Renewed Scottish Enterprise targets business growth
This goal is one of a number of measures included in SE’s new Business Plan 2008 – 2011, which highlights how the agency will work with its partners across the private and public sectors to support industry and business growth and help build an internationally competitive business environment.
Sir John Ward, chairman of Scottish Enterprise, said: “If we are to achieve the aspirations set out in the Scottish Government Economic Strategy, we must work hand in hand with the public and private sectors to draw on Scotland’s resources and talent.
“If we are to close the productivity gap between Scotland and the best in the world, we must collectively focus our support around Scotland’s key sectors which have the potential for rapid and sustainable growth and identify more high impact projects that can help unlock Scotland’s economic potential and create more value add for the Scottish economy.”
SE will invest around £300 million over the coming year on a range of economic development activity. This will include:
- tailored support to more than 1,900 account managed companies – a 10 per cent increase from last year
- attracting 1,800 – 2,400 high value jobs through inward investment that will help fuel growth in Scotland’s key sectors
- increasing business investment in research and development by up to £60 million through a range of innovation support programmes
- supporting 20 – 30 knowledge transfers between Scotland’s academic institutions and Scottish companies to help stimulate further business growth
- intensive hands on support to more than 20 high growth start up companies that have the potential to grow into £5 million businesses over the next three years
- attracting more than double the contribution from the private sector in our high impact business infrastructure projects compared with our own investment
- leveraging up to three times as much private sector equity investment in Scotland’s companies from our investment products
Jack Perry, chief executive of Scottish Enterprise, added: “Supporting company growth remains a top priority and our focus will be to concentrate on supporting those businesses that can demonstrate real growth potential and are important for growing the national or regional economy.
“We have set ourselves some very ambitious targets for the year in terms of helping Scottish companies grow and in attracting new investment to Scotland, particularly when we will be operating within a very challenging economic climate.
“We want to be able to demonstrate the impact that we are having in terms of the turnover we help to grow, the R&D investment we stimulate and the private sector investment we lever.”
The new Business Plan is the first since the Scottish Government’s review of the enterprise networks, which saw a number of changes to SE’s governance and remit. Major changes include the transfer of SE’s Skills activity and Careers Scotland to a new body, Skills Development Scotland, and responsibility for the Business Gateway and local regeneration transferring to local authorities. SE has also recently completed its voluntary severance programme, which reduced its headcount by more than 260 people.
The agency stressed that the reorganisation has allowed it to become leaner and more efficient and operating as a single organisation rather than a network of local enterprise companies will enable it to provide a more flexible workforce that can respond more effectively to customer needs and changing market conditions.
Mr Perry added: “The past six months has seen some major changes to how we operate. There will continue to be some challenges ahead but I am confident that we are now in the best shape to respond to these. It is now time to deliver and we remain ambitious in our plans to work with our partners to help develop a truly sustainable and successful Scottish economy.”