Tag: business

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.

£5 million to unlock Scotland’s entrepreneurial talent

Support for start-up businesses

Extra investment to grow and nurture high-growth businesses and entrepreneurs has been announced.

The £5 million package will help deliver end-to-end support for Scotland’s start-up companies. It forms part of an ongoing to commitment to deliver on the recommendations of the Logan report into developing a world-class technology sector, and the Pathways report which is focussed on expanding the number of women starting and scaling-up businesses.

The package includes:

  • funding to expand the business funding competition Scottish EDGE, helping broaden and tailor the range of financial support available to fledgling businesses
  • the development of pre-start support, aimed at stimulating the earliest stages of business creation and product development for under-represented groups.
  • support to maximise the economic impact of university spin-out companies, and commercialise research
  • investing in initiatives that will attract the world’s top talent and showcase Scotland as a global destination for start-up founders and investors.

The additional support coincides with an announcement that Codebase, delivery partners of the Scottish Government’s £42 million Techscaler programme, are to partner with Scottish EDGE to develop the end-to-end support offered to businesses and entrepreneurs.

Deputy First Minister and Economy Secretary Kate Forbes announced the new funding as she visited the National Robotarium, the UK’s centre for Robotics and Artificial Intelligence and home to a number of spin-out tech companies.

She said: “Innovation is at the very heart of our economy. We have the talent, the skills and the facilities to make Scotland one of Europe’s fastest-growing start-up economies: an economy that is strong, successful and dynamic.

“This package of measures, which builds on the multi-million investment the Scottish Government is already making into our start-up business community, forms the next step in providing one of the most comprehensive government-backed support networks in Europe.

“The partnership between Codebase and Scottish EDGE also underlines our joined-up approach to fostering and nurturing Scotland’s young and vibrant business community. My message to Scotland’s innovators, entrepreneurs and disruptors is simple but clear: this Government believes in you and we will back you.”

Founder of the Hunter Foundation Sir Tom Hunter said: “Scottish EDGE is a proven, world class model of delivering finance to potential high growth early stage businesses and that has been independently verified.

“I am delighted the Deputy First Minister has recognised that and added significant additional resource to Scottish EDGE. When business and Government come together as they do in financing Scottish EDGE it can drive real economic growth by building the pipeline of entrepreneurial businesses, employment and the taxes that pay for public services.”

Entrepreneur and Investor Ana Stewart, author of the Pathways report on under-representation of women in entrepreneurship, said: “‘This  is a meaningful step forward in tackling the extreme gender imbalance which currently exists in entrepreneurship.

“I look forward to engaging and supporting the Government and other partners in enacting change whilst building on the existing momentum created since the publication of the Pathways report.

“Change will not happen overnight so I am also encouraged to see the adoption of a more strategic approach with a multi-year investment – a critical component if we are to tackle these persistent challenges.”

First Minister outlines his ambitions for Scotland’s economy

The First Minister has set out his ambitions for Scotland’s economy during a speech in Glasgow.

Speaking at the Barclays Campus in Glasgow’s financial district on Friday, First Minister John Swinney outlined his government’s approach to economic policy making.

Mr Swinney said poor decision-making at UK level, typified by Brexit and immigration policy, means the Scottish Government must work even harder with its limited powers to help businesses and workers thrive.

The First Minister stated his determination to bring hope and optimism and said he will “go all out” to encourage economic investment.

John Swinney said policy making will be governed by:

  • Moderate left of centre, progressive values
  • A partnership approach with unions and business
  • A focus on actions
  • Problem solving based on evidence

The First Minister will highlight significant announcements in Scotland’s renewable energy sector this week and actions the Scottish Government is taking to boost high growth businesses.

The First Minister said: “My goal is to help people live happier and healthier lives with higher living standards and to help businesses boost profitability.

“The evidence shows that independent countries that are comparable to Scotland are wealthier and fairer than the UK.

“Scotland has the talents and resources to match that performance with independence but in the here and now and in the face of Brexit we must work even harder to help Scotland’s economy with the powers we have.

“I will go all out to encourage investment in Scotland and I will ensure people know my government is a firmly pro-business administration.

“A partnership with trade unions and business will be at the core of my approach and through that approach and given our resources, not least incredible renewable energy, we should look to the future with hope and optimism.” 

ANALYSIS: FRASER of ALLANDER INSTITUTE

New FM – new approach on the economy?

Today, the new First Minister John Swinney set out his broad economic aspirations for Scotland (write MAIRI SPOWAGE and EMMA CONGREVE).

In a speech at the impressive Barclays Glasgow Campus (which he said embodied the ambition he wished to have for the economy), he set out the vision he had for Scotland to have a strong, successful, innovative and dynamic economy.

For people who were after specific policy actions, the speech was light on detail, but it was not perhaps fair to expect the FM to outline these sorts of specifics in a speech like this.

The FM also had a difficult line to tread, given (as he himself pointed out) that he has been a Minister in government for 16 of the last 17 years and wanted to talk about successes in a record he is “immensely proud of”. At the same time, he needed to recognise that there were failings in the previous administration that had led to him being in office as First Minister.

Economic Growth is front and centre

The First Minister had said as he took office that eradicating child poverty was his key policy objective. This morning he was keen to set out that there is no conflict between eradicating child poverty and boosting economic growth – rather, they go hand in hand. He set out that boosting the economy will create opportunities for people and raise living standards and that reducing poverty raises spending power and boosts productivity. This is to a large degree true, but there will at times be trade-offs that will require one to be prioritised over the other.

Given the key stakeholders from businesses and business organisations in the room for his speech today, he was very keen to set out that his government was going to work collaboratively with businesses and other organisations to design and implement policies to strengthen the economy. Even more broadly, the FM said that he wished to bring more consensus building back into Scottish politics to try to achieve outcomes – to “build up, not tear down” as he put it.

There was a clear “Scotland is open for business” from the FM today. Supporting more investment in Scotland (particularly related to the Energy Transition and Housing) is clearly a priority for this new administration. This featured heavily in this speech and has been supported by some of the policy announcements made earlier this week.

We will do, rather than write strategy documents

A widely welcomed aspect of the speech is likely to be the FM’s acknowledgment that his government could probably do with carrying out “more concrete actions and fewer strategy documents”.

We have been on record a number of times as saying that the Scottish Government produces too many and too weighty strategy documents. So this is a crowd pleaser to a room of people who are likely to want to see action rather than just warm words and have seen endless strategies come and go.

However, it is important to remember what the problem sometimes was with these documents. Sometimes, in the case of recent economic strategy documents, the problem is that they aren’t really strategies – if they set out high-level principles that no one can disagree with, but don’t provide a meaningful framework for prioritisation and dealing with trade-offs, then they aren’t particularly useful.

In other cases, even where strategies are set, they can often gather dust on a shelf rather than meaningfully drive activity in government.

All of this from the FM is likely to be broadly welcomed – it’s an easy sell to say there will be less bureaucracy. But let’s not forget that we still need a clear economic strategy from the FM and the DFM – and that a strategy is not a strategy unless it rules some things out and recognises trade-offs and carries through into day-to-day activity. This clarity and policy stability is what is likely to be required to inspire the confidence in investors that this new administration would like to see.

Looking forward, not back

Many of the questions from journalists in the room today were designed to get the FM’s views on what went wrong with economic policy under the previous leadership, In addition, he was asked what his government was likely to do on policies like rent controls, short term lets legislation, and tax increases (specifically income tax) that have been put in place at the past budgets. Essentially, people were keen to hear what, in these specific areas, might change under a John Swinney government.

The FM said clearly that he was “looking forward, not back” in response to the question about what went wrong under Humza Yousaf.

With regards to specific policies where regulation was impacting businesses, he said his Cabinet colleagues were looking at lots of areas of policy and that more details on specific policies would be following in the weeks and months to come.

On tax, he was more forthcoming – acknowledging that the higher tax rates on above-median earners in Scotland are an important component of raising revenue in straitened fiscal times, but also saying that “we can’t keep raising taxes”. It will be interesting to see how this approach to tax is reflected in the Government’s Draft Tax Strategy, which is due alongside the Medium Term Financial Strategy (date currently tbc). That is if these two documents survive the cull of strategies …

Evidence-based approaches

The FM today said a number of times that the government he leads will be more practical and will be driven by the evidence of “what works”. We are very supportive of this, of course, and hope it signals a shift of more meaningful appraisal and assessment of policy options within the Scottish Government, with the associated investment in evaluation.

In doing this, unintended consequences, whether economic or otherwise, are more likely to be identified and can be proactively mitigated, and/or it can allow the government to change course at an earlier stage.

In addition, progress and continuous improvement can only happen in a culture of meaningful evaluation and being prepared to learn from what worked and what didn’t work.

For example, how well has the policy on rent freezes and caps worked to date? It would initially appear from rental costs that it has had the opposite effect on rents than the government presumably desired, and it would also appear to have had an impact on investor confidence in the sector. Given the FM’s focus on housing in his speech today, and his commitment to be evidence-based, it will be interesting to see how this policy area progresses.

Is this a meaningful shift in approach?

With his speech today, that is certainly what the FM is trying to convey. He was saying many of the right things to hearten those who want to see the government focus on economic growth.

However, the proof will be in the policy action that is actually taken. So, let’s wait for these details in the weeks to come.

Success for young entrepreneurs from George Watson’s at Young Enterprise Scotland Regional Finals

 A team of pioneering young entrepreneurs from George Watson’s will be heading to Hampden Park to take part in the Young Enterprise Scotland National Finals.

Teams from Stewart’s Melville, Mary Erskine, Preston Lodge, St Georges, George Watson’s, Boroughmuir and George Heriot’s took part in the Lothian Regional Final for the Company Programme at Edinburgh Napier University, which saw George Watson’s take the crown with their business ‘Snappets.’ 

Snappets sells croc charms in a range of shapes and sizes, with the goal of producing a product that is suitable for everyone and promotes creativity.

The winners were presented their award by Daniel Johnson, MSP for Edinburgh Southern.

The Young Enterprise Scotland Company Programme is an immersive programme which provides a real-life learning opportunity that introduces young people from S5 and S6 to the realities of the world of work. 

Participants are required to start their own company, running through the key milestones of developing an idea, conducting market research, creating the product or service, promoting that product and ultimately trading it. 

Over 2,000 young people take part in the Company Programme every year in Scotland.

Young Enterprise Scotland, Chief Executive, Emma Soanes said: “The George Watson’s team is an inspiration and I wish them every success in the Scottish finals later this year.

Setting up and running their own successful company is a wonderful experience and will have given them new skills to take forward into their learning and future careers. So, whatever happens at Hampden Park, they are already winners.”

The Lothian Company Finals were sponsored by Edinburgh Napier.

The winning team will now go on to represent the Lothian region at The  Young Enterprise Scotland Company Programme Finals, which are part of the three-day Festival of Youth Enterprise, running from 28th to 29th May at Hampden park.

For more details visit https://yes.org.uk/news/regional-finals-2024-07-03-2024