBI welcomes the Chancellor’s promise to co-design policy with the business community.

“Together, we can find shared solutions to shared problems – to increase productivity and business investment – in turn, improving living standards.

“The CBI is proud to work in close partnership with the Treasury, providing a cross-economy voice to help remove the roadblocks holding back investment and sustainable growth.”

Jonathan Geldart, Director General of the Institute of Directors, said: “For the government to successfully deliver its growth mission, it will be crucial that it works in partnership with business.

“Therefore, we look forward to building on the productive relationship that we have developed with the Chancellor, to ensure that the priorities and challenges of businesses and entrepreneurs are understood and acted upon.

“Specifically, as we approach her first Budget in the autumn, we are calling on the Chancellor to take time to get policy design right for the long-term, to deliver the stable tax and policy framework needed to support business confidence and investment.”

Establishing global business connections

Techscaler companies to gain international experience

Companies taking part in the Scottish Government’s Techscaler programme are to be given the opportunity to develop their businesses in one of the world’s most vibrant tech economies.

Applications will open in August for a set of start-up companies to spend three weeks in Singapore to establish new connections with fellow business founders as well as potential investors and customers.

The start-ups will be provided with office space in a designated pop-up hub for the duration of the trip, which will begin in October.

First Minister John Swinney met with the Singapore High Commissioner to the UK, Ng Teck Hean, in Edinburgh to discuss the pop-up hub launching in Singapore during a meeting designed to deepen ties between the two countries and help encourage future trade and investments opportunities.  

The Singapore Government has been involved in developing the start-ups’ programme, which will include attendance at Singapore Week of Innovation & Technology.

The First Minister said: “Driving innovation is vital to helping unlock each of the Scottish Government’s priorities of eradicating child poverty, boosting economic growth, achieving net zero and improving public services. Growing and nurturing our pipeline of entrepreneurs and start-up companies is in turn crucial to unleashing its potential.

“Techscaler is central to our ambitions to create one of the finest state-funded entrepreneurial systems in the world dedicated to the creation of high-growth businesses. Connecting our promising start-ups to one of the world’s most renowned venture capital environments is a hugely exciting opportunity.

“By developing our network of global connections and collaborations, including the key strategic partner in Singapore, we are not only providing valuable experience for our fledgling businesses, but deepening relationships, trade links and inward investment opportunities to capitalise on the enormous potential of our growing start-up community.”

A further cohort of Techscaler businesses has already been successful in securing a similar three-week stay in San Fransisco’s Silicon Valley this summer, following a successful pilot earlier in the year.

Shiv Kodam, Co-founder of Neuron and participant in the upcoming Silicon Valley cohort said: “As a Scottish founder, I am buzzing to be going to San Francisco, soaking up knowledge from the world’s best and forging connections with fellow founders, investors, and ecosystem leaders.

“Our start-up has global ambitions, and engaging with the best is how we’ll redefine what’s possible.”

The Singapore pop-up hub, funded by Scottish Enterprise, will run from 21st October to 8th November.

The second Silicon Valley pop-up hub, funded from within the Techscaler programme, will run from 26th August to 13th September.

Britain back open for business, Chancellor to tell G20

Chancellor of the Exchequer Rachel Reeves to attend first G20 meeting in Rio de Janeiro

  • Reeves to bang the drum for British business on first international visit since taking office
  • First female Chancellor to champion the importance of female leadership in economics and finance

Chancellor of the Exchequer Rachel Reeves is in Rio de Janeiro, Brazil, to attend the G20 Finance Ministers and Central Bank Governors Meeting on her first international visit since taking office.

The Chancellor is meeting with G20 counterparts for the first time, where she will champion British business and declare the country is ‘open for business’ once again after years of uncertainty and instability.

The Chancellor will tell an international audience that the number one priority of the new British government is to deliver economic growth to make every part of the country better off. She will urge business leaders to “take another look at Britain” as she talks to the Government’s plans to boost international investment.

She will outline to leaders of world economies how she will always act in the national interest on major international issues, including climate change and support for Ukraine as Russia’s illegal invasion continues into its third year. The Prime Minister has already recommitted £3 billion per year of military support to the end of the decade or for as long as needed.

Rachel Reeves, Chancellor of the Exchequer, said: “Over the coming days my message to international leaders is simple: after years of uncertainty and instability, Britain is open for business once again.

“This new government’s number one mission is to boost economic growth so we can make every part of the country better off. That can only happen by working alongside business from around the world to encourage them to invest in the jobs and industries of the future.

“That is why over the coming two days I will be banging the drum for British business and urging leaders to take another look at us. I’m ready to take my seat at the table alongside fellow finance ministers, steering the world economy and representing our national interests on the major issues of our time, including grasping the growth opportunities of the net zero transition and putting pressure on Russia to end the war in Ukraine.”

Chancellor Reeves will also use her platform as the UK’s first woman Chancellor to champion the importance of female leadership in economics and finance, as she meets with other female leaders while at the G20.

Chancellor Reeves’ visit to Brazil is the latest step in the government’s national mission to grow the economy. Since taking office, she has pursued reform of the economy to fix its foundations and make every part of Britain better off, including announcing changes to the planning system, ending the ban on new onshore wind and launching a National Wealth Fund to catalyse private sector investment.

Brazil holds the presidency for the G20 this year, with a focus on social inclusion and the fight against hunger; energy transition and sustainable development; and reform of global governance. Ministers and governors will discuss the global economy, financial stability, international taxation, climate, and debt and development. The Chancellor will promote collaboration on issues including addressing inequality, driving growth and progressive taxation.

The UK and Brazil’s relationship is particularly strong in green finance, with Brazil raising $2 billion by listing its new sustainable sovereign bond on the London Stock Exchange. The UK government recently renewed its Memorandum of Understanding with the Brazilian Development Bank on cooperation on the green transition, in particular on green finance. Britain has also made £5 billion available in UK Export Finance funding to meet Brazil’s needs.

Chancellor vows ‘big bang on growth’ to boost investment and savings

BETTER-OFF BRITAIN?

  • Chancellor launches landmark review to boost investment, increase pension pots and tackle waste in the pensions system.
  • New Pensions Bill confirmed in King’s Speech could boost pension pots by over £11,000, with further consolidation and broader investment strategies to potentially deliver higher returns for pensions.
  • An investment shift in defined contribution schemes could deliver £8 billion of new productive investment into the UK economy.
  • Action will be taken to unleash the full investment might of the £360 billion Local Government Pension Scheme to make it an engine for UK growth.

The Chancellor Rachel Reeves has announced a landmark pensions review as part of the new Government’s mission to ‘boost growth and make every part of Britain better off’.

Under plans unveiled by the new Chancellor, billions of pounds of investment could be unlocked in the UK economy from defined contribution schemes alone and pension pots for savers in defined contribution schemes could be boosted by over £11,000.

The Review will also, working closely with the Minister of State at MHCLG, look at how to unlock the investment potential of the £360 billion Local Government Pensions Scheme, which manages the savings of those working to deliver our vital local services, as well as how to tackle the £2 billion that is being spent on fees.

The announcement comes ahead of the first Growth Mission Board on Tuesday. This will be chaired by the Chancellor and drive the Government’s work to achieve the highest sustained growth in the G7. New measures have already been announced to fix the planning system, the creation of a new National Wealth Fund and the overhaul of the listings regime to boost UK stock exchanges.

The work announced today – focusing on investment – is the first phase in reviewing the pensions landscape and will be led by the first ever joint Treasury and Department for Work and Pensions Minister, Emma Reynolds (Minister for Pensions). The next phase of the review starting later this year will consider further steps to improve pension outcomes and increase investment in UK markets, including assessing retirement adequacy.

The Chancellor and the Pensions Minister will chair a roundtable with the pensions industry on Monday to start intensive industry engagement for the Review.

Chancellor of the Exchequer Rachel Reeves said: “Despite a very challenging inheritance, this new Government is getting on with the job of delivering our mandate to get the economy growing so we can make every part of our country better off.

“The review we are announcing is the latest in a big bang of reforms to unlock growth, boost investment and deliver savings for pensioners. There is no time to waste. That is why I am determined to fix the foundations of our economy so we can rebuild Britain and improve people’s lives.”

Deputy Prime Minister Angela Rayner said: “After putting in years of hard graft serving their communities, the very least our frontline workers deserve – millions of whom are low paid, millions of whom are women – is dignity and security in retirement.

“That’s why we want to make sure their hard-earned money works harder for them so we ensure they receive the pensions they have earned, whilst unlocking growth across our economy.”

Pensions Minister Emma Reynolds said: “As the first ever joint Treasury and DWP Minister I am uniquely placed to tackle the twin challenges of productive investment and retirement outcomes.

“Over the next few months the review will focus on identifying any further actions to drive investment that could be taken forward in the Pension Schemes Bill before then exploring long-term challenges to ensure our pensions system is fit for the future.

“There is so much untapped potential in our pensions markets, with an industry worth around £2 trillion. The measures we have already set out in our Pension Schemes Bill will help drive higher investment and a better deal for our future pensioners.”

M&G plc CEO Andrea Rossi said: “A Pensions Review is long overdue and to be welcomed. M&G has a rich heritage of investing in the UK and there are significant opportunities ahead to give the real economy a boost over the next decade and beyond.

“We know from experience, through our PruFund offer, that a large pooled fund gives savers access to a wider range of productive assets that aims to maximise benefits over the long-term. Consolidation, combined with the role of advice, has huge potential to align the interests of savers with the UK’s growth ambition. We look forward to supporting the Government on this landmark review.”

BVCA Chief Executive Michael Moore said: “We are very encouraged that the Government has brought forward their Pensions Review so quickly.

“The Chancellor has a real opportunity to deliver economic growth by facilitating increased investment in UK businesses to the benefit of returns to pension savers as well as the wider economy.

“Legislative and policy changes, including further consolidation of pension schemes to increase pension schemes’ ability to deploy capital into UK private capital funds are vital, as is greater industry partnership.

“The BVCA’s Investment Compact has already brought together over 100 growth equity and venture capital firms committed to working with pensions schemes to consider effective structures that attract investment.”

Defined contribution schemes will be managing around £800 billion in assets by the end of the decade and the Review will explore ways to increase their investment into productive assets. Even a 1 percentage point shift of assets into productive investments could mean £8 billion of new productive investment to grow the economy and build vital infrastructure by the end of the decade.

This would also help savers using these schemes build up better retirement pots as productive assets are more likely to provide higher returns. Immediate action has already been taken to boost retirement savings through the Pensions Bill, which introduces a Value for Money Framework to promote better governance and achieve higher returns – boosting the pension pot of an average earner who saves over their lifetime in a defined contribution scheme by over £11,000.

The first stage of the review will examine actions to support greater productive investment and better retirement outcomes, including through further consolidation and encouraging at-scale schemes to increase returns through broader investment strategies.

The Local Government Pension Scheme (LGPS) in England and Wales is the seventh largest pension fund in the world, managing £360 billion worth of assets. Its value comes from the hard work and dedication of 6.6 million people in our public sector, mostly low-paid women, working to deliver our vital local services. Pooling this money would enable the funds to invest in a wider range of UK assets and the government will consider legislating to mandate pooling if insufficient progress is made by March 2025.

To cut down on fragmentation and waste in the LGPS, which spends around £2 billion each year on fees and costs and is split across 87 funds – an increase in fees of 70% since 2017, the Review will also consider the benefits of further consolidation.

The first stage of the review will report in the next few months and consider further measures to support the Pensions Bill. It will take account of the need to prioritise gilt market stability, liquidity and diversity. It will then broaden out to consider the wider pensions landscape to strengthen security in retirement. In the meantime, immediate action has been taken through new laws announced to Parliament in The King’s Speech.

Barclays CEO C. S. Venkatakrishnan said: “We welcome the Government’s timely review of the pensions sector.

“Pensions reforms are critical to unlocking institutional investment in growth equity, and alongside a streamlining of listing requirements, will give a significant boost to UK capital markets and growth. Building institutional demand is also an important signal in encouraging private share ownership.

Border to Coast CEO Rachel Elwell said: ““Our focus is on delivering a strong and sustainable LGPS to enable it to pay the pensions of the 6.6million local government workers in an affordable manner.

“Border to Coast has developed innovative and cost-effective investments, while cutting Private Market fees by almost 30%. There is an opportunity to build and expand on this, delivering greater value to local taxpayers, and delivering productive investment in the UK. We therefore welcome the opportunity to work with the Government on a co-ordinated review to deliver this.

“If the Government is ambitious and considers a wide range of options in this review we are optimistic that this will deliver the clear roadmap we have called for, building on the work of the BVCA’s Pensions and Private Capital Expert Panel.”

Chair of the Pensions & Private Capital Expert Panel and co-founder of IQ Capital Kerry Baldwin said: “An early and ambitious review of the pensions landscape is an extremely important step in prioritising returns for UK savers and driving economic growth.

“The Chancellor’s Pensions Review will add further impetus to the work of the Investment Compact for Venture Capital and Growth Equity, which has brought together the private capital and pensions industries to support pension savers and to encourage investment from pension funds into unlisted equities.

“There has been significant progress through this collaboration. We are already developing a greater understanding of the ways we can work together to deliver new options for UK pension savers at the same time as supporting high growth, innovative UK companies with new sources of capital.

“The Review offers us the opportunity to develop this shared agenda further and deliver better outcomes for all the stakeholders.”

TheCityUK CEO Miles Celic said: “Creating the right investment environment is critical both for improving people’s retirement incomes and for boosting growth across the UK.

“The government’s new Pensions Review will be an important mechanism to help deliver this. We look forward to working closely with government and regulators to ensure that an effective long-term strategy that supports financial resilience is developed.”

Scottish Government: Unlocking fresh business talent

Expanded support to close the gender gap and attract the next generation of entrepreneurs

Up to £2.6 million is being invested in initiatives to make it easier for women and people from all backgrounds to start a business.

They include a pilot programme, launching initially in the South of Scotland, which will fund specialist enterprise coaches to provide a range of tailored advice and guidance to help individuals – particularly women and other under-represented groups – kick-start their business ideas.

Grants of up to £1,000 will be available to give practical help to turning business concepts into a reality.

The pilot will be delivered by South of Scotland Enterprise (SOSE) and run alongside a new Scottish Government-administered Pathways Fund to support entrepreneurial activity across Scotland. This builds on last year’s successful Pathways Pre-Start Fund and will provide support, mentoring and advice services for people  starting a company or seeking to expand a fledging business. Groups currently under-represented in the start-up community, including women, will be particularly targeted.

The two projects are to receive a total of up to £2.6 million funding this financial year and form part of the Scottish Government’s ongoing commitment to delivering the recommendations of the Pathways report on under-representation of women in entrepreneurship.

Deputy First Minister Kate Forbes said: “Economic growth is one of the key priorities of the Scottish Government. Scotland has all the ingredients to be one of Europe’s fastest-growing start-up economies: an economy that is strong, successful and dynamic. 

“Entrepreneurship is at the heart of a healthy, vibrant and growing economy. I am clear that the Scottish Government will play a prominent role in helping build the end-to-end support our start-up business community has to develop and grow. 

“This expanded package of support for entrepreneurs at the start of their journey continues our drive to ensure everyone, from every walk of life, is given the right support and encouragement to make their business idea a reality.” 

Chief Executive of SOSE Jane Morrison-Ross said: “We are absolutely delighted to be delivering the Pathways Pre-Start pilot across the South of Scotland.

“It is a region of entrepreneurs and the Pathways pilot will be key to delivering our vision for a wellbeing and inclusive economy and accelerating the fantastic entrepreneurial pathway work our Innovation and Entrepreneurship team are already doing.

“This work can now be supercharged and will be critical for economic growth, as we will be able to tap into the potential the South of Scotland has to become a rural economic powerhouse.

“During the pilot, our new enterprise coaches will focus on pre-start up stage, and support individuals to realise their entrepreneurial potential and guide them to the next stages of business whilst helping with the development of an entrepreneurial mindset. We would urge all budding entrepreneurs who want to be part of the programme to watch this space.”

Entrepreneur and Investor Ana Stewart, author of the Pathways report on under-representation of women in entrepreneurship, said: “If Scotland is really serious about building a richer, deeper and healthier entrepreneurial economy, we must widen the funnel beyond existing routes to encourage more people to set up and scale their businesses, as opposed to sticking with existing structures and systems; systems we know are not currently reaching a large majority of the population.

“Whilst there is still much more to do to achieve equal access to entrepreneurship, it’s encouraging to see the launch of the SOSE pre-start pilot in tandem with the creation of the light-touch, micro-grant funding, giving would-be founders the best chance of successfully navigating their very first steps into entrepreneurship.”

More information on the Scottish Government’s Pathways Fund is available on the Scottish Government website.

The Grassroots of Business at the Royal Highland Show

On the 44th year as partner to Scotland’s largest agricultural event, Royal Bank of Scotland showcases some of the businesses who can see a new future in farming:

On Thursday, The Royal Highland Show returned to Edinburgh. The event follows the sixth wettest spring in history in the UK, creating untold pressure for the sector, which employs almost 70,000 people here in Scotland.

Accounting for a greater percentage of GDP in Scotland than the rest of the UK, agriculture plays a key role in Scottish cultural and business life.

This year marks Royal Bank of Scotland’s 44th year as partner to the event – the longest partnership in the bank’s history. But the bank is taking the opportunity this year to showcase businesses looking to the future of agriculture through a different lens and seeing where new opportunities lie.

To demonstrate its support for farming entrepreneurs, Royal Bank has allocated its activation space to platform two exciting businesses on the Royal Bank of Scotland Accelerator Hub programme who will exhibit across the weekend.

One such business is Glasgow’s Naked Kimchi, founded in 2021 by Katerina Hayes who is originally from the Ukraine and is now British.

Katerina introduced traditional Ukrainian fermenting practices to Scotland 16 years ago, producing a 100% vegan, free-from kimchi with her father’s authentic recipe. In response to ongoing world events, Naked Kimchi & Co has provided employment opportunities for displaced Ukrainian people.

Naked Kimchi & Co’s approach commits to pioneering mindful eating and emphasises the importance of gut health. The business supports local farmers, aiming to shorten the supply chain, and provide a delicious superfood that is loved by both individuals and the restaurant industry. Their efforts contribute to better food security while bringing fresh, delicious kimchi to chefs’ tables.

By harnessing the potential of overlooked “wonky” vegetables and utilising every part of the harvest, Naked Kimchi helps to reduce greenhouse gas emissions while creating a healthy superfood that benefits individuals and contributes to building better food security.

In recognition of the business’ success, Katerina and Naked Kimchi have recently picked up a Scottish Edge award, receiving £65,000 funding to continue to back their sustainability mission.

Naked Kimchi will be joined by West Lothian entrepreneur, Marie-Claire and her business, Dream Magic Superfood Powders.

After experiencing the health benefits of superfoods first-hand, having tried multiple options when tired and burnt out from raising a family and working as a fitness coach, Marie-Claire spotted an opportunity to help Scots live a healthier life and brought her own blend to market.

Using her qualifications in health and nutrition, Marie-Claire has led the business from strength to strength and Dream Magic Superfood Powders now offers six different blends for customers to choose from.

With the platform provided by Royal Bank of Scotland across the weekend, both businesses will be able showcase their produce and provide free samples while building industry connections and brand awareness.

The businesses are both on the Royal Bank Accelerator programme.

Entirely free, the Entrepreneur Accelerator initiative is aimed at high-growth businesses looking to scale. It provides access to coaching, mentoring, events and co-working hubs with the intention of helping fledgling businesses to unlock new markets, attract new talent, access growth funding and to build leadership skills and scalable infrastructure.

You can support Naked Kimchi here https://nakedkimchi.co/ and Dream Magic Superfood Powders here https://dreammagicsuperfoodpowder.co.uk/

Katerina, CEO Naked Kimchi commented: “We are deeply grateful for the support we’ve received from the Royal Bank Accelerator Programme. The guidance and resources on offer have been pivotal in helping us scale and grow the business.

“Being given the platform to attend the Royal Highland Show is testament to the backing we’ve been given as a business and we’re looking forward to sharing our passion for authentic Kimchi with the industry and to connect with fellow food and environmental enthusiasts”

Marie-Claire, CEO Dream Magic Superfood added: “The expertise and opportunity provided by the Accelerator programme has been transformative for my journey as an entrepreneur, enabling me to grow my business and further develop my skillset in sales and marketing to running and operating a successful business.

“The accelerator has helped me to navigate challenges along the way and to lay a strong foundation for sustainable growth.

“We are incredibly excited to exhibit our superfood powder range at the Royal Highland Show. This event is a fantastic platform us to build our brand profile with the industry and customers alike.”

Support for the agricultural industry offered by the bank includes:

Agriculture Relationship Managers: Royal Bank has specialist advisers working as agricultural relationship managers able to understand the unique needs of land-based businesses. One third of these are women.

Finance: In July 2022, NatWest Group, of which Royal Bank is a part, confirmed a £1.25billion lending package for farmers, taking its total lending capacity to the agriculture sector to over £6.7billion. The extended support came as farmers face multiple cost challenges as fertiliser, fuel, feed and energy costs continue to rise.

Women in Agriculture: Since 2017, Royal Bank of Scotland has been heavily involved in the Women in Agriculture group, providing mentors and specialist support to help equip women with the tools they need to counter the barriers they face in their careers.

Chartered Banker Institute: All Royal Bank agri-relationship managers are independently accredited by the Chartered Banker Institute (supported by NFU Scotland).

Two new awards and 35 winners take centre stage at Scottish EDGE 

 Scottish entrepreneurs share £1.5 million prize fund as 23rd round of awards takes place

35 businesses with high-growth potential are celebrating after winning shares of a £1.5 million prize pot at Friday’s Scottish EDGE award ceremony.

For their 23rd round the awards returned to the Royal Bank of Scotland Conference Centre in Gogarburn, Edinburgh, with winners hailing from across the country, from Orkney to the Borders.

This year’s ceremony saw the introduction of two new awards which are set to open new avenues for aspiring entrepreneurs. The inaugural £80,000 Scale EDGE Award, which is supported by Royal Bank of Scotland and includes access to a high-growth account manager and placement on one of Scale-Up Scotland’s growth programmes, was awarded to Edinburgh based Talonmore Drinks, a family-run business producing ginger-based alcohol alternatives.

Meanwhile a new Creative EDGE Award, facilitated with support from Creative UK, which champions, connects and promotes the development of the creative industries across the United Kingdom, gave a boost of £100,000 to Una Watch, which produces sustainable, repairable-at-home, modular GPS sports watches. 

Veteran award categories returned for the 23rd round, with sustainability remaining a key focus. The Circular Economy Award, supported by Zero Waste Scotland, went to Evolve Metals, who secured £90,000 for their development of a copper refinery which refines metals from scrap, while Smart Gym CIC, which supports families through innovative and affordable wellbeing services, won £75,000 in the Social Enterprise category, supported by the Postcode Innovation Trust.

The Young EDGE and Wild Card categories returned this round, with the former supporting companies whose managing directors are under 30 and the latter providing a grant to pre-trading businesses which need support to bring their products to market.

Winners of the Scottish EDGE supported Young EDGE award included Lairg-based Candles from the Croft, which won £10,000 for its sustainable, vegan and cruelty-free luxury fragrances, while seven businesses were successful in the Wildcard Category, including West Linton-based Hulk Bio, which was awarded £15,000 towards its production of stem cell-based human milk for infants in cases where breastfeeding is not possible.

The STV supported award of £70,000 plus £75,000 worth of ad airtime, went to Alloa fudge makers Ochil Fudge Ltd, while the women-led business StrEAT Events emerged as winner of the Scottish Government backed Pathways category, winning a £75,000 award for their online catering marketplace.

Judith Cruickshank, MD Commercial Mid-Market at the Royal Bank of Scotland and One Bank Scotland Chair, said: “The Scottish EDGE awards offer a fantastic opportunity to showcase the talent and ingenuity within Scotland’s entrepreneurial community, and the addition of two new categories for this year illustrates how that depth of skill and creativity continues to grow.

“Royal Bank of Scotland once again was delighted to host the finals here at Gogarburn and we would like to congratulate all those businesses who were awarded funding at last night’s awards.

“We are proud to have supported the inaugural Scale EDGE award and extend our special congratulations to the category winner Talonmore Drinks and look forward to supporting the business as it takes its next steps.”

Sir Tom Hunter, entrepreneur and philanthropist said: “Scottish EDGE is a key driver of economic growth, a critical stepping stone for many scaling businesses and its refreshing that earlier this week our Government recognised that with additional funds to support more entrepreneurs intent on building successful businesses.

“Their success builds Scotland’s success – nothing more needs said.” 

Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise said:“We’re delighted to continue our support for the Young EDGE category, which never fails to deliver a wealth of talented entrepreneurs.

“It’s incredibly exciting to see these innovative young people turning their ideas into businesses that will develop and flourish, and I’d like to congratulate all this year’s Scottish EDGE award winners, who look set to do amazing things both for Scotland’s economy and society as a whole.”

Evelyn McDonald, CEO of Scottish EDGE, said: “It’s been an honour to help unlock the huge potential within the Scottish business landscape through the 23rd round of the Scottish EDGE.

“With the introduction of two new awards this year – the Scale Award and the Creative Award – we’ve been able to dedicate more resources than ever to giving promising Scottish entrepreneurs a helping hand on their journeys.

“We would like to express our gratitude to all our partner organisations and supporters for their contribution towards helping our businesses to thrive”. 

Supported by The Hunter Foundation, the Royal Bank of Scotland, the Scottish Government and Scottish Enterprise, Scottish EDGE has a key role to play in facilitating the nation’s economic growth.

List of winners (alphabetical) 

Scottish EDGE

  • Clean Carbon UK – £85,000 – West Lothian – A circular economy through carbon capture and utilization that provides a reliable and green supply of CO2. 
  • Confidence Plus – £100,000 – East Kilbride – Confiplus has been created to contain leaks from stoma bags to allow the wearer time to get to a toilet without soiling their clothing/bedding.
  • Evolve Metals – £90,000 – Circular (Zero Waste Scotland) – Edinburgh – We are building a copper refinery. Our patented technology developed with the University of Strathclyde refines copper directly from scrap, creating a circular economy.
  • Looper Tech – £70,000 – Edinburgh – Looper is a Life Cycle Assessment (LCA) software that helps manufacturers generate product climate certifications in one place.
  • Naked Kimchi & Co – £65,000 – Glasgow – We specialise in fermented food & beverages designed for a modern lifestyle, promoting gut health and cultural appreciation. We support local farmers, create zero-waste ferments, and empower refugees.
  • Noost Ltd – £70,000 – Lochinver – Noost Knit Co aims to make “Made in the Northern Highlands” mean something in the knitwear industry, selling our own products and manufacturing for others.
  • Ochil Fudge – £70,000 plus £75,000 worth of Ad Spend – Alloa – STV – Ochil Fudge embodies craftsmanship, hand-producing Scottish Fudge. With local talent, quality ingredients, and traditional methods, we deliver an authentic homemade taste to delight our customers.
  • Optimum Business Growth – £60,000 – Glasgow – Our Bid Journey model has helped clients win over £800m of contracts since 2020 by taking a more proactive, strategic approach to bidding for work.
  • Smart Gym CIC – £75,000 – Glasgow – Social Enterprise (Postcode Innovation Trust) – Smart Gym is a social enterprise that supports families through innovative and affordable wellbeing services. 
  • StrEAT Events t/a AndMunch – £75,000 – Glasgow – Pathways (ScotGov) – AndMunch is an online catering marketplace for discovering and booking food trucks & mobile bars for events.
  • Tailored Spirits – £100,000 – Edinburgh – An Edinburgh-based company who coordinates every aspect of a whisky cask’s journey from barrel to bottle for clients seeking bespoke small-batch bottlings.
  • Talonmore Drinks – £80,000 – Edinburgh – Scale Up (RBS) – Talonmore is a family-run business focused on enhancing healthier socialising through non-alcoholic drinks. Offering a versatile, ginger-based alcohol alternative, that replicates a dark spirit experience.
  • Tax Torch – £75,000 – Hamilton – Revolutionary Tax Planning Platform leveraging AI to offer personalised, real-time and future tax planning based on an individuals profile, goals, HMRC guidance, and legislation.
  • The Ink Balm Co – £50,000 – Alloa – The Ink Balm is a vegan, eco-packaged tattoo aftercare product, created and made in Scotland, celebrating the art of tattoo.
  • Una Watch – £100,000 – Edinburgh – Creative (Creative UK) – Built with sustainability in mind, Una is a modular, repairable GPS running watch. We also design smart watches for industry customers using our modular system.
  • Whitebox Dental – £100,000 – Glasgow – We are a dental laboratory that specialise in the manufacture of orthodontic appliances, manufacturing braces, retainers and aligners and whitening products for specialist orthodontic clinics.

Young EDGE

  • AMJ Tech Consultants – £15,000 – Edinburgh – AMJ provides an export tool and API builder application for no-code databases.
  • Candles from the Croft – £10,000 – By Lairg – Based in the North of the Scottish Highlands on a working croft, we offer sustainable, vegan-friendly and cruelty-free luxury hand-poured home fragrances. 
  • CYKELWORX DESIGN LTD – £10,000 – Westhill – Cykelworx Design focuses on innovation across the outdoor market, with the flagship design, ‘The Assistant’, a new bicycle roof carrier with built-in assistance.
  • GRPZ Ltd – £10,000 – Westhill – GRPZ Sports is a sportswear brand that specialises in premium, innovative anti-slip socks that eliminate slippage between an athlete’s foot and shoe. 
  • Harlyy – £10,000 – Glasgow – A B2B SaaS platform that provides restaurants across Scotland and Pakistan with an automated customer feedback and marketing analytics so that they can make better-informed decisions.
  • LifeRites – £10,000 – Glasgow – Life Rites provides digital resources for those with terminally ill loved ones, helping them to have a good death. 
  • Maria Elizabeth – £10,000 – Paisley – Maria Elizabeth is a Scottish based wedding and event design studio that offers hand-drawn fine art stationery, styling, calligraphy workshops, brand artistry and storytelling worldwide.
  • MedSnapp – £10,000 – Glasgow – MedSnapp is the world’s first gamified medical education platform for medical students, allowing them to learn medicine through diagnosing and treating patients inside a game.
  • Moonshine Candle Co – £15,000 – Kirkwall – Moonshine Candle Co. offer luxury hand poured fragrance products, inspired by the calm moments of the Orkney Islands.
  • Mude – £10,000 – Edinburgh – Mude is an adaptive brand of clothing for people whose health depends on wearing medical devices, currently focussed on solutions for insulin pump users.
  • New Found Hope – £10,000 – Dunfermline – a Scottish adaptive children’s brand providing therapeutic footwear solutions to address the issue of toe-walking in neurodivergent kids aged 0-5 years old.
  • NUYRO Ltd – £10,000 – Glasgow – Development and sale of advanced nutraceutical formulation for retail audience in the UK.

Wild Card EDGE

  • 55th Parallel Coffee – £10,000 – Edinburgh – We are a small batch coffee roastery, selling to cafes and restaurants alongside at-home buyers via our website.
  • AllArmed – £10,000 – Glasgow – Novel personal protection for anyone who may feel vulnerable when alone in public.
  • FourFourFive Ltd – £10,000 – Edinburgh – FourFourFive Ltd is a software solution which, while working with existing platforms, enables a more timely, accurate and value-giving solution for accountants to prepare monthly business financials.
  • Hulk Bio – £15,000 – West Linton – Hulk Bio is offering stem-cell based human milk, when breastfeeding isn’t possible.
  • ProCedure VR – £10,000 – Dunfermline – Creating virtual reality training software libraries to support the immersive learning of surgical procedures. 
  • TinyGyms – £10,000 – Newport on Tay – TinyGyms provides private exercise spaces for people who feel intimidated by traditional public gyms. Unlike other gyms, you get the whole place to yourself.
  • TiroBio – £10,000 – Dundee – TiroBio Ltd will discover novel natural products such as enzymes and medicines from DNA microbiomes.