The chief executive of Entrepreneurial Scotland has called Scotland’s small and medium-sized enterprises (SMEs) “world leading”.
Sean McGrath made the remarks at a question and answer session following the announcement of the Scottish Government’s National Economic Forum.
He explained that Scottish SMEs were some of the best at digital transformation and creating sustainable business models, with particular advantages in terms of Environmental, Sustainable and Governance (ESG) factors. “We are goldilocks, we are the right size to be an ESG nation”, he added.
Explaining her new economic strategy, Finance and Economy Secretary Kate Forbes stated: “SMEs are the backbone of our economy, you can’t write a national strategy without including SMEs.
“It’s about getting the balance, it’s a strategy for growth, it's a strategy for improving our economic performance working with sectors and individual businesses.”
The new plan has 77 aims across six sections to help grow the economy, with a focus on entrepreneurship.
Mariana Mazzucato, founder of the University College London Institute for Innovation & Public Purpose, who helped create the Scottish National Investment Bank, spoke about plans for the bank at the event.
“There is plenty of capital, we just don't have the right climate here - the Scottish National Investment Bank is changing that with its patient, long term, committed finance to those organisations.
“I was really proud to help set it up, to align with the government and efficiently and hold the government accountability catalysing activity attaching conditions to loans.
“It can capture the financial reward of this but the public purse is also getting a share of the upside of other similar funds of the world.”
Also speaking at the event, Business and Transport Secretary Ivan McKee said Scottish Enterprise's £20m investment in Livingston-based life sciences firm Valneva was “game changing”.
First Minister Nicola Sturgeon also confirmed that it will lead to safeguarding more than 200 jobs and the expansion into its vaccine for Covid-19.
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