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06/06/13 10:52

Record number of Scottish entrepreneurs

Swinney welcomes further good news for Scottish economy

Finance Secretary John Swinney has welcomed figures released today by the Global Entrepreneurship Monitor (GEM) that show Scotland now has more entrepreneurs than ever before.

The Global Entrepreneurship Monitor is the largest research project on entrepreneurship in the world, with 69 participating countries in 2012. The Scottish report is produced by the Hunter Centre for Entrepreneurship at the University of Strathclyde Business School.

This welcome boost to the Scottish economy follows the 2013 Ernst & Young Attractiveness Survey on foreign direct investment (FDI) released yesterday which describes Scotland’s performance in attracting inward investment as “sparkling”, boasting a 49% increase in the number of projects coming to Scotland and results from Scottish Enterprise released today showing Scottish manufacturing firms achieving a record £21 million of business efficiency savings in the last year.

Commenting on the GEM figures, John Swinney said:

“Entrepreneurialism is a key driver in our aim of building a wealthier and fairer Scotland. It is fantastic news that Scotland now has more entrepreneurs than ever before and that we are now in the top half of the world’s most innovation driven nations but the Scottish Government knows that more can be done.

“Just last year I announced funding for the £2 million Scottish EDGE Fund – a collaboration between Entrepreneurial Spark, RBS and public enterprise agencies that will invest into young Scottish businesses most capable of delivering jobs and growth to our economy.

“This week has been a good week for the Scottish economy. Only yesterday the 2013 Ernst & Young Attractiveness Survey on foreign direct investment (FDI) described Scotland’s performance in attracting inward investment as “sparkling” and said Scotland is continuing to ‘raise its game’ in the face of an increasingly competitive global market and we are “improving our competitive position within the UK’.

“Today Scottish Enterprise released figures showing Scottish manufacturing firms achieving a record £21 million of business efficiency savings in the last year showing that our companies and our Agencies are working hard to make our businesses as competitive as possible.

“Within the current devolved powers the Scottish Government is already doing everything we can to deliver jobs and growth in our economy, however it’s the powers of independence which are required to make the difference Scotland needs.”

Notes to editors

The key measure of entrepreneurial activity in the report is based on ‘Total Early-Stage Entrepreneurial Activity’ rates (TEA). This measures the percentage of the adult working age population that is actively trying to start a business, or that own and manage a business that is less than three and a half years old. The latest GEM report for shows that Scotland’s Total Early-Stage Entrepreneurial Activity’ rate has risen to 6.9 per cent and moves Scotland into the second quartile of 20 innovation driven nations.