A recent panel explored strategies for enhancing the Scottish tech sector’s growth and global presence.
- Despite a global slowdown, Scottish tech firms secured £184m in VC funding in the first half of 2024.
- A strong local ecosystem offers opportunities for tech businesses to attract investment.
- Addressing the digital skills gap is crucial for sustaining tech industry growth in Scotland.
- Scottish tech companies are encouraged to adopt a global mindset for greater success.
In an enlightening panel discussion, experts delved into the strategies necessary for advancing Scotland’s technology sector. This conversation followed a report spotlighting Scottish tech innovations, where the dialogue emphasised early growth strategies, overcoming talent shortages, and thinking globally before expanding abroad.
The recent KPMG report highlighted an impressive £359m raised by Scottish companies in 2023, with significant deals from firms like ENOUGH and DirectID. This momentum continued into 2024, with Scottish firms acquiring £184m in VC funding during the first half of the year, outperforming many other UK regions. However, as Amy Burnett of KPMG notes, there remains a critical gap, particularly at the scaleup stage, that needs to be addressed for continued growth.
Investment manager Patricia El-Jichi stressed the importance of utilising Scotland’s robust and collaborative ecosystem, which includes incubators and networking events in areas such as Glasgow City Innovation District and ONE Tech Hub. According to El-Jichi, local networks can be leveraged to tap into wider UK and international investment spheres, which is vital for tech businesses seeking to grow.
The issue of digital skills shortages was another focal point. Respondents in the UKTN report noted the need for Scotland to creatively fill this gap, potentially through remote working or international talent visas. Onyinye Igbokwe pointed out the untapped potential of international students from Scotland’s prestigious universities, stressing the importance of integrating them into the local tech landscape to retain talent.
Sandy Kennedy from Intelligent Growth Solutions offered insights into how breaking away from a ‘siloed’ mindset and embracing wider partnerships can elevate the global standing of Scottish tech. His experience shows that adopting a narrative appealing to top international VCs can be beneficial, while still maintaining a strong Scottish identity.
The future of Scottish tech hinges on addressing funding gaps, skill shortages, and fostering a global outlook.
