Meeting of the Parliament 04 June 2025
Absolutely. As a representative of Scotland’s islands—which I think that Craig Hoy mentioned—I would absolutely recommend that. A number of brilliant start-ups are located on our islands currently; indeed, I can speak from experience about some of the brilliant businesses that are located on Scotland’s islands.
Despite the global economic headwinds that have challenged our economy, there are clear signs that Scotland’s strategy is beginning to pay off. Over the past four years, we have worked closely with key figures in the private sector, such as Mark Logan and Ana Stewart, to execute a detailed plan to achieve that aim. Last year, Scotland’s risk capital market bucked UK-wide trends, with Scottish firms raising more than £700 million in funding—a 19 per cent increase on the previous year, in sharp contrast to a 14 per cent decline across the rest of the UK.
There is an increasing volume of companies raising capital at a level that suggests that they have the potential to achieve substantial scale. In 2024, there were 17 investments exceeding £10 million worth a total of £373 million; the figures were up 90 per cent in deal volume and 70 per cent in value. I say that at the outset, because these kinds of debates can often get quite negative from the Opposition side. Can we at least collaborate and join forces in congratulating those in Scotland’s start-up community on what they have achieved in those figures?