Scotland is experiencing a ‘landmark moment’ in its business world, and it’s one that deserves our attention and celebration.
According to a recent study, half of all entrepreneurs in Scotland are women. This is a significant change that reflects broader societal shifts and offers exciting opportunities for the future of Scottish business.
Historically, entrepreneurship has been a male-dominated field, not just in Scotland but around the world. Women faced barriers starting their own businesses, from access to funding to societal expectations on gender roles. However, times are changing and unprecedented numbers of women in Scotland are running their own businesses.
The global entrepreneurship monitor (GEM), an annual measure of entrepreneurship, found 8.6 per cent of working-age women in Scotland were running or setting up a new business in 2023 compared with 9.8 per cent of men. This compares with 7.2 per cent of women and 10.5 per cent of men in 2022 – an encouraging shift.
Compiled by the universities of Edinburgh, Glasgow and Strathclyde, the report said that 300,000 people in Scotland were engaged in early-stage entrepreneurial activity in 2023.
Women making up almost half of that number was described by one of the report’s authors as ‘momentous’, and I couldn’t agree more.
The study also found significant regional differences in the proportion of female entrepreneurs compared to their male counterparts.
In the north-east of the country 9.6 per cent of women were engaged in early-stage entrepreneurial activity compared with 18.6 per cent of men, whereas in southern Scotland it’s 8 per cent of women compared with 6.5 per cent of men.
The rise of female entrepreneurs is a positive development for several reasons and not just gender equality. It brings diverse perspectives to the business world, which can lead to more innovative products and services. Diverse teams are often more creative and better at problem-solving, which benefits consumers and the economy alike.
One of the key factors behind this shift is a growing support network. Organisations like Women’s Enterprise Scotland and Business Gateway provide essential resources, from mentoring to funding opportunities. These organisations understand the unique challenges that women face and are dedicated to helping them succeed.
Having a mentor who has navigated the same challenges can be invaluable for advice, support, and connections that can make all the difference in the early stages of a business. As more women become successful entrepreneurs, they, in turn, mentor the next generation, creating a cycle of support.
However, report author, Prof Sreevas Sahasranamam of the Adam Smith Business School at the University of Glasgow, added that the overall climate for creating business opportunities in Scotland could be better, with experts judging entrepreneurship in Scotland to be ‘generally mediocre’, while support levels for female entrepreneurship worryingly evaluated as ‘less than satisfactory’ scoring a paltry 3 out of 10.
The rise of female entrepreneurs is encouraging, but it’s important to recognise that challenges remain. Access to funding is still a significant hurdle for many women. Studies have shown that female entrepreneurs often receive less investment than their male counterparts, making it harder for them to upscale their businesses.
Balancing work and family responsibilities is another challenge that many women face. Flexible working arrangements and supportive family policies are essential to help women manage both their professional and personal lives.
With that said, the future looks bright for female entrepreneurship in Scotland. The growing number of women starting their own businesses is likely to have a positive impact on the economy. Female-led businesses tend to reinvest a higher percentage of their earnings into their communities, creating jobs and supporting local economies.
As more women enter the business world, we can expect to see changes in the types of products and services available. Women bring different perspectives and experiences to the table, leading to innovations that might not have been considered otherwise.
The rise of female entrepreneurs in Scotland is a trend worth celebrating. And with continued support, women entrepreneurs will continue to thrive and drive Scotland’s economy forward. Let’s champion these trailblazers and support their journey to success, for the benefit of all.
Scottish cities have flown up the league tables as attractive prospects for Foreign Direct Investment (FDI) according to a new study by law firms Wright, Johnston & Mackenzie and Irwin Mitchell.
The study ranks the top 50 UK cities based on growth potential, local infrastructure, and local skills, forming an FDI score.
FDI refers to an ownership stake in a company or project by an individual body from another country. FDI brings management styles and technology to directly influence that company and is a famously resilient source of private equity when compared with portfolio equity and debt flows.
Edinburgh surpassed Greater Manchester and Birmingham into 6th position, with London taking all podium positions, placing “inner London” first, “London” second, and “outer London” third.
Interestingly, Edinburgh tied with Oxford for first place in the qualification levels indicator, reflecting the city’s high educational standards and skilled workforce.
Glasgow also demonstrated impressive progress, with Glasgow moving up four places to 11th and Aberdeen climbed three places to 39th, showing improvements in the local skills pillar, where it now ranks 12th.
Despite this positive movement, Edinburgh’s overall attractiveness score decreased by 5.7 points compared to last year. This decline mirrors a trend seen in many other cities this year.
It is important to compare directly to other UK cities for a realistic idea of how we are doing. Some credit is due for governmental departments and companies that are doing their part in making Scotland a comparatively attractive home for FDI.
It Made Me Laugh
It Made Me Laugh
Glasgow’s famous Burrell Collection, an art and artefact collection in the heart of Pollok Park, received an interesting complaint at the weekend.
A visitor was disappointed that the famous museum and gallery had nothing to do with Princess Diana’s former butler, Paul Burrell.
Unfortunately, the impressive collection in the recently refurbished building didn’t live up to the expectations of the Royal fanatic.
It is a good time to bring up the famous misquote that middle managers have abused for years. Harry Selfridge’s quote is often cut in half with the full thing being, “the customer is always right, in matters of taste”. If they want to buy an ugly hat, then let them. It doesn’t mean they’re right”.
It Made Me Weep
It Made Me Weep
The recent hikes in drop-off charges at Edinburgh airport is the wrong call. The increased fees mean passengers are paying up to £5 for 10mins for brief “kiss and fly” drop offs.
These charges create unnecessary animosity and anger amongst travelers, and I imagine people are more hesitant to open their purse when they get into the actual airport. If I owned a business on site, I’d be kicking up a fuss.
Insurance company RAC found most travelers have no feasible public transport alternatives and so feel cornered by the charge, which I suppose is the idea.
Airports may need the revenue, but could find a way of hiding such fees elsewhere to prevent unnecessary bitterness from people before they’ve even walked through the door.
