Scotland's DNA built on innovation, guest post by FutureX CEO Bruce Walker

The entrepreneurial world brings with it its own glossary of jargon. One of the most well worn is the ‘entrepreneurial ecosystem’: the local environment and network affecting new businesses.

Seven years ago, as an emerging entrepreneur, I took note of the support available within that ecosystem but felt that it was somewhat fragmented. Entrepreneurs like me were hungry for a cohesive community that could support them in their business ambitions.

When I first took charge of Startup Summit, I hoped to bring those elements together and see the ecosystem laid out in front of us. By the second year of running the event, we started to see those pieces connect and the foundations of the current network forming.

Since then, with a massive collective effort from across the country, the entrepreneurial ecosystem has gained momentum. The environment – inter-sector support – and network – a cohesive community of organisations – have matured, creating a space primed for the future of business and the challenges and opportunities that entails.

An empowering network

As those fragments have connected, the community has formalised into Scotland CAN DO, connecting over 100 organisations across Scotland. It is a focal point as we work together, share support and resources, and create a culture that empowers people to develop new initiatives. 

Alongside this community, support from public and private sector organisations enables new companies to succeed. Scottish Enterprise, Business Gateway, Entrepreneurial Scotland and Scottish EDGE, among others, have cemented themselves as pivotal support and funding groups in this network.

Tying these together is how closely the Scottish private and public sectors work together by exchanging data and analysis. The Data Lab, in particular, plays a fundamental role in this data exchange. The public sector supports their work, benefitting from the analysis they provide, while The Data Lab has the flexibility to work with the private sector. 

Scottish culture & connection

While this close collaboration is new, Scotland's entrepreneurial spirit is not. From television to penicillin to modern geology, Scotland's DNA is built on innovation. 

Successful Scottish businesses, like Skyscanner and BrewDog, had to blaze the trail, leading the way and showing where opportunities and challenges lie. They also became role models for success and growth: if they could become global businesses, so could other Scottish entrepreneurs.

These examples of high growth companies and the emergence of a thriving community are encouraging more talented people to relocate to Scotland. The country benefits from both its intimate size and global reach, boasting a high quality of life with a successful blend of lifestyle and career.

Increasingly, international investors and companies are looking to Scotland. London and European-based VC’s, including Octopus Ventures, Episode 1 and ADV, are interested in Scottish businesses and will be speaking at Startup Summit this week about startup investment. Other Startup Summit speakers, from Google for Startups UK and Starling Bank, have voiced interest in increasing their representation outside of their London base - and see Scotland as a perfect opportunity.

What’s next?

As we look forward to the future of entrepreneurship in Scotland, we need to act with intention. We are moving into an era of further digitisation, AI and increased personalisation. While opening new opportunities in Scotland, we must always keep ethics, purpose and people at the heart of our decision making.

We've set the foundations of a healthy, supportive and encouraging entrepreneurial ecosystem. Now, we need to make sure we move into the next phase of building robust companies prepared for investment and growth.

We're delighted to be back this week for the eighth Startup Summit and continue to champion the Scottish and European entrepreneurial ecosystems. While it may look a little different than 2012, the driving force remains the same: to create a cohesive international community of ambitious entrepreneurs building sustainable and scalable companies. 

An edited version of this article appeared in The Scotsman on Monday 28th October