With more and more growing sectors emerging due to the rise of technology that was once considered in the realms of sci-fi possibilities, Scotland has seen its fair share of corporate success of the fantastical and futuristic kind.
Whether it’s the major advances in medical research or wonders of computing that’s going on in the nation, innovative new sectors are growing, and more avenues are opening for the Scottish economy. But little did I know, the sky is no longer the limit as we boldly go where no Scot has gone before.
With headlines soaring through the atmosphere over the past few months regarding Scotland’s hopeful ventures beyond the stars, a variety of recent business deals have planted these aspirational plans firmly on the ground. According to a study by Scottish Enterprise last year, projected income from the new space sector could reach around £2 billion by the end of the decade, especially with the Scottish sector growing 12 per cent year on year recently.
The first deal is centred on the far-off frontier of the Shetland Islands, home of Scotland’s new SaxaVord Spaceport, which is aiming to quite literally launch in 2022. An Edinburgh-based rocket company Skyrora has agreed a multi-launch deal with the Unst spaceport, as it aims to launch its XL rocket next year from the Shetland site.
If this all goes ahead, it could make history as the first rocket to go into space from the UK. Another historical first from this would be the jobs boost to the region, with SaxaVord spaceport creating 140 jobs locally, with a further 70 jobs across the Shetland isles. An additional 170 jobs are planned by the team at Skyrora before the end of 2030, to keep with their ambitious launch plans in creating a truly Scottish mark on space travel.
While the new SaxaVord spaceport may be one small step for man, but a giant leap for Scotland, the nation is set to hop, skip and jump into new interstellar territory with an additional spaceport in Prestwick, Ayrshire.
The new spaceport plans which come from Glasgow Prestwick Airport and South Ayrshire Council, with a helpful boost from the Ayrshire Growth Deal, form part of a growing ecosystem of companies that can act as a catalyst to boost economic activity around space across Scotland.
The Prestwick Spaceport secured £80m of investment which will be invested in infrastructure and is expected to bring up to 4,000 jobs to the region. This astronomical development for Scottish economy is lifted by a recently signed deal between the airport and UK-based horizontal rocket launch company Astraius as its first launch partner.
According to Scotland’s Minister for Business, Trade, Tourism and Enterprise, Ivan Mckee, this partnership announcement ‘brings us a step closer to achieving our ambition and proves once again the versatility and dynamism of the Scottish space sector’. It’s fantastic to see Scotland taking part in its own space odyssey, as well as finding new roles for employment.
One final out of this world story which caught my attention over the past week is from specialist investor Capital for Colleagues which invested over £3.5 million for fuel expansion plans for two Scottish space technology businesses.
The unique angle of each business, namely Dundee-based space software technology provider Bright Ascension and Glasgow’s space engineering company Craft Prospect, is that they are employee-owned companies, hence why they were selected for this fantastic offering.
The funding investment will bolster the capabilities of each of these space tech businesses and is yet another glowing example of how much confidence there is in the Scottish space sector.
With plenty of support, both from private investors and the Scottish government, it’s clear that the path to beyond the stars is one venture that Scotland needs to pay clear attention to. With plans to launch as early as next year, it seems as we’re once again blasting off towards the head of the pack with innovation and technological advancements and reaping the benefits of all the new employment and economic benefits that will come with space travel. We may not be quite at the level of the Star Trek Enterprise – and 90 year-old space traveller William Shatner – just yet, but it’s certainly great news that may help Scottish businesses to live long and prosper.
Funding inequalities still blocking Black entrepreneurs
It is extremely difficult to read and accept that even today ‘cultural barriers’ still exist. I find it utterly harrowing that, according to a diversity advocate, these barriers are seen to block black entrepreneurs from growth funding.
Enoch Adeyemi, chief executive at Black Professionals Scotland (BPS) and a fellow of the Association of Chartered Certified Accountants (ACCA), claimed that for every £100 venture capitalists invested only 24 pence went into black-owned businesses.
Adeyemi referred to figures from the Diversity Beyond Gender report by Extend Ventures, a non-profit organisation with the aim to diversify venture capitalism, released in November 2020.
The Extend Ventures report analysed data from 3,784 UK entrepreneurs, who started more than 2,000 companies between the years of 2009 to 2019. The data states that just £1 in every £417 of venture capital funding of start-ups in the UK went to businesses with black founders.
This disturbing statistic ultimately means that black finance professionals are often denied promotions which will see them unable to progress.
The data also revealed that black founders occupy only 0.24 per cent of venture capital funding, in comparison to their representation of the UK population, which occupies 3.5 per cent.
According to Adeyemi, as well as other studies that have taken place, it is evident that black entrepreneurs lack the necessary networking connections needed to secure a financial backing. We need to question why this is the case.
With October marking Black History Month here in the UK, there is no better time to help tackle this issue.
Adeyemi is kicking things off by launching a new e-commerce platform for Black-owned businesses in the UK to help celebrate and raise awareness.
It Made Me Laugh
A recent talking – or laughing – point on social media was a café’s revenge on a customer paying for his food in coins.
A breakfast roll, ordered by a peckish customer on his break from work, went viral after being paid for in 10p coins. The payment method severely backfired as the café worker decided to cut up the roll, which looked like it could have been a perfect start to the day, into little chunks to reflect the choice of payment.
A picture of the roll and sausage was posted to Twitter and went viral, causing quite a stir amongst viewers with some even claiming the café worker took it too far.
Hopefully he didn’t want sauce on it or that might have been a bit problematic… bon appétit.
It Made Me Weep
A comfortable retirement is the end goal for everyone, however I was disheartened to read last week the income needed for this.
Following the impact of the pandemic due to COVID, the comfortable living rate for pensioners has gone up by at least £2,000.
According to consumer group Which?, the price tag of a happy retirement is £305,000. For someone who wants a ‘comfortable’ retirement, they would require at least £19,000 per year or £26,000 for a couple.
Single occupants face a greater challenge without the pension income and state pension contribution of a second person to help meet savings targets, with the average single person spending £13,000 on essentials, £20,000 for a comfortable retirement and £33,000 for some luxuries.
As grim as it may seem, I would advise everyone of any age to start looking into your pension.
