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September 2022 - Engineering

93% of Scottish, tech start-up companies believe Scotland is a good place to start a business: A study into how Scottish tech start-ups are progressing has uncovered that 93% of respondents think that Scotland is a good place to begin their business venture. However, the survey found that just under nine in 10 investors are more likely to target companies elsewhere.

Investors revealed they are looking towards groups in other areas in the UK (46%), North America (30%) and the rest of Europe (21%).

The sixth Scottish Start-up Survey polled Scottish tech start-ups and the current EIE22 cohort to illicit the main trends within the industry. The annual survey found that seven in 10 respondents believe their company is currently  in a stronger position to achieve growth, in comparison to early 2020.

Furthermore, 55% of Scottish, start-up leaders are of the opinion that the tech eco-system in Scotland is in a stronger position than it was 12 months ago.

When looking at how the pandemic has impacted employment, the study found that three-quarters of tech start-ups are struggling to find engineers and developers with the required skills. In addition, 67% of Scottish firms are looking at talent pools beyond the border.

The study also looked at how tech firms are choosing to invest, with 83% selecting to look towards venture capital firms – firms using investor’s money to provide capital for start-ups. On the other hand, eight in 10 tech start-ups are looking towards angel firms – high net-worth individuals looking to invest in the early stages of a company.

Global economics was deemed a concern by almost nine in 10 respondents; however, 88% of those surveyed said their start-up has grown over the last year. However, 68% said national issues, such as Brexit, have decreased the rate of growth of their business.

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