First Minister Humza Yousaf and Scottish Enterprise (SE) are launching a blueprint for economic growth in Aberdeen this morning.
Mr Yousaf and SE chief executive Adrian Gillespie are unveiling SE’s new strategy during a visit to Granite City firm Verlume, which manufactures battery storage technology for use on seabeds.
Scotland’s enterprise agency has an equity stake in Verlume, alongside private sector partners.
SE believes its new “Focus on Economic Transformation” can unlock thousands of jobs.
And it says it will help generate billions of pounds to transform the nation’s economy.
Three missions, one goal – a brighter economic outlook for Scotland
From now on, the quango will direct all its resources into three “missions” of energy transition, innovation and productivity.
This will help deliver a “more successful, greener and fairer economy”, SE said.
A spokesperson for the agency added: “The global economy moves quickly. Scottish Enterprise must change its priorities, approach and structure to meet Scotland’s economic needs now and help shape our future economy.”
More needs to be done to grow levels of business investment more widely if we are to
compete with the highest performing nations.”Adrian Gillespie, CEO, Scottish Enterprise
SE is changing the way it works with businesses and entrepreneurs.
Its new “mission-based approach” is intended to help them tackle persistent challenges, while growing their firms.
“This change will require a sustained effort over time on those opportunities that most effectively drive up levels of business innovation, capital investment and international activity for the greatest economic impact,” the agency explained.
It added: “Businesses and entrepreneurs will experience intensive levels of Scottish Enterprise support, with the ambition of delivering a step-change in Scotland’s economic performance.”
Scotland’s ‘phenomenal’ opportunity
Mr Yousaf said: “Scottish Enterprise has an important role to play in driving the energy transition and advancing our vision of a fair, green and growing economy.
“This strategy builds on a strong track record of achievement and sets out how it will do this in alignment with the Scottish Government’s priorities: to support economic growth by creating high-value jobs, enabling innovation, boosting productivity and attracting investment.
“I welcome the specific emphasis ‘Our Focus’ has on continuing to build close relationships with businesses and stakeholders to support that economic transformation.”
© Image: Mhairi Edwards/DCThomsonSE’s CEO highlighted a “phenomenal opportunity” for Scotland to “harness its unique capabilities to transform the economy”.
Mr Gillespie added: “Now is the time to sharpen our focus to help drive this.
“Scotland has an excellent track record, for example in foreign direct investment, but there is room for improvement in other areas. We need a future economy that drives up levels of investment and innovation that positively impacts economic performance and generates wealth for everyone in Scotland.
“We are changing the way we are organised, how we work and what we do to help secure that.”
© Supplied by Scottish EnterpriseMr Gillespie, a former SE head of energy, went on: “Focus is our blueprint to enable our businesses to deliver high value jobs, boost their levels of innovation and productivity, and create wealth for Scotland’s economy.
“It signals the start of a different approach for Scottish Enterprise, making sure we do everything we can, alongside our partners, to support ambitious businesses and entrepreneurs, and deliver a successful, growing economy for all of Scotland.
“To do this, we will focus on those opportunities that can deliver transformational growth.”
© Supplied by Port of AberdeenIn his forward to the new strategy document, Mr Gillespie says: “Scottish Enterprise must be laser-focused on the high growth opportunities where Scotland’s companies are best placed to compete internationally, as well as strengthening our underlying performance in important areas critical to driving our future competitiveness.
“More needs to be done to grow levels of business investment more widely if we are to
compete with the highest performing nations.”
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SE will target “high growth opportunity areas of energy transition”, including offshore wind and hydrogen production.
It will also target space, photonics and quantum technology, industrial biotechnology, life sciences and financial technlogy.
The spokesperson added: “This approach will also mean increased agility and pace of delivery on major opportunities across the agency’s activities, as well as closer alignment and collaboration with partners.
Economic development quango hopes to kick-start thousands of jobs
“It also requires a change in the way the organisation is structured, how the missions are led and how they are embedded into the work of everyone at Scottish Enterprise.”
SE expects to help businesses “create, safeguard and transition” thousands of jobs by 2030.
© Supplied by VerlumeThe scaling innovation mission alone is expected to help businesses create more than 60,000 jobs and generate nearly £14 billion of additional annual turnover by 2030.
SE’s energy transition mission aims to accelerate technology innovation, supply chain capability and investment in manufacturing and key infrastructure – such as at ports and harbours.
The agency said this could double the number of companies operating across energy sectors.
It added: “It will also ensure the wider economy benefits from the opportunities presented by the need to adapt and change and, ultimately, become a net-zero greenhouse gas emitting nation by 2045.”
Verlume: In the thick of Scotland’s accelerating energy transition
Verlume was founded in April 2013, as EC-OG, by managing director Richard Knox and former engineering director Rob Cowman.
The company has received significant SE research and development support, and benefitted hugely from the agency’s connections to global markets and contacts.
© Supplied by VerlumeMr Knox said “Scottish Enterprise has been a pivotal supporter of Verlume’s growth over the last 10 years.
“This support has allowed us to work at the forefront of the energy transition, reducing emissions associated with existing offshore operations, and now scaling our energy management and storage technology with multi-million-pound commercial orders being delivered in the offshore wind market to optimise wind farm performance.
Verlume’s boss says company can be example for other innovative firms
“Hopefully, we can be an example of how others can take their existing capabilities and, through innovation, build their business to allow them to make a positive contribution towards achieving emissions reduction targets and net-zero.
“It is encouraging to see the energy transition as one of Scottish Enterprise’s new missions, alongside scaling innovation, entrepreneurship, and productivity.”
SE currently has investments in 336 companies, valued at £478 million.
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