Scotland stands out as the most entrepreneurial of the UK’s devolved nations, with a high number of well-established entrepreneurs. According to research from YFM Equity Partners, these Scottish founders contribute £52bn in revenue, despite constituting only 7% of the nation’s small and medium-sized enterprises (SMEs). The firm’s inaugural Entrepreneur Economy report stated that as the third fastest growing part of the UK, Scotland holds “significant potential for future growth”. YFM and the Centre for Economics and Business Research forecast 8.4% growth in the value generated by the production of goods and services – or gross value added (GVA) – in Scotland between 2023 and 2028.
Challenges Faced by Scottish Entrepreneurs
However, these Scottish entrepreneurs face numerous challenges – not least access to funding, with 88% of respondents to YFM’s survey reporting that they had faced at least one barrier to accessing capital. Almost a third (32%) of Scottish entrepreneurs also struggle to secure appropriate funding for new businesses, above the national average of 29%.
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