A recent panel discussion explored strategies for advancing the Scottish tech community, including investment, skills, and international growth.
- Scotland’s tech industry garnered £359m in VC investment in 2023; yet, experts see room for growth, especially at the scale-up stage.
- There’s a push to creatively address Scotland’s digital skills gap, tapping into international students and remote work solutions.
- Key figures encourage connecting with the local tech ecosystem to unlock funding and networking opportunities.
- The importance of a global mindset is highlighted, urging tech firms to think internationally from early on.
In a significant gathering, experts from the Scottish tech sector came together to discuss how local firms can bolster their growth and global presence. In 2023, Scottish firms attracted £359m in venture capital (VC) investments, highlighting the country’s innovative climate. Despite this success, there remains a pressing need for more funding at the scale-up stage. Amy Burnett from KPMG pointed out a significant ‘chasm’ in this area that needs addressing. Attracting investors is crucial, and as Patricia El-Jichi from Par Equity noted, Scotland’s strong ecosystem offers many opportunities for those ready to engage. ‘Don’t be afraid to tap into your local ecosystem,’ she advised, emphasizing the role of local incubators and accelerators in connecting with investors across various regions.
The panel also focused on Scotland’s digital skills shortage and potential solutions. Dr. Poonam Malik urged companies to be creative in bridging these gaps. ‘Remote working’ and ‘sponsoring visas’ are viable strategies to attract talent. Onyinye Igbokwe from Codebase identified an untapped potential in Scotland’s international student population. She emphasized the importance of retaining these skilled individuals beyond their studies to benefit the local tech sector. This involves universities encouraging their involvement in the local economy and overcoming regulatory barriers related to recruitment, which are often influenced by national policies centered in Westminster.
Furthermore, the discussion underscored the necessity for Scottish tech companies to adopt a global outlook. Sandy Kennedy of Intelligent Growth Solutions highlighted how his firm thrived by partnering with academic institutions and seeking funding from international investors. ‘We’ve got to really start thinking beyond our limits,’ Kennedy urged, advocating for breaking traditional silos in the industry. Reaching global markets involves not just aiming for success within Scotland but demonstrating the capability to compete internationally. This approach is vital for securing substantial VC interest, especially from top global players.
Scottish tech’s future hinges on strategic investments, skill development, and embracing a global perspective.
