Chamber
Meeting of the Parliament 04 June 2025
04 Jun 2025 · S6 · Meeting of the Parliament
Item of business
Empowering Entrepreneurs and Innovators
It is precisely because we needed to confront some of the challenges four years ago that we embarked on this journey to support Scottish entrepreneurs. The fact that the risk capital market has bucked UK-wide trends is remarkable; although there has been a decline across the UK, there has been an increase in Scotland.
That is because of the quality of the businesses. A stand-out example is the Edinburgh-based gaming firm Build a Rocket Boy, which raised more than £86 million in a single investment round. It already employs 450 people, with further growth expected. Just yesterday, Wordsmith AI, a Techscaler member, announced a $25 million series A investment achieving $100 million valuation in a record-breaking 18 months. Those are remarkable success stories.
In the same item of business
The Deputy Presiding Officer (Liam McArthur)
LD
The next item of business is a debate on motion S6M-17785, in the name of Kate Forbes, on empowering entrepreneurs and innovators. I invite members who wish ...
The Deputy First Minister and Cabinet Secretary for Economy and Gaelic (Kate Forbes)
SNP
Entrepreneurs and innovators are the catalysts of growth that shape our economy. From the moment that I first entered Government, I have championed that agen...
Sharon Dowey (South Scotland) (Con)
Con
Made a request to intervene.
Craig Hoy (South Scotland) (Con)
Con
Will the member take an intervention?
Kate Forbes
SNP
Yes—although you do not look like Sharon Dowey.
Craig Hoy
Con
Do I need to change, Presiding Officer, or can I simply self-declare?
Kate Forbes
SNP
I am relaxed as to whether it is Sharon Dowey or Craig Hoy who intervenes.
The Deputy Presiding Officer
LD
Let us go with Craig Hoy.
Craig Hoy
Con
I think that we have corrected the record, but I have slightly lost my train of thought. The minister is talking about young and ambitious entrepreneurs who...
Kate Forbes
SNP
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-u...
Daniel Johnson (Edinburgh Southern) (Lab)
Lab
I agree that we should champion success but, to truly succeed, we also need to acknowledge that there are issues. The Deputy First Minister might quote those...
Kate Forbes
SNP
It is precisely because we needed to confront some of the challenges four years ago that we embarked on this journey to support Scottish entrepreneurs. The f...
Murdo Fraser (Mid Scotland and Fife) (Con)
Con
Will the cabinet secretary take an intervention?
Kate Forbes
SNP
I will, particularly if it is to congratulate those businesses.
Murdo Fraser
Con
I am very pleased to congratulate those businesses. As the cabinet secretary is talking about attracting investment, I wonder whether she will come on to tal...
Kate Forbes
SNP
Intentionally or otherwise, the member is distorting the Scottish Government’s position. The Scottish Government has a long-standing position of not using pu...
Kate Forbes
SNP
Just a minute. A matter of months ago, I announced £2 million of investment in the skills and training required, and we have also invested in defence compani...
Liam Kerr (North East Scotland) (Con)
Con
Will the cabinet secretary take an intervention?
Kate Forbes
SNP
I love a good debate, but I would like to finish my speech, too. I will take this intervention, however.
Liam Kerr
Con
I am grateful, and it will be very quick. Does the Government think that the way in which the current rates regime is structured militates against small busi...
Kate Forbes
SNP
No, because of the small business bonus scheme, which remains the most generous across the United Kingdom.
Daniel Johnson
Lab
Will the cabinet secretary take an intervention on that point?
Kate Forbes
SNP
I agree with Liam Kerr—and I have discussed this with Daniel Johnson in the past, too—that the rates system often does not take into account the fact that so...
Stephen Kerr (Central Scotland) (Con)
Con
Will the cabinet secretary give way on that point?
Kate Forbes
SNP
Do I have some time in hand?
The Deputy Presiding Officer
LD
You will get the time back, Deputy First Minister.
Stephen Kerr
Con
As ever, the Deputy First Minister talks a really good game. However, when she talks about universities, does she not accept that the current funding model i...
Kate Forbes
SNP
The point that I am making just now is that we have great research and development—I think that we would all accept that there is some brilliant research and...
Murdo Fraser (Mid Scotland and Fife) (Con)
Con
I welcome the fact that we are having another debate on the economy. We now have something of a trend of economy debates, which is a welcome departure from t...
Rachael Hamilton (Ettrick, Roxburgh and Berwickshire) (Con)
Con
Last night, I was at Daniel Johnson’s sponsored event with the Confederation of British Industry. Many people were talking about the flexible workforce devel...