Scotland has experienced exponential growth in terms of business openings and potential. There’s a real hunger for innovation, and what’s more, there’s eager talent enthusiastic to match that want. Working in a more stable economy than most countries could wish for, the scot startups aren’t wasting the opportunity before them.
There are many factors that influence this recent boom. Below, we consider what may have caused this resurgence in brand new Scottish businesses.
Young Innovators, Young Businesses
Obviously, quality companies don’t just pop up out of the ground. It takes a keen mind to come up with a good idea and lift it of its feet, and those recently exiting education are many of the masterminds behind the startup surge. They walk away with a degree, and more notably, they want to do something with it.
Scotland is home to many prestigious universities; University of St Andrews, University of Glasgow, University of Edinburgh, etc. Every year, young talent from these institutions and more are released into the wild, free to use their education to formulate brand-new ideas, and namely, brand new businesses. Fresh thinkers spark fresh business pitches, and it’s where the spark of the startup is at its brightest.
Lower Commercial Rent
Startups struggle to find funding at the start. Typically, none of them rake in huge sums of cash, and they’re forced to master local markets first. Still, while business loans from Liberis can help greatly during financial hardship, a startup would undoubtedly prefer to run things via their own means for maximum financial security. Commercial rent is one of the areas where this is made possible.
In comparison to other places, Scotland has substantially lower commercial rent costs, especially when compared to rivals London and Hong Kong who top the expense list in the industry. Obviously, this is an enormous draw for young and fledging businesses, allowing them to mould a sustainable business within an affordable workplace that, amazingly, can be located in bustling cities such as Edinburgh and Glasgow.
A Focus on Tech
As everyone by now knows, technology is progressing at a rapid rate. In the last few years, we’ve witnessed the introduction of powerful new smartphones and their associated apps, smart televisions, graphically complex video games, vehicles that run on electricity that are equipped with cameras and sensors, and more. The tech industry is picking up momentum every day, and Scotland knows it better than most.
There’s no end to innovative Scottish tech startups, showing a thriving range of new businesses with promising futures that are spurred on by innovation. The focus on newness in ideas and objectives is something that’s extremely resonant, and more to the point, there’s a demand for it. People want the latest gadgets and software, and the scot startups are more than happy to create it for them.