Building the quiet confidence of Scottish science and technology innovation
With world-class universities and a dynamic entrepreneurial ecosystem, Scotland has all the ingredients for global success in STEM innovation.
Over decades and generations, the Scottish entrepreneurial ecosystem has faced a similar psychological rollercoaster as the Scottish rugby team: world-class players and innovators, coaches and investors, avid fans and stakeholders, and moments of brilliance. A small nation, brilliantly connected internally, benefitting from global talent, but sometimes lacking that quiet confidence to think and act global.
The flip side of challenge is opportunity, and Scottish innovation has always had much to offer the world. All global successes begin locally, and all game-changing ideas start somewhere – so why not here?
Reflecting on 300 years on STEM research and innovation, there is a huge amount to be proud of. From the steam engine to modern medical technologies, Scotland’s contributions to science, technology, engineering, and math have helped shape the modern world and continue to address contemporary challenges.
However, before getting too comfortable with building on our past, imagine for a moment an economy where societal constraints hadn’t limited women’s participation in formal science and technology. Without engaging in revisionist history, I only raise this point to say that Scotland has, in the coming decades, the potential to create an even greater impact in the world when there is equal engagement in both research and entrepreneurship.
A growing ecosystem supports the commercialisation of STEM innovations in Scotland. Public organisations like Scottish Enterprise, the Scottish National Investment Bank, and the British Business Bank provide crucial funding to startups. Although investment budgets face pressure, those with political influence should prioritise and protect these types of investments, as they are the engine room for economic growth.
On the private side, we benefit from entrepreneurial tax relief through enterprise investment schemes and a network of angel groups and investment firms envied by friends overseas.
How can Scotland overcome challenges to scale science and technology companies?
However, knowledge-intensive science and technology companies do not scale like tech companies. Creating global impact with a medical device or industrial biotechnology often requires B2B partnerships, licensing, or acquisition by multinationals that have market access and cutting-edge, IP-rich innovation. This point is often missed in the one-size-fits-all model of business development. There is a lot to explore in this point, around the experience and networks needed to successfully scale Scottish enterprises.
Reflecting on hundreds of pitches received by my company, Eos Advisory, most are technology-focused rather than market-focused. In turn, many investors worry about researchers’ ability to grow commercial bones. However, Scotland boasts more world-class universities per capita than anywhere else in the world, providing an inspiring and credible foundation to start and scale businesses. Are there risks? Yes. Is it difficult? Certainly. But we have all the ingredients here in Scotland to discover, scale, and commercialise science and technology that can address the biggest issues of our time, from environmental sustainability to quality of life and more.
What are the key ingredients for fostering Scottish STEM innovation?
Creativity, disruption, research, experience, human capital, AI, investment, and more. These are all ingredients, but the mixing agent is a quiet confidence that maintains a culture of ambition.
Innovation in STEM has always been and will always be the backbone of technological advancement and societal progress. It drives the development of new products, services, and processes that can solve pressing issues, from climate change to health crises. Now, more than ever, these global issues need Scottish innovation and enterprise.
On a personal note, 20 years ago, the world record for cycling around the world was 276 days. Today, it is 78 days. If you had told me at the finish line in Paris in 2007 – after racing 18,000 miles and breaking the record by two months – that I would one day do it over 100 days faster, I would have thought it was ridiculous. The rest is now history. Over the next few decades, I imagine the same for enterprise. Where we will be in 20 years’ time will not be a straight-line growth from where we are today.
Mark Beaumont FRSE, Partner, Eos Advisory; RSE Economy and Enterprise Committee member
This article originally appeared in ReSourcE summer 2024.
The RSE’s blog series offers personal views on a variety of issues. These views are not those of the RSE and are intended to offer different perspectives on a range of current issues.
