BiGGAR Economics was commissioned by the Royal Society of Edinburgh (RSE), Scotland’s National Academy, to evaluate the economic impact of its Enterprise Fellowship programme.
A report commissioned by the RSE has established that its Enterprise Fellowship programme has provided a significant boost to the Scottish, UK and global economies. Carried out by economic consultancy BiGGAR Economics, the evaluation and economic impact assessment found that the programme has added almost £170m to annual global gross value added (GVA), including £77 million in Scotland. It has led to the creation of more than 3,000 jobs, nearly half (1,395) of which are in Scotland and over 200 businesses.
The study found that the programme has added almost £170 million to annual global GVA, including £77 million in Scotland. It has led to the creation of more than 3,000 jobs, nearly half (1,395) of which are in Scotland and over 200 businesses.
For every £1 investment, the Fellowship programme is estimated to have generated almost £10 for the UK economy and £6 for the Scottish economy.
The study also found that businesses created by Fellows are more sustainable than the average, with over 81% of businesses created still operating beyond five years. This compares positively with average survival rates for start-ups and spin-outs, where around 45% survive to their fifth year.
More than 272 entrepreneurs have been supported
Over 2,500 jobs have been created in the UK
Return on investment is £9.74 for every £1 spent*
*UK-wid figure from 2019 evaluation
93% of Enterprise Fellows start new businesses
25% of Enterprise Fellows have started multiple businesses
81% still operating after 5 years*
*the average survival rate at 5 years for spin-outs and technology start-ups is 45%