Dramatic Increase in Scotland’s Technology Start-Ups

5 Apr 2018

Last year, 440 software and programming businesses were incorporated in Scotland, a 77% increase on the 249 launched in 2016. The percentage increase puts Scotland second only to the north-east of England of the UK’s 12 nations and regions.

 

Ross Stupart, partner at accountancy firm RSM said:

 

"These figures show very clearly that despite the fears of a post-referendum slowdown, Scotland's tech sector is growing at a healthy rate.

 

"Organisations such as EIE, FutureX Innovation, start-up dinners, Turing Festival and Entrepreneurial Scotland also contribute significantly to creating a vibrant and supportive tech eco-system. Entrepreneurs can secure access to finance, either through traditional sources of debt at relatively cheap rates, or from venture capitalists, angel networks and private equity funds.

 

"There is undoubtedly the political will to build momentum and generate further growth as part of the government's overall industrial strategy."

 

Added Kenneth Gibson MSP:

 

"There are a number of reasons for Scotland’s success. Our universities play a key role in developing and nurturing exceptional talent and we continue to attract the world's brightest and best.

 

“R&D tax credits, video games tax relief and the Patent Box regime all help too. However, there are some clouds on the horizon. While many in the sector will be cheered by the news that EU nationals will continue to be able to come and work in the UK during the Brexit transition period, the longer-term position remains unclear.

 

"For now, though, the funding environment is incredibly benign and I look forward to further growth this year."

 

ENDS

 

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