Scottish Enterprise Unveils Plan to Spur Job Growth and Economic Transformation

15/01/2024
Edinburgh street view
Edinburgh street view

A Greener, Fairer Economy in Sight

Scottish Enterprise is setting a new course to stimulate thousands of jobs and unlock billions in global growth opportunities, aiming for a more prosperous, environmentally conscious, and equitable economy. Recognizing the swift pace of the global market, the agency is adapting its priorities and methods to better align with Scotland’s current economic demands.

Introducing Mission-Based Support

By adopting a mission-based approach, Scottish Enterprise is refining its interactions with Scottish businesses and entrepreneurs. This strategic shift is designed to tackle persistent challenges and amplify company growth through focused innovation, increased capital investment, and expanded international activity. Companies will benefit from more intensive support, with the goal of significantly enhancing Scotland’s economic output.

Three Missions to Economic Success

Recent studies, including the Scottish Innovation Survey, have highlighted innovation and productivity as critical areas for improving business competitiveness. To address these issues, Scottish Enterprise is channeling its resources into three new missions: fostering the energy transition, scaling innovation and entrepreneurship, and boosting productivity through capital investment in infrastructure.

First Minister Endorses Economic Blueprint

During a visit to Verlume, an Aberdeen-based energy technology firm, First Minister Humza Yousaf applauded Scottish Enterprise’s strategy. He emphasized the agency’s role in driving the energy transition and supporting a thriving, eco-friendly economy in line with government priorities. The strategy’s focus on fostering close business and stakeholder relationships was particularly commended.

Targeting High Growth Sectors

Scottish Enterprise will concentrate on sectors with high growth potential, such as offshore wind, hydrogen production, space, photonics, quantum technology, industrial biotechnology, life sciences, and fintech. This targeted approach promises a more dynamic and collaborative effort across the agency’s operations, requiring organizational restructuring to effectively lead and integrate these missions.

Job Creation and Economic Impact by 2030

By 2030, Scottish Enterprise’s initiatives are projected to create and secure thousands of jobs, with the innovation mission alone anticipated to generate over 60,000 jobs and nearly £14 billion in additional annual turnover for participating industries.

Chief Executive Outlines Ambitious Goals

Adrian Gillespie, CEO of Scottish Enterprise, outlined the organization’s commitment to transforming Scotland’s economy by focusing on investment and innovation. The new approach aims to create high-value jobs, enhance productivity, and distribute wealth throughout the Scottish economy, marking a significant shift in the agency’s operations.

The Net Zero Vision

The energy transition mission is set to expedite technology innovation, strengthen supply chains, and encourage investment in essential infrastructure, potentially doubling the number of companies in the energy sector. This mission is integral to Scotland’s goal of achieving net zero greenhouse gas emissions by 2045.

Spotlight on Verlume’s Growth

Verlume, a beneficiary of Scottish Enterprise’s support, exemplifies a company capitalizing on energy transition opportunities. With assistance in research, development, and access to global markets, Verlume has positioned itself at the forefront of the energy transition, contributing to emission reduction goals and the offshore wind industry.

Scaling Innovation and Boosting Productivity

The scaling innovation mission will leverage Scotland’s global strengths and innovation infrastructure to foster industry growth, while the productivity mission focuses on capital investment to enhance business productivity, create high-value jobs, and improve living standards.

Transformative Projects and National Impact

Scottish Enterprise has a history of partnering in transformative projects, such as the development of Aberdeen Harbour and the National Manufacturing Institute Scotland. These projects are instrumental in driving innovation and supporting Scotland’s ambition to become a leading health innovation district and a pioneer in the new energy industrial revolution.

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