The Scottish tech industry is poised for significant growth, as recent discussions illustrate pressing issues and opportunities.
- A key challenge is bridging the funding gap during the scaleup phase, crucial for attracting further investment.
- Addressing the digital skills shortage requires creative solutions to make the best use of international talent.
- Expanding a global mindset among local tech companies is vital for achieving international success.
- Collaboration and breaking down silos within the industry can lead to innovative advancements and global recognition.
The Scottish tech industry remains on track for notable growth, following a panel discussion hosted by UKTN and KPMG. This gathering brought together industry experts to strategise on improving the country’s technology sector and scaling efforts globally.
A report issued by KPMG in 2023 highlighted £359 million garnered by Scottish firms from venture capital investments, including standout deals by startups ENOUGH and DirectID. As of mid-2024, despite a global downturn in fundraising, Scottish businesses secured £184 million, signalling positive movement compared to other regional markets. However, scaling stages exhibit a funding shortfall or ‘chasm’. Amy Burnett from KPMG emphasised the need to close this gap to further tech growth.
Patricia El-Jichi from Par Equity underscores the value of Scotland’s tech ecosystem. She encourages startups to actively leverage local incubator networks, which can provide connections to broader investor interests, stretching beyond regional confines. Scotland’s collaborative environment, highlighted by Glasgow City Innovation District and Techscaler, provides fertile ground for tech startups seeking investment leads.
A consistent theme is the apparent digital skills shortage. Dr Poonam Malik advocates for innovative solutions such as embracing remote work and visa sponsorship to tap into international talent pools. Onyinye Igbokwe from Codebase points to international students as a vast, underutilised resource. Regulatory constraints by Westminster impact Scotland’s recruitment capabilities, presenting another hurdle.
The aspiration for global recognition requires a paradigm shift in thinking. Sandy Kennedy of Intelligent Growth Solutions argues for a ‘global mindset’. By reframing narratives beyond local achievements and attracting international investors, Scottish firms can enhance their global appeal. Kennedy’s recommendation is to break traditional silos that constrain collaborative potential between investors, academics, and entrepreneurs.
Thus, fostering an interconnected network and a global perspective will be instrumental in shaping the future of Scotland’s tech industry. All panellists agreed on the importance of such collaborations to position Scotland as a critical player on the international stage.
These discussions underline the need for strategic approaches in funding, talent acquisition, and global integration to accelerate Scottish tech innovation.
