Forbes announces £5m extra support for start-up businesses

The Deputy First Minister said she hoped the funding would help Scotland become a global start-up destination.

Deputy First Minister Kate Forbes announced the £5m of additional funding for start-up business investment (Andrew Milligan/PA) (PA Wire)

Scotland’s Deputy First Minister has announced a £5 million package to support start-up businesses from under-represented groups.

Kate Forbes, who is also Economy Secretary, announced the investment on Monday during a visit to the National Robotarium in Edinburgh.

The cash will help expand the business funding competition Edge to broaden the range of financial support to businesses.

It will also help stimulate the early stages of business creation and product development for under-represented groups, and invest in initiatives that showcase Scotland as a global start-up destination.

The funding pledge is part of the Scottish Government’s commitment to deliver on recommendations of the Logan report on developing a world-class technology sector and the Pathways report, which focused on expanding the number of women starting businesses.

My message to Scotland’s innovators, entrepreneurs and disruptors is simple but clear: this Government believes in you and we will back you

Kate Forbes

Ms Forbes said: “Innovation is at the very heart of our economy. We have the talent, the skills and the facilities to make Scotland one of Europe’s fast-growing start-up economies.

“This package of measures, which builds on the multi-million investment the Scottish Government is already making into our start-up business community, forms the next step in providing one of the most comprehensive government-backed support networks in Europe.”

She also welcomed a new partnership between Codebase and Edge which will provide entrepreneurs end-to-end support.

“My message to Scotland’s innovators, entrepreneurs and disruptors is simple but clear: this Government believes in you and we will back you,” she added.

Entrepreneur Sir Tom Hunter, founder of the Hunter Foundation which provides funding for Edge, said he was “delighted” the Deputy First Minister had recognised the need for additional investment.