Many reasons for optimism

I have recently taken on the interim role of Managing Director, Scottish Economic Development: a fantastic opportunity for me to lead a wider area of the Scottish Enterprise business and to see first-hand more of the transformational and integrated support we provide to companies and projects in Scotland over and above the commercial invested activity I have been responsible for.   Scottish Enterprise is providing valuable support and advice to develop and grow our future economy for the benefit of all. Significant investment into assets such as the National Manufacturing Institute Scotland (NMIS)  and the Michelin Scotland Innovation Parc (MSIP), are great examples of support for key sectors and technologies that are important to our economy and society at large today and for the future.

My change in role sees my colleague Jan Robertson take on responsibility for leading Scottish Enterprise’s investment activities which continue to focus on developing and supporting the Scottish early stage market. You might have noticed already, but if not, we have retired the Scottish Investment Bank brand as it was important not to confuse the market with the establishment of the Scottish National Investment Bank last month.

Whilst the brand that you recognise for our investment activities has gone, the  core activity is very much alive and well delivered by the same specialist and experienced team under the Scottish Enterprise brand. Through our long standing equity funds the Scottish Co-Investment Fund and the Scottish Venture Fund we continue to provide vital patient capital to support the growth of early stage companies, alongside a wide variety of co-investors – local, national and international. Through the Energy Investment Fund, which we deliver on behalf of Scottish Government, we provide flexible investments increasing community ownership of energy projects and accelerating the development of commercial low carbon energy projects across Scotland. The Scottish Loan Scheme, now two years old, also continues, providing vital debt funding to companies looking to increase their growth trajectory and expand their operations.

More than ever this year, we have seen the importance of supporting early stage, growing companies with many providing vital support and options as we move to an increasingly virtual world – such as investee company Appointedd Ltd who has used their on-line booking platform  to help retailers stay open during the pandemic and more recently to help University Students get home for Christmas by allowing them to book a test via their app; and portfolio company ILC Therapeutics Ltd, a UK biotechnology firm who announced in June a research partnership with St Andrews University to progress to clinical trials for their therapeutic drug which could be used to help in the fight against COVID.

I was delighted that we were able to provide additional support to the early stage market earlier this year through the significant funding support provided by Scottish Government. Scottish Enterprise delivered the ￡25m  Early Stage Growth Challenge Fund to support companies feeling the effects from the initial impacts of the pandemic. We were able to support many companies that will make a massive difference towards some of Scotland’s key opportunities, including improving health and wellbeing, our transition to net zero and addressing societal challenges.

Without a doubt, 2020 has been an unsettling and challenging time for us all, but with the relief - and hope - that the vaccine roll out is now providing, I believe we can all be more optimistic about what lies ahead in 2021. On that note, I would like to wish each and every one of you a very Merry Christmas and best wishes for a happy, healthy and prosperous New Year.