At the cutting edge of the Scottish tech scene, guest blog by Melissa Gray, SVP Ecosystem Partnerships at CodeBase and former senior Cisco exec

Strategic partnerships form the backbone of thriving entrepreneurial ecosystems, creating synergies that amplify support for innovative businesses - a model that is integral to our strategy and operations at CodeBase and the Techscaler programme we run for the Scottish Government.

Scottish EDGE, Scotland’s biggest business funding competition and a cornerstone of the nation’s startup landscape, is one of the partnerships which best illustrates this approach.

Funded by the Hunter Foundation, Royal Bank of Scotland, the Scottish Government, Scottish Enterprise, and private donors, the prestigious competition has supported over 700 early stage Scottish businesses since 2014, delivering over £29 million in award funding during that time.  And just this week, the Scottish Government announced an additional £3.6 million of funding for EDGE.    

Techscaler’s collaboration with Scottish EDGE is strategically important as it unites Scotland’s leading tech scaling platform with the nation’s premier funding competition, aligning with Techscaler’s mission to accelerate Scotland’s tech ecosystem by ensuring that innovative startups receive comprehensive support - from educational programmes and mentorship to funding.

Now in its third year, Techscaler supports over 1,200 startups who have collectively raised over £120 million since 2023, and Scottish EDGE is one of over 60 related partnerships we have in place.

Key focus areas include cross-promotion of support opportunities for entrepreneurs, facilitating connections to co-develop educational programmes, events, and community resources.  Eligible Scottish EDGE winners get direct access to Techcaler’s educational programmes and mentorship services, while early stage startups engaged with Techscaler receive targeted support to pursue Scottish EDGE funding.

The strategic alignment supports the broader ambitions of the Scottish Government to cultivate a thriving, interconnected ecosystem that spans all regions of Scotland, ensuring that no innovative business is left without the kind of support needed for sustainable growth.

One flagship element of the partnership is the Techscaler sponsored Young EDGE Award, a £15,000 prize specifically designed to support innovative tech businesses led by founders under the age of 30, with a view to nurturing Scotland’s next generation of tech entrepreneurs.

The inaugural Techscaler Young EDGE Award was won by Shifted Group, a staffing platform for the hospitality industry founded by University of Glasgow student Cian Smith and Napier University graduate Callum Leith.  Their innovative app connects venues needing staff with pre-vetted employees, eliminating traditional agency requirements and paperwork - exemplifying the type of tech innovation our partnership aims to support.

At Scottish EDGE’s 25th round in May, 18 of the award winners were also Techscaler members, representing combined winnings of around £400,000.

As Scottish EDGE CEO Evelyn McDonald puts it: “At Scottish EDGE we believe that access to the right blend of funding, education, and community support enables ambitious founders to thrive. Our partnership with Techscaler, including the Techscaler Young EDGE Award, is a powerful example of how collaboration across Scotland’s entrepreneurial ecosystem can open more doors for early-stage businesses, encourage inclusive engagement, and accelerate growth. We are confident this partnership will continue to deliver results, nurturing the next generation of innovative companies that will strengthen Scotland’s reputation as a place to start and scale your business.”

The business of rugby, by Nick Freer

As the Women’s Rugby World Cup kicks off this weekend, the game has never been in better shape - according to Deloitte, the women’s elite sport is set to generate £1.8 billion globally this year, following a three-year “super growth” period since the tournament was held in New Zealand in 2022.

The Women’s Rugby World Cup in England is forecast to attract up to 400,000 attendees, amassing 50 million global viewing hours, while attracting a whole new fanbase for the sport.  United States player Ilona Maher, named at outside centre for last night’s World Cup opener against England, personifies the popularity of women’s rugby with almost 9 million social media followers and Hollywood beckoning.

This afternoon in Manchester, Scotland embarks on the tournament against old foe Wales, a team only one place below the Scots in the world rankings.  With a tight head-to-head record against the Welsh in recent times, today’s game may not be a Hollywood blockbuster but it is sure to be a must-watch, super competitive with a good helping of niggle. There may not be much love lost between these Celtic counterparts.

For Scotland, the women’s team has become both a source of national pride and a symbol of progress.  The rise is about more than winning matches, it’s also about changing perceptions around who gets to play the game of rugby, who gets to be seen, and who succeeds.

Who knows, perhaps the future of rugby will be shaped as much by women as by men.  That could be the most exciting part of this story.

A fortnight ago, on a sunny but chilly evening in St Andrews, I joined family and friends of the Scotland team for a night of music, food and drink, organised by sponsors and partners of Scottish Rugby.  What hit me most at this informal send off for Scotland’s finest was the strong emotion, happy and proud tears from parents and siblings.

As James Reid wrote for The Scotsman earlier in the week, with the tournament marking Bryan Easson’s closing chapter as head coach, it will contribute to a lasting legacy and end his tenure at the top.

Those of us who know Bryan will also be rooting for him and his staff along with the players themselves.  As per the motto that Scottish Rugby came up with to signify unity, community, and inclusivity, “As One”.

Has Bryan Easson had to do the job at times with one hand tied behind his back?  Does it make sense for him to be leaving the Scotland setup at this point?  Those questions are best answered by another columnist another time.   

What he does next in the sport or in business will be interesting, but anyone who knows Bryan realises the outsized impact the guy can make, going back to his electric performances for Exeter, or when Stuart Hogg dedicated his British Lions jersey to Bryan for the support and mentorship he had received over the years.

AI feeling hungry with software on the menu, by Nick Freer

When you look at the success of the Scottish tech startup scene to date, in the main it is startups building software to deliver innovation across B2B and B2C have underpinned this exponential growth.

So, think online travel giant Skyscanner or sports betting star FanDuel - both multibillion-valued companies who began their lives as startups here in Edinburgh, from where they both took their first fledgling flights before hitting global scale and becoming the nation’s first unicorns.

This week, digital consultancy CreateFuture (formerly xDesign) announced a technology partnership with Skyscanner, following on from a previous engagement with FanDuel, which will see CEO and founder Euan Andrews and his 500-strong team based across the UK and Europe, support Skyscanner in areas including audience experience, data and AI tooling, and app experience.

As CEO Andrews noted in CreateFuture’s press announcement this week, “We think this says something about the evolution of the Scottish technology ecosystem as a whole.”

He is right, it does, because while the big tech brands generally garner the news headlines, we shouldn’t forget the specialist firms that provide supporting roles, and some of our native digital consultancies and software development firms should be filed under this category.

Global tech players like Skyscanner and FanDuel know how to spread their butter when it comes to employing and deploying tech talent within their businesses, and equally they know the value of using external talent to support the development of their technology.

Rewind to August 2019 and another Scottish software studio, Cultivate, was in the news after being acquired by Deliveroo, marking the food delivery app’s first acquisition in the UK.

Cultivate, headquartered at CodeBase in the shadow of Edinburgh Castle, had a relatively small team of engineers and developers, but small can be beautiful and these beautiful people were helping Deliveroo around its payment system which handled millions of transactions every day.

Renowned venture capitalist Marc Andreessen’s 2011 declaration that “software in is eating the world” proved prophetic, but as we know technology waits for no man or woman and six years later Nvidia CEO Jensen Huang moved Andreessen’s metaphor on, famously remarking: “Software is eating the world… but AI is eating software.”

Arguably, the most important software conference in the world, ‘SaaStr’, takes place in San Francisco in May every year with software-as-a-service (SaaS) founders, executives, and investors gathering in the Bay Area to network, hear from SaaS leaders, secure investment, and sell.  And it was with little surprise that the organisers added “AI” to the name of the conference this year.

Last month, McKinsey & Company released its ‘Technology Trends Outlook’ report for 2025, in which the global management consultancy stated: “Even as excitement builds, realising AI’s full potential across sectors will require continued innovations to manage computing intensity, reduce deployment costs, and drive infrastructure investment.  This will also demand thoughtful approaches to safety, governance, and workplace adaptation, creating a wide range of opportunities for industry leaders, policymakers, and entrepreneurs alike.”

Food for thought.

Forbes moved the dial on Scottish tech, by Nick Freer

As a longstanding adviser to the Scottish tech and entrepreneurial scene, I was sad to see the news this week that Deputy First Minister Kate Forbes plans to step away from politics.  While I have always shied away from nailing any party colours to a particular mast, certainly as that pertains to my professional life, my respect for Forbes has never really been about the politics anyway. 

Going back to 2018 when Forbes was appointed Minister for Public Finance and Digital Economy, I got to see firsthand how much time Forbes spent with the tech community, including with CEOs from many of the startups that I worked with.  

Importantly, there wasn’t any fanfare and I don’t remember too many associated media jamborees, it was more about getting out into the trenches to hear about startup life from founders and their challenges when it came to support, investment, skills, and growth.  

I recall being at an investor fireside chat event in Edinburgh around this time, featuring a partner from a European venture capital firm and a couple of prominent Scottish tech founders.  I saw Forbes slip in from the back of the venue unnoticed by most attendees and sit down for half an hour or so, taking notes, then quietly leaving, all without any fuss.  

Fast forward a year or so, it came as no surprise to see the Scottish Government, spearheaded by Forbes, commissioning the Scottish Technology Ecosystem Review, authored by former Skyscanner COO Mark Logan.  That report, now referred to as STER, was published in the summer of 2020 and many of its recommendations have since been put into action with a view to strengthening Scotland’s credentials as a tech nation.  

Following on from Logan being appointed chief entrepreneurial adviser to the Scottish Government in 2022, multiple initiatives were enacted - around startup and scaleup support, women in entrepreneurship, digital skills, computing science in schools, funding, and international strategy.  Few could argue that, collectively, they have not moved the dial in the right direction since.  

So, irrespective of politics, from my perspective Kate Forbes gets top marks for championing entrepreneurship in Scotland and helping to put some of the right pieces in place to foster the development of Scottish tech.  Did I give her an extra mark for hailing from Dingwall on the Black Isle, a Highland town in which I spent a formative year of my life?  Definitely maybe.  

Roll With It

Last week, the Centre for Economics and Business Research revealed research indicating that the Oasis gigs at Murrayfield last night and tonight will deliver over £40 million of economic benefit to Edinburgh, helped by the fact that almost three quarters of attendees will travel into the city as either day or overnight visitors.  

Having spent twenty-four hours online trying to get tickets, then finally getting two, we ended up passing them onto a neighbour who was desperate to see the Gallagher brothers reunion but had missed out.  Admittedly, we are now feeling a little bit of FOMO, but I guess we’ll just have to roll with it. 

Beyond the comfort zone: how challenge sparks growth and empathy, guest blog by Elevator CEO Rachel Ross

In a wet and midge-infested Aberfoyle, an invigorating July weekend unfolded - not just in the rugged Scottish landscape, but in the hearts and minds of the entrepreneurs taking part in the annual Elevator Challenge Weekend.

This unique event, which has been run by volunteers from the Dundee-based social enterprise Elevator for the last 20 years, is designed to test the mettle of entrepreneurs and budding business owners, encouraging them to push beyond their comfort zones, embrace vulnerability, challenging themselves to think and act differently.

At its core, the challenge is about fostering a growth mindset - a concept that has become increasingly critical in both personal and professional development.

Young people and new business owners often face the daunting task of navigating an unpredictable world, where market dynamics, technology and customer preferences are constantly changing. For them, a growth mindset is more than a personal trait; it is a tool to thrive in the face of adversity.

But what does it really mean to step outside your comfort zone?

And why is it essential for the development of not just a business, but the leadership skill to lead and work with an entire team?

When participants come together at the Elevator Challenge Weekend, they are thrown into collaborative situations with individuals they have never met before.

The result? A remarkable synergy that highlights the importance of diversity - of thought, experience, and perspective.

It is easy to feel secure within the confines of our familiar circles - be it in our workplace, educational institution, or even our friendships.

However, growth doesn’t happen in a bubble.

It is through the exchange of ideas with people from different walks of life that we gain fresh insights, innovative solutions and sometimes even unexpected opportunities. In Aberfoyle, participants were given the chance to challenge their assumptions, pivot their thinking and see their ideas through the lenses of others.

They also had to learn to support each other through physically and mentally challenging tasks. Sometimes, however, it is easier to be vulnerable and open with strangers than with those that know us best.

The key to turning these diverse inputs into progress lies in trust.

The kind of trust that allows someone to present an idea to a group of strangers and recognise that it will be heard, understood and respected.

This doesn’t happen by accident. It takes empathy - an essential ingredient for building strong, cohesive teams. Empathy is the ability to put yourself in someone else's shoes and, in doing so, create an environment where collaboration, rather than competition, thrives.

It’s this concept of empathy and trust that creates a fertile ground for teams to flourish. As businesses grow, so too must their capacity to nurture diverse viewpoints, resolve conflict and celebrate differences.

A business isn’t just a collection of tasks - it’s a team of people, each contributing their own strengths. The Elevator Challenge Weekend provides a rare and valuable opportunity for participants to experience this in action, and many left the event not only with new business strategies but with new relationships that would propel their ventures forward.

As one recent participant, Victoria Lane of Solway Blankets, reflected: “The Elevator Challenge Weekend pushed me mentally, physically and emotionally.

“It has given me the clarity to see what kind of team I need around me to facilitate the growth of my business, helped me realise the power of communication, trust and letting go of control to move forward.

“The whole experience was undeniably life changing and a pivotal moment in my life and business - I’d absolutely recommend it to anyone willing to get uncomfortable and grow.”

As we look at the future of entrepreneurship in Scotland, one has to ask: are we doing enough to provide young people with opportunities to develop these critical skills?

Are our schools and colleges fostering environments that encourage risk-taking, collaboration and growth mindset?

More importantly, how can we build an impact culture, where young people and experienced professionals alike can contribute to each other’s development?

At Elevator, we believe that by encouraging an impact driven culture, we can provide young entrepreneurs with the chance to gain hands-on experience, network with diverse mentors and build teams that are adaptable, resilient and capable of thriving, creating sustainable outcomes both economically and socially.

The skills that students learn from these experiences will not only benefit them in business, but will contribute to the larger goal of creating an entrepreneurial ecosystem where trust, empathy and growth are at the forefront.

Encouraging the growth and development of more enterprises that have give-back and impact embedded into them is arguably one very strong way to maintain and increase these type of community activities.

The Elevator Challenge Weekend is more than just a weekend - it is a testament to the power of stepping outside your comfort zone, embracing diverse perspectives, and trusting others to help you grow.

As we look ahead for the future of Scotland’s economy, let’s continue to ask ourselves: how can we build more of these opportunities for the next generation of entrepreneurs and how can we ensure that everyone has a seat at the table and how can we use economic development opportunities to deliver more than just GDP output, but a mindset that permeates both the economy and society.

Tipping a hat to Scotland's social entrepreneurs, by Nick Freer

Research by American Express earlier this year found that Generation Z business leaders are pioneering a new approach with purpose, profit and wellbeing at the forefront of their ventures.

The study of UK entrepreneurs and senior leaders aged 18-27 revealed that while 88 per cent see hitting profit targets as the key measure of business success, 85 per cent said it’s important for their business to solve problems that others don’t, and 82 per cent of the sample considered their business to be “purpose driven”.

So, what does “purpose driven” actually mean? Respondents of the survey defined this as a business which “makes a positive difference to a significant environmental or social issue” (31 per cent), a business “using its mission and values to guide decision-making” (22 per cent) or one with “clear ethical credentials” (17 per cent). Leaving a positive legacy was crucial in the study, with 93 per cent of respondents wanting to “build something that their family will be proud of”.

For me, when you see a bona fide purpose-driven business out on the coalface you know – as they say, when you know you know. Back in 2017, I met entrepreneur Matt Fountain, who had given up the chance to study a PhD in the economics of art at Oxford in order to set up social enterprise Freedom Bakery in Low Moss prison near Glasgow.

Training inmates to make artisan bread for sale to cafes, restaurants and stores, CEO Fountain said at the time, in a national newspaper report we helped organise: “We incarcerate people as punishment for a crime, but when they get released they get incarcerated again by society”. Chapeau Matt, chapeau.

This week, we handled a press announcement for an initiative which aims to boost the creation and growth of Scottish tech businesses with a social or environmental mission. Techscaler – the Scottish Government’s programme for creating, developing and scaling tech startups run by CodeBase – partnered with The Ventures Lab, a global organisation on a mission to support early stage social entrepreneurs, with a view to strengthening the pipeline of impact-driven startups in Scotland.

Dr Kate Smith, CEO and founder of Edinburgh-based ProfessorMe, is one of the purpose-driven companies already receiving support from the partnership. Having developed what the company describes as “the world’s first AI professor”, she talks about improving the educational experience for students across the world, including in countries with disrupted education systems.

As Kate, a former journalist, puts it: “As a world-positive business, we want to reach learners no matter their personal circumstances or location. Research shows that if a woman receives a university education, it positively impacts her family for the next five generations.”

“We share a vision”, says Smith, “that a better world is possible”.

I guess that gets to the heart of things when it comes to social entrepreneurs and purpose-driven businesses. The Matt Fountains and Kate Smiths of the world should be applauded and feted. Social entrepreneurs of the world, unite and take over!

Scotland's startups are hitting a sweet spot, guest blog by James Trotman, Head of Investor Relations at CodeBase

Let’s be honest, startup ecosystems around the world have been on a rollercoaster for the past few years. A pandemic-fuelled investment boom, followed by a sobering contraction, has left founders and investors alike wondering where the next big opportunity will emerge.

But while much of the UK (and beyond) wrestles with declining deal volumes and shifting investor appetites, Scotland is quietly building momentum. And it’s time we started talking about it.

And the data doesn’t lie: Scotland is bucking the trend. According to Beauhurst’s May 2025 report, Scotland’s early-stage investment market has defied gravity. Strip out the anomaly years of 2021–2022, and Scotland is on a steady upward climb with investment into Scottish companies growing 24% from 2023 to 2024, even as overall deal volume dipped slightly (down 9%).

What does this tell us? Investors are backing Scottish startups with conviction, writing bigger cheques and showing real confidence in the ecosystem. This isn’t a blip. It’s a trend.

The good news doesn’t stop at capital flow. RSM UK’s recent figures show a 15% increase in Scottish tech company formations in Q2 2025, a sharp rebound from a slight dip in Q1.

This is a clear signal that entrepreneurial confidence is returning  and that founders increasingly see Scotland as a viable, even preferable, place to start and scale their companies.

In the last week, YCF released a telling piece titled “New Investors Flock to Scotland”, highlighting a 12% rise in new investors making their first ever investments in Scotland. That’s a major signal, and as domestic markets contract or become saturated, international investors are starting to see Scotland for what it truly is:

• A tech-savvy, talent-rich ecosystem

• A country with strong public-sector support and global connections

• A place where capital can go further, and innovation can move faster

Deals like Wordsmith’s $25M Series A led by Index Ventures, Orbex’s $20M Series C extension backed by Denmark’s Export & Investment Fund, and BLK Global’s £50M round led by Nimbus Capital don’t just show momentum, they prove that international investors are actively betting on Scotland’s breakout potential. According to Scottish Development International (SDI), there’s increasing demand from overseas VC firms wanting to tap into Scotland’s emerging categories including AI, HealthTech, and consumer technologies, not historically seen as Scottish strongholds. That’s changing, fast.

Scotland’s startup ecosystem is hitting a sweet spot. For years, foundational work has been laid, from university spinouts and incubator programmes to angel networks and early government support. Now, we’re seeing the maturation of that ecosystem, with more “investable” companies reaching traction and scale.

Crucially, the market shift toward slightly later-stage early-stage deals, seed and Series A, actually suits where many Scottish startups are in their growth journey. It’s good timing, and Scotland is rising to meet the moment. According to Scottish Enterprise, they are seeing a sophisticated pipeline of companies that are ready for global scale in not-traditional sectors that are attracting the interest of investors from London to San Francisco.

At CodeBase, we’ve always believed in starting where you are with a global first mindset. That’s why Techscaler exists, to support founders with world-class education, expert mentorship, and a community of like-minded innovators, regardless of background or geography. We’re not just helping build startups, we’re helping build a nationwide startup culture that’s open, ambitious, and ready for what’s next.

Scotland isn’t just catching up. It’s setting the pace. With stronger investment activity, rising company formations, and increasing international interest, the ecosystem is showing resilience and ambition, exactly what’s needed in a turbulent global market.

So, yes, we do need to talk about Scotland. Because in 2025, it’s one of the smartest places to launch and back the next generation of world-changing tech companies.

Building a world-class digital healthcare business, guest blog by Simple Online Healthcare CEO and Co-founder Addy Mohammed

Across global media in 2025, we continue to read about how healthcare systems are struggling worldwide - with commonplace issues ranging from high costs, insufficient staff, and long waiting lists.  And, as we operate in the UK, Germany, Denmark, and Germany, we’re seeing these challenges firsthand out on the coalface.

I co-founded Simple Online alongside my university friend Karim Nassar in 2015, building on our experience of owning and operating community pharmacies across Scotland to offer a convenient patient-first pharmacy service with medications delivered direct to the door.

We now utilise  technology to give patients quick and discrete access to the care they need, at a much lower cost than traditional healthcare models.  Combining technology with a multi-disciplinary team of health professionals, we can provide that level of personalised clinical care that you might expect from a local community pharmacy.

Our vision is to make healthcare more affordable and accessible, supporting our patients with personalised tools and the knowledge to make long-term lifestyle changes.  So, for example, we were one of the first providers of weight loss medications in the UK, investing significantly in a weight management programme that combines GLP-1 medications like Wegovy and Mounjaro alongside holistic weight management support from a wide team of specialist healthcare professionals.

To say we are in a fast-moving market would be an understatement when you consider that the global online pharmacy market is valued at almost £100 billion, and forecast to grow to around £400 billion by 2033. Digital healthcare is evolving rapidly, in fact ten years ago digital clinics were only in their infancy, so we are committed to investing in technology that enhances the patient journey so we can always deliver best-in-class care.

In April, we marked our 10th anniversary with record monthly revenue, but the last thing we are going to do is rest on our laurels.  Scaling a technology company is no easy shift, particularly when you are investing across geographies, supply chains, technology, and talent.

This year, we will be strengthening our leadership team as we enter our next phase of growth.  And we remain thankful to have Non-executive Directors of Shane Corstorphine and Jules Pancholi’s calibre to lean on as we plot further growth and international expansion.

If I have allowed myself a moment to reflect on how far we’ve come over the last ten years, one thing that stands out is that we’ve managed to get to this point while being self-funded, something of an oxymoron for a fast-growing technology company in 2025.  While VCs have knocked on the door over the years, we’ve resisted the venture capital route to date.

We are bootstrapped and still learning every day.  And having non-execs in our corner has been more valuable than any funding we could have sought.  We always want to keep learning and growing, while building a world-class digital healthcare business from a base in Scotland.

The ‘missing middle’ of businesses need more support to succeed, by Nick Freer

Last month, business support group Elevator launched its inaugural Scottish SME Survey to analyse what it believes to be the “missing middle” in growth support, and to seek to better understand what Scotland’s SMEs need to thrive. 

Commenting at the time, Elevator’s CEO Rachel Ross said: “In Scotland, we are very good at supporting early stage startups at one end of the spectrum, and scale-up companies at the other end, but where we could be missing a trick is around what has been described as the ‘missing middle’.  We know that SMEs are the lifeblood of the Scottish economy, they consistently face economic and business challenges, so the more we can help them to grow the more we will all benefit as a nation.” 

The Scottish Government’s Businesses in Scotland report in November 2024 revealed that there were an estimated 355,805 SMEs operating in Scotland as of March 2024, accounting for approximately 42 per cent of employment across the private sector as a whole.  

Having supported over 3,500 SMEs over the last few years, few are better placed to gauge the sentiment of our business leaders than Elevator, and as an agency we’re pleased to be working with CEO Ross and her team on the survey.  

The survey incorporates questions around access to finance, government support, people talent and skills, community wealth building, technology investment and AI, export plans, and views on the macroeconomic environment.  

When we look at an area like technology, we know digitalisation can unlock SME competitiveness, through improving efficiencies and accessing new markets.  And the expectation is that AI will be prevalent in Elevator’s survey findings.  

Speaking to tech consulting and implementation group ClearSky Logic last week, CEO Darren Auld said his company’s work with SMEs through to larger corporates with revenue in excess of £100 million indicates that Elevator is “spot on” about Scotland’s so-called “missing middle”.  

On AI more specifically, ClearSky’s CEO Auld says: “As a tech enabler, what’s critical is understanding that AI is not just another tool; it’s a field lever for entire sectors.  The businesses that move first here are going to gain a massive, often irreversible advantage.  Not moving at all?  That’s simply the biggest risk.” 

ClearSky’s own survey of Scottish SMEs at the back end of last year, which focused around AI, a survey we also partnered on, found that while a vast majority of companies planned to invest in artificial intelligence (90 per cent), only just over half of SMEs had already had invested at that time.  

What’s abundantly clear is that Scottish SMEs need to invest in AI and adopt it quicker, otherwise they will not match the productivity gains of equivalent companies in other countries and regions, and the overall nation’s GDP will not reach its full potential. 

If you’re a SME leader in Scotland, you could do a lot worse than plug into the expert advice and services provided by the likes of Elevator and  ClearSky Logic.

Startup guidance more accelerative than capital alone, by Nick Freer

Having been ensconced in the world of corporate PR for more years than I’d care to admit, including during the dotcom era where I advised tech startups as a consultant with an agency in London, I take a keen interest in how press announcements resonate after hitting the headlines.

In March, one such announcement around the launch of a new tech founder fund caught my attention, in no small part because of the mixed reception it received across the startup and investor scene.

“Project Europe”, a €10m fund backed by Berlin and New York VC firms and over 120 founders who have ‘been there, done that’ (essentially built and exited startups), was heralded in the tech press and as one leading publication framed it at the time, had the “European VC set buzzing”.

The Project Europe fund aims to help entrepreneurs under the age of 25 by providing mentorship and investing in up to 20 of them, offering €200,000 in exchange for 6.66 per cent of equity.

While there were many plaudits for the initiative, particularly around the involvement of so many successful founders, there was also a good helping of  naysayers; some termed the age limit shortsighted, others took issue with the level of equity being taken, and an overriding criticism was over the size of the fund itself.

According to those behind the fund, the rationale for its creation stemmed from a less supportive US vis-a-vis Europe in current political times and a collective desire to create more tech titans in the region.

Bringing things back to the Scottish startup scene, much respected scaleup C-suite Richard Lennox says the fund raises some interesting questions for ambitious founders based here: “Everyone recognises that the angel and syndicate network in Scotland is good for early stage, but Scottish companies need to leave Scotland for the next rounds.”

Richard’s point was best illustrated earlier this month, when Edinburgh-headquartered Wordsmith AI announced a $25m series A investment led by global venture capital firm Index Ventures, which itself has backed other storied startups including $45bn fintech Revolut and Mistral,  Europe’s most valuable AI startup.  As an agency, we worked with Wordsmith CEO and founder Ross McNairn, like Richard Lennox a former Skyscanner executive, and Index on the announcement.

On the flip side, as Aberdeen-based CCU International CEO and co-founder Beena Sharma wrote in a LinkedIn post this week, not all success stories come with a funding announcement.  As Sharma put it: “Sometimes, choosing not to raise, or walking away from a term sheet is the bravest and most values-driven decision a founder can make”.

Supporting Glasgow-headquartered Simple Online Healthcare, one the UK’s fastest-growing digital healthcare scaleups, around its annual results announcement this week, CEO Addy Mohammed drew attention to how the decade-old company remains self-funded, while reporting revenue tripling to £66 million.

Like many of Scotland’s most successful startups, it’s no surprise that Simple Online has a Skycanner connection of its own, with former CFO Shane Corstorphine sitting on its board.  Further demonstration that experienced guidance and support is significantly more accelerative than capital alone.

What could digital reforms mean for Scotland’s legal sector? Guest blog by Legado CEO and founder Josif Grace

The Law Commission of England and Wales recently published final recommendations to modernise the Wills Act, including proposals to allow for the digital signing and witnessing of wills. While these changes do not apply in Scotland, they raise timely and relevant questions for legal professionals north of the border.

Scotland’s succession law operates within a distinct legal framework, with its own rules around capacity, witnessing and execution. At present, there is no indication that equivalent reforms are imminent. However, the broader momentum around digital transformation in legal processes, particularly where client engagement and accessibility are concerned, is hard to ignore.

These proposals are not simply about introducing new technology. They reflect a growing drive to reduce friction, simplify legacy planning, and align legal services with how people increasingly manage their affairs — securely, remotely, and on their own terms.

Changing Client Expectations

Despite the fundamental importance of will-making, more than half of UK adults still do not have a will. The reasons vary, but a consistent barrier is the perception that the process is too formal, too complex, or not designed with modern life in mind. While legal reform in Scotland may not be imminent, client expectations are shifting across the UK.

This presents a challenge as well as an opportunity for Scottish firms. Individuals increasingly expect the same clarity, flexibility and security from legal services that they experience in banking, healthcare and financial planning. Firms that can deliver that while still upholding legal rigour will be well placed to meet demand.

Kirsten Leckie, a director and a knowledge and development lawyer in Burness Paull’s private client team, said: “In Scotland, we are watching with interest to see how the proposed reforms from the Law Commission to making a will unfold in England and Wales, particularly regarding electronic wills.

“Across the legal profession, there is recognition that we must modernise – changing generations interact with their personal affairs differently now than even a generation ago. Making a will and passing estate on death is fundamental.

“Changes which make this process easier and more accessible are to be welcomed, but must ensure the right protections are in place to protect the gravitas and integrity of wills as well as vulnerable individuals.”

Strengthening the Experience with Digital Infrastructure

Even without legislative change, Scottish firms are already improving the client journey by adopting digital infrastructure.

Platforms like Legado are being used by firms across the UK – including by Co-Op Legal Services, one of the largest providers of estate planning and probate services in the UK – to securely store and share documents, support encrypted client communications, and facilitate digital signing where appropriate.

The use of electronic signatures is already well established in many areas of legal practice. As Walter Clark, partner at Pinsent Masons LLP, observes: “COVID significantly accelerated the use of digital signatures across the legal profession, although some Scots law documents still require wet ink. 

“There are clear advantages to the digital route, particularly around verifying identities, time stamping, and protecting the overall integrity of what’s been signed. It may take time for the law to catch up in Scotland, but it absolutely makes sense for it to do so.”

This infrastructure is not about replacing legal processes but reinforcing them. It gives professionals the ability to manage documents securely, trace actions clearly, and offer clients long-term visibility over their affairs. By embedding tools such as digital vaults, audit logs and identity verification into workflows, firms can increase both efficiency and trust.

These enhancements support better client engagement and reduce the administrative burden, while maintaining the core legal safeguards that underpin the process of will-making.

Looking Ahead

Scotland may not yet be pursuing the same legislative path as England and Wales, but the profession is still part of a wider shift in how legal services are delivered. The question is no longer just about legal reform. It is also about operational readiness and the experience clients receive.

This moment provides space to reflect. Are our systems and processes keeping pace with the expectations of the people we serve? Firms that take steps now to modernise their approach will be better prepared to lead if and when the legal landscape shifts, and will deliver greater value to their clients in the meantime.

How Scotland’s remote digital innovators are competing globally, guest blog by Elevator CEO Rachel Ross

We often hear the same story: tech startups thrive in cities, in coworking spaces near capital and innovation. But this is no longer the full picture – and increasingly, it’s out of date. 

At Elevator, we’ve worked with over 9,000 startups and 3,500 established SMEs across Scotland over the last five years. What we’re seeing — and what we believe the country must now fully embrace — is that rural entrepreneurs are not just keeping pace with their urban peers; they’re pushing boundaries in ways that reflect resilience, creativity, and innovation at the very edge.

And they’re not alone. Around the world, rural regions are fast becoming crucibles of cutting-edge innovation. From geothermal biotech in Iceland to agritech in New Zealand, digital platforms in Indigenous Canada to AI-powered craft in rural Japan, we are witnessing a global trend: innovation is no longer geographically confined. It’s culturally and contextually driven — and rurality is emerging as an asset, not a liability.

So, where does Scotland fit in?

Rethinking “Remote”

The word “remote” means different things to different people.

Located near Oban and co-owning a business there, I often find people slightly incredulous that I manage to be a CEO based from a Head Office in Dundee, with frequent meetings in Edinburgh, Aberdeen and Glasgow to get to – yes, the road and rail infrastructure is poor and I need to plan where to stop to answer emails or take work calls en route. No, there is no such thing as a consistent signal on any of the routes I journey along.

Yet from my superfast connected house overlooking Jura, I have no problem dialling in to meetings and thanks to frequent EV charge points, can easily take my car to a meeting in Edinburgh by lunchtime and be back in Argyll that evening.

Mainland Argyll is pretty accessible compared to the islands and whilst we may be considered remote if you live in the central belt, we are on the urban fringe by many highland travel standards. 

Perspective on distance shifts mindsets. Rurality in Scotland is not a barrier. It’s a context — one that comes with challenges, yes, but also with strengths: close ties to natural resources, tight-knit communities, and a mindset that naturally leans toward sustainability and adaptation.

And these are precisely the conditions in which innovation thrives.

HerdAdvance: From Farm to Cloud in Aberdeenshire

Take HerdAdvance, founded by Jilly Duncan-Grant in Aberdeenshire, who has just won a National Women in Agriculture Award Combining deep farming expertise with cutting-edge digital tools, Jilly has developed a platform that transforms how livestock health and performance is tracked and managed — reducing antibiotics use, improving welfare, and boosting farm productivity.

HerdAdvance isn’t just a tech company; it’s a rural impact business. Jilly’s lived experience of farming, and her embeddedness in her community, allow her to design for real-world complexity — something that can’t be easily replicated in a city lab.

But make no mistake: HerdAdvance is also globally relevant. The future of food security, ethical farming, and sustainable land use depends on innovations like this. That it’s being built in rural Scotland is not a curiosity — it’s a strategic advantage. 

AgriAudit: Growth, Trust, and Data in Angus

Another example is AgriAudit, a Scottish EDGE winner based in Angus. Led by founder Tom Porter AgriAudit helps farmers and food producers simplify and digitise compliance processes, making food assurance easier and more trustworthy.

AgriAudit is particularly exciting because it bridges two critical issues for rural innovators: trust and digital transformation. In sectors where trust and reputation are everything, AgriAudit helps business streamline the painful paper audit process that is the thorn in every farmer’s side, and what used to take days is now less than a few hours. 

As with many rural ventures, the innovation here is not just in technology — it’s in business model, access, and empathy. And again, this insight was born of place. Rural founders design from the inside out.

Digital Barriers Are Real — But Not Defining

This is not to suggest that rural innovators don’t face real challenges — especially when it comes to digital infrastructure. We often hear from business owners across rural Scotland who are navigating inconsistent broadband, poor mobile signals, and the cost of cloud services at scale.

But what’s interesting is that these challenges have become part of the innovation process itself.

Take the recent ScotRail pilot, using low-orbit satellites to provide uninterrupted internet to train passengers — a brilliant example of how rural and mobile connectivity problems are spurring advanced solutions. Richard Lochhead can now travel and work along with the rest of the Inverness population, saving time and improving productivity on his route south to Edinburgh. 

The truth is, rural entrepreneurs are not waiting for perfect infrastructure. They’re innovating around it — designing lighter systems, storing data offline, collaborating asynchronously, and building resilient, flexible tools.

In a way, their constraint is their creativity.

Programmes Driving Change in rural Scotland

At Elevator, we’re proud to be delivering several rural-focused programmes funded by Highlands and Islands Enterprise (HIE) — each one geared toward supporting businesses to grow through innovation and change.

The Digital Innovation for Tourism Businesses programme offers the opportunity to support rural tourism SMEs in leveraging tech — from digital booking systems to immersive visitor experiences. It’s not just about modernisation; it’s about storytelling, reach, and resilience in a sector central to Scotland’s rural economy.

Meanwhile, our new Gaelic Business Change Programme – launching  on 13 June in Portree – supports Gaelic-first enterprises to innovate, adapt and grow — combining cultural preservation with business development. The programme is almost entirely delivered on-line, with businesses spanning the whole of the highlands. 

These are not fringe initiatives. They reflect a serious, system-wide commitment to rural-led growth and impressively show how improved digital connection can lead to reinvigoration and innovation in our cultural heritage businesses 

What Rural Entrepreneurs Teach Us About Innovation

There’s a misconception that innovation means disruption — a word associated with high-speed change and Silicon Valley swagger. But rural innovation in Scotland tends to look different. It’s quieter, more deliberate, more interdependent. As Professor Donald MacLean at Glasgow University often states ‘ Our rural businesses follow an emergent strategy. They think like red squirrels and not grey’. And often, it’s a more sustainable and impact-led approach too.

Rural innovators design for complexity. They are deeply embedded in systems — environmental, social, economic. They don’t build to flip. They build to last.

And this ethos — one of regeneration, long-termism, and circular thinking — is exactly what the global economy now needs.

So, What Needs to Happen Next?

If we want to unlock the full potential of digital innovation in rural Scotland, as a country we need to take a few bold steps:

• Invest in infrastructure: Not just broadband, but also logistics, workspace, and training capacity and rural leadership skills – that are founded on innovation and creativity.

• Shift the narrative: Recognise rural founders as national assets, not edge cases.

• Design policy that fits: Support for startups and SMEs must consider rural timelines, markets, and modes of working.

• Celebrate success: Awards like the King’s Award and Scottish EDGE are great — but let’s tell these stories louder, in more places, and more often. The move to the Regional EDGE awards this year has been a real testament to this and it is great to see how digital transformation is featuring so strongly in applications. 

Because when rural businesses win, Scotland wins. These enterprises bring jobs, pride, sustainability, and international reach — all rooted in place.

Final Thought: The Edge Is Where Innovation Happens

The world doesn’t need more of the same. It needs different perspectives, deeper thinking, and solutions that work not just in labs, but on land. And often, that means looking to the places furthest from the capital — where innovation is driven not by need, care, and courage.

At Elevator, we’ll continue to champion Scotland’s rural digital innovators — because they’re not behind. They’re ahead, in ways that truly matter.

Cracking the code of global-scale businesses, by Nick Freer

Glasgow Tech Week took place this week in the metropolis once known as the Second City of the Empire.  At the stunning Barclays campus with incredible views over the Clyde, the river that runs through the story of Glasgow’s industrial revolution, today’s business leaders gathered to discuss taking Scotland’s tech and entrepreneurial scene to the next level.

The ‘Scaling in Sync - C-suite strategies for Unified Growth’ event featured scaleup leaders from Deliveroo, ENOUGH, Firstbase, and Malted AI, and thanks to the Innovation Banking team at Barclays, Cooper Parry, and Burness Paull for inviting me along to chair the panel on the night.

Andy Robinson was the commercial director at software development firm Cultivate when Deliveroo made the company its first ever UK acquisition in 2019, with Robinson joining a tech juggernaut which was hiring up to one hundred people every week - which sounded like scaling on steroids.

As chief financial officer at ENOUGH, chief financial officer Elaine Ferguson has overseen funding rounds totalling over 100 million Euros from global investors as the food tech company innovates towards its mission around sustainable food transition.  Headquartered in Glasgow, ENOUGH recently opened the world’s largest non-animal protein facility, based in the Netherlands.

After leaving the oil and gas industry in Aberdeen, Chris Herd built IT asset management platform Firstbase that was acquired by San Francisco-headquartered AppDirect last year.  So the maxim, “If you build it, they will come”, from the Eighties movie Field of Dreams rings true - you don’t have to be in Silicon Valley to scale amazing tech startups.

Having said that, in spite of a catalogue of individual company success stories like Cultivate, ENOUGH, and Firstbase, as a nation we are still seeing relatively few scaleups going on to achieve truly global success.   

In this column only a few weeks ago, prominent tech C-suite Richard Lennox put it like this: “We haven’t yet cracked the code of creating global-scale businesses” in an op-ed headlined, “How Can We Fix Scotland’s Big Scaleup Problem?”.

Artificial intelligence is enabling some tech startups to gain traction much quicker than ever before, so for example a small AI-enabled tech team can be ten times more productive.  So, it was interesting to hear from Laura Bernal Vergara, chief of staff at Edinburgh-based Malted AI, about the work they are doing around small language models (SLMs).

We covered so much at Barclays the other night that it would be hard to faithfully digest that here, but I hope that each of the panelists will take the opportunity to write for this column in the weeks and months ahead.

What is clear is that we need more of the kind of interaction that took place at Glasgow Tech Week, and very probably on a more regular basis, so that founders can continually learn from other peers, and share playbooks on how we can succeed together - faster and stronger.

Lastly, a shout out to Alisdair Gunn, the director of the Glasgow City Innovation District and the chief architect of Glasgow Tech Week.  Bravo!

Putting AI power into the hands of postgrads, by Nick Freer

It was good to see international press coverage last month for a CodeBase-run deep tech initiative aimed at bridging the innovation gap between university postgraduates and NHS Scotland.

AI Discovery, delivered by CodeBase via its Techscaler programme in collaboration with the University of Edinburgh, University of Glasgow, and NHS Scotland, will help postgrads harness the latest AI technologies and build AI-enabled startups that can address some of the greatest challenges faced by the NHS.

As Yaheya Shafti, a University of Glasgow research assistant working on radar and machine learning for healthcare applications, puts it: “AI is unlocking new possibilities that will transform healthcare.  In my work, I see researchers developing a wide range of AI-driven innovations, each with unique potential to improve healthcare delivery.”

In my own spheres, I’ve seen firsthand the growing success of AI-enabled startups like Infix Support, led by consultant anaesthetist Dr Matthew Freer, who also happens to be one of younger brothers, as the company rolls out its operating theatre efficiency software across Scotland’s NHS Health Boards.

The equation starts to get even more interesting for startups like Infix when they begin to gain international traction, and Infix has some exciting news along these lines in the pipeline.

As David Lowe, DIrector of Clinical Innovation at the University of Glasgow and Clinical Lead Health CSO at The Scottish Government, framed things when commenting on the recent NHS Scotland AI initiative: “We believe that by empowering innovative minds with the tools, resources, and support they need, we can accelerate the development of transformative technologies that will address some of the most pressing challenges facing the NHS and global healthcare systems today.”

Of course, in addition to healthcare, AI is empowering every other sector of business and the economy.  While no one could doubt Scotland’s impressive credentials in AI research and academia, we are never going to be a superpower in artificial intelligence.  However, there’s no reason we can’t be part of the global conversation.   

One pathway to AI success for Scotland is via VC-backed startups that can scale, providing future economy jobs and economic value for the nation.  As sagely pointed out by Wordsmith AI CEO and founder Ross McNairn in this column a few weeks’ back, there are certain pieces that need to be put in place to position Scotland to reach its potential, not least around the people talent required to fuel an AI economy here.

“AI is a talent game”, wrote McNairn, “and its most critical asset is its people.  The best AI engineers, researchers and entrepreneurs are highly mobile, well paid, and in global demand.  Countries that understand this are creating the most favourable conditions to attract talent.”

Lawyer turned coder and tech founder, Ross McNairn is a voice that should be listened to in this area, having previously helped to scale three tech unicorns - TravelPerk, letgo, and Skyscaner.  And backed by Silicon Valley venture capital firm Index Ventures, Wordsmith’s AI platform for in-house lawyers is set to make a big impact in the world of corporate law.

From Oban to 6th Avenue: what our young people can teach us about the future of trade, guest blog by Elevator CEO Rachel Ross

Last week, I had the privilege of witnessing the New York Tartan Day Parade - a spectacular procession of hundreds of bands from around the world marching down 6th Avenue.  But none stood out more than the 60 young pipers and drummers from my local Oban High School Pipe Band.

For some, it was their first time leaving Scotland.  And yet, standing tall in the typically Scottish rain, kilts pressed and chanters poised, they weren’t just representing Oban, they were representing Scotland itself.

First Minister John Swinney made a point of meeting them in the city’s Bryant Park, recognising what these young people embodied: talent, discipline, cultural pride, and indeed, the future of our nation.  By evening, they were on stage at Carnegie Hall, performing alongside Dougie MacLean, Julie Fowlis and Mànran - earning rapturous applause, and in some cases tears.

From a remote coastal town where the wind howls in from the sea and community raffles fund big dreams, to the grandeur and neon glow of Manhattan, it was a journey of both miles and meaning.

Many of the Americans attending Tartan Day traced their roots back to the Highlands and Islands, and the warmth they showed towards Scotland was profound.  Our culture, and the products woven into it, from Harris Tweed to Scottish salmon, is held in deep emotional regard on the other side of the pond.

Just like our piping, Scotland is famous the world over for the exceptional quality of our indigenous products.  Which is why, as we consider the future of Brand Scotland, and the impact of trade tariffs on our indigenous industries, now is the time for bold, imaginative thinking.

At Elevator, we witness the power of courageous ideas every day.  Through our Shell LiveWIRE programme, three Scottish businesses - Energy Mutual, Dekmar, and Fennex -  have just reached the global final of the competition, proof that innovation thrives in our most remote rural communities.

Talking to Bruce Hare, founder of innovative seaweed company Kaly Group on Skye, last week, Bruce outlined an ingenious way of approaching tariffs vis-a-vis the U.S.  Taking inspiration from the very roots of Scottish life, the croft, could a tariff-neutral trading system for indigenous products present one solution to Trump tariffs?  A new kind of international bartering system, rooted in heritage, fairness, and place-based authenticity that stretches back to the Highland Clearances.

So, Harris Tweed for Montana leather, or salmon for Navajo blue corn.  There is a compelling economic case in its simplicity.  These goods are uniquely place-based, culturally rich, and require skilled labour.  A protected, tariff-neutral framework for their exchange could safeguard livelihoods and preserve centuries old trade relationships - not just for Scotland, but in equally fragile rural economies across the U.S.

Yes, Scotland is a small player in global trading, but it also holds some particularly strong and exceptional cards.  Brand Scotland isn’t just about bagpipes, though they were pitch perfect last week on the streets of New York, and we should take inspiration from our young people, who continue to show the world what they’re capable of.

Perhaps it’s time that our trading systems, and our economic leadership, find ways to give our traditional businesses a different framework in which to thrive.

Putting people first: the rise of employee ownership in Scotland, guest blog by Vicky Hope, co-founder of LOOP Agencies

When a business considers its future, growth and succession aren't always about maximising the sale price. While traditional routes like trade sales and mergers exist, an increasing number of companies are exploring alternative models - paths that deliberately prioritise the preservation of company culture and the wellbeing of their employees over simply chasing the highest  valuation.   

When my co-founder Ed Vickers and I started LOOP Agencies, a marketing firm headquartered in Edinburgh and working with leading financial services brands across the UK, we had a vision from the beginning to create something different in the industry.   

While our success over a relatively short period of time has drawn interest from investors and acquirers, which could have significantly benefited us as co-founders, we were clear that in order to be a genuine employer of choice for top talent in the market, we wanted all our people to be part of the growth and to share in the resulting gains.   

So, with this vision in hand, we converted to become an Employee Owned Trust (EOT) at the end of March, the earliest ever conversion to EOT status in Scotland.  And we’re not alone, this people-first approach to growth is gaining traction, with employee ownership emerging as a compelling structure for businesses committed to their values and their team.  In fact, it is estimated that over 200 Scottish businesses are now EOTs, and the growth trajectory is speeding up.    

The EOT model, where businesses are held in trust for their staff, is rapidly becoming a preferred path, embedding a people-first ethos into Scotland's economy. While supportive government measures exist, the motivations often run deeper, rooted in a desire to build a different kind of legacy.   

For many, transitioning to an EOT is about preserving the company's culture and independence, ensuring the business remains true to its founding principles. It's a natural step for businesses built from day one on people-first values, where wellbeing is a principle, not just a perk.  It reflects a belief that a truly successful business doesn't just deliver great work; it creates the conditions for people to thrive together.  

Research consistently links employee ownership to improved productivity, innovation, and resilience.  And in Scotland, thousands of people are now employed across Scottish-registered EOTs.  More importantly, collectively these EOTs are estimated to contribute over £1 billion to Scotland’s economy.    

Found across Scotland, with notable clusters in Glasgow and Strathclyde, Tayside, Central Scotland and Fife, and Edinburgh and the Lothians, and prominent in sectors like professional services, manufacturing, and construction, EOTs are proving adaptable.  

While challenges exist, particularly around funding the transition, the EOT model offers a compelling vision for the future of Scottish business: one that's more inclusive, resilient, and rooted in shared success. It's more than an exit strategy for founders; it's an investment in people and a potentially transformative force for Scotland's economy.  

The brainchild of my co-founder Ed and I over a coffee in Edinburgh in late 2022, it is now a case of the whole team at LOOP sharing the growth during our next chapter.   

Selling Scotland to America still valid amid Trump turmoil, by Jeremy Grant

As the kilts sway down New York’s Fifth Avenue today amid a skirl of bagpipes to mark Tartan Week, it will be a welcome distraction from the policy mayhem from Trump’s White House. 

Now in its 26th year, the cultural event is a good excuse to bang the drum for Scotland as a destination for investment from the US, which is already the largest foreign investor in Scotland. 

About 700 US companies employ more than 115,000 people here, among them Wall Street titans JP Morgan, Morgan Stanley, Citi, which have around 6,500 staff in Glasgow and Edinburgh. Amazon operates its largest UK fulfilment centre at a site the size of 14 football pitches at Dunfermline. Last week, Los Angeles-based film company Halo Entertainment said it would invest £28m opening an animation studio in Glasgow.

Yet as shock ripples out globally from Trump’s “America First” trade policy, some may start to question whether the US can be seen as a reliable investment partner – just as Europe is painfully re-assessing America’s role in underpinning western security and defence.

Emotions are running high. French president Emmanuel Macron has even suggested that French companies should pause investments in the US.

But it’s worth keeping in mind that the US has made critical investments in Scotland, including in renewable energy infrastructure. This is the kind of commitment that Kate Forbes, deputy first minister, calls “strategic investment that matters for our national economy”. 

One example is Ardesier on the Moray Firth. This brownfield site is being redeveloped into the largest dedicated offshore wind deployment port facility in Scotland through a £300 million investment from Texas-based private equity firm Quantum Capital Group.

Financial firm BlackRock, busy expanding a presence that’s been in Edinburgh for 25 years, also owns almost half of the city’s airport through its Global Infrastructure Partners subsidiary. 

Clearly, neither the UK nor Scottish governments believe that Trump’s brutal undoing of the global trade order through tariffs should halt efforts to sell Scotland to the US. 

The scale of what’s needed in, say, renewable infrastructure investment will not be met through domestic sources alone. There is probably scope for more US financial institutions to “re-shore” back-office functions to Scotland, harnessing data analytics talent streaming out of Scotland’s universities.

Engagement is thus sensible. Ian Murray, Scottish secretary, was joined in meetings last week in Washington, DC and New York by the Lord Mayor of London and Scottish Financial Enterprise chief executive Sandy Begbie. Murray said this was “laying the groundwork” for a global investment summit in Edinburgh in October. John Swinney, first minister, will have similar meetings in New York on Monday.

Meanwhile, both governments have been fine-tuning the machinery of investment promotion. The Department for Business and Trade this year appointed its first “inward investment lead” for Scotland. Forbes, who meets with Murray monthly, is setting up a new “gateway” for investment enquiries designed to speed things up. 

Still, it would help if they were seen to be more joined up. Unhelpfully, both use their own versions of a “Brand Scotland” promotional tagline. The one place you need to get your sales pitch right is America.

Why ecosystems matter in the drive for digital growth, guest blog by Jon Hope, SVP of Ecosystems, CodeBase

At an event I attended last year, a panel discussion explored the dynamic between competition and cooperation among market makers. The key takeaway? In emerging or fragile markets, a winner-takes-all mentality is rarely productive. Instead, collaboration—even among competitors—can help establish and grow a sustainable market. The logic is simple: a significant share of a thriving market is far more valuable than complete control over something that doesn’t exist.  

This perspective is central to why CodeBase played a key role in launching Ecosystem Exchange.  

Held last November at the Edinburgh Futures Institute (EFI), Ecosystem Exchange was co-founded and co-produced by CodeBase, Barclays, and the University of Edinburgh. The event brought together around 150 attendees from across the UK — including universities, government agencies, incubators, investors, and banks — who share a common mission: driving economic growth. We call them ‘ecosystem builders’ — organisations that connect, support, and foster collaboration among key stakeholders to create a thriving innovation landscape.  

Some of the UK-level examples of ecosystem builders include the likes of CodeBase itself as well as Plexal, based in London, Belfast’s Ormeau Baths and Cardiff’s TramShed.

One common characteristic among these organisations is their reliance on state funding to support their initiatives. As a result, the event functioned as a quasi-industry conference, focused on the future of UK ecosystems, and specifically how we could share perspectives, learning, and find ways to do things better.

Despite being over a decade old, CodeBase has had to continuously evolve to earn the credibility needed to run high-impact programs like Techscaler (a £42 million Scottish Government programme), LawTech UK (for the Ministry of Justice), and AI Discovery (with the Universities of Glasgow and Edinburgh). When we first started, funding for initiatives like these simply didn’t exist — it has only materialised over time as governments grew confident of the value of tech ecosystems and of a strong return on investment.  

However, ecosystem building in the UK is still in its early stages. With state funding under increasing pressure, there is a real risk that the momentum built over the past decade could stall—or worse, be lost. Without government confidence in the impact of these initiatives, economic growth through innovation could slow significantly.  

That’s why Ecosystem Exchange was created: to strengthen collaboration among the UK’s leading ecosystem builders. Because only by improving the quality and connectivity of these ecosystems can we:  

• Increase the number of high-quality businesses;  

• Drive innovation in technology and intellectual property;  

• Attract global investment;  

• Generate economic growth through high-calibre job creation, taxable revenues, and asset creation. 

The UK needs this growth more than ever, and a thriving tech ecosystem is key to achieving it. 

The event highlighted several challenges and opportunities within the UK’s innovation ecosystem, with key themes including:  

• The need for a structured yet flexible approach to ecosystem development  

• The importance of competitor collaboration  

• The role of gender diversity in driving innovation 

• The underutilisation of university-driven entrepreneurship 

There was strong enthusiasm for continuing these discussions, with many calling for events beyond London. Edinburgh emerged as a preferred venue, reinforcing Scotland’s role as a key hub for innovation.  

In ecosystem building, connectivity is the primary currency—and it’s one of CodeBase’s strongest capabilities. As we plan the next Ecosystem Exchange in late 2025, we aim to expand its reach by welcoming international attendees.  

Economic development is not a zero-sum game. By improving connectivity, we can help ecosystem builders unlock capital, expertise, and new customers. Taking this conversation to an international level will broaden our perspectives, partnerships, and opportunities.  

Ecosystem Exchange is just beginning and at CodeBase we’re excited for what this can mean for UK Tech.

Investors plot Scotland’s place in global financial landscape, by Nick Freer

At The Scotsman’s annual investment conference at the Kimpton Charlotte Square Hotel in Edinburgh on Wednesday, attendees got to hear from top executives in the financial services industry on the global investment landscape and how Scotland fits into the equation.

Leading off, Scottish Financial Enterprise’s chief executive Sandy Begbie, comparing Scotland and the UK’s investor attractiveness to a school report card, said we “could do better”.  While there are a number of barriers to investment in investors’ minds, said Begbie, Scotland’s “soft power” is regarded highly by many of the world’s largest economies including North America and China.

What can we do better?  A good start, according to Begbie, would be to “do things at greater pace, get things done quicker”.  We will have a gilt-edged opportunity to improve our report card when an international investment summit in Edinburgh this October, supported by both the Scottish and UK governments, will see over 100 global investors jet into the capital.

So, what did some of the investors at Wednesday’s conference think?  In the first panel of the day, RBC Brewin Dolphin senior investment manager John Moore discussed how stock markets are traditionally “very narrative driven”, but that these narratives can change.

So, remarked Moore, think about the so-called Magnificent Seven tech stocks (Apple, Microsoft, Nvidia, Amazon, Tesla, Alphabet, and Meta), which after two years of leading stocks’ rallies worldwide, are currently tracking for their worst performance since 2022.

Another narrative is around the perceived “uninvestable” nature of Chinese stocks, a perception that has been turned on its head in 2025 to the tune of an over $400 billion upturn in Chinese tech “mega caps” which has left their once dominant US counterparts trailing.

Coutts’ chief investment officer Fahad Kamal concurred to the narrative shifting in global markets, saying “our job [as investors] is to take a step back and put perspective on things”, but that even in the face of a faltering US stock market, “the US still seems pretty exceptional to me”.

When asked about where the UK sits, and Scotland within that, Kamal said that with so much political noise around the world, the UK is a relative “island of calm,  a government with a big mandate, and serenely mature, which contrasts with other global equivalents.  That’s quite a sea change, and that helps”.

Zehrid Osmani, head of global equities at Martin Currie, told the conference that we are now in the most disruptive decade ever when it comes to innovation, with “revolutions” taking place in AI, energy transition, and healthcare infrastructure.   

Chloé Darling-Stewart, an investment manager with Baillie Gifford, asked the conference, “what if I said that some of the world’s most innovative companies are not in Silicon Valley, but here in the UK”?  Somewhat against the grain, Baillie Gifford sees the UK equity market as a great hunting ground for growth investors.

So, Benjamin Franklin was right when he said that, “an investment in knowledge pays the best interest”, and it was good to wind down with a glass of sauvignon blanc with renowned financial journalist Mark McSherry at a local watering hole when the conference came to a close.

Can Scotland keep up in the AI race? By Nick Freer

In the recently published Techscaler annual report, charting the second year of the Scottish Government’s support programme for Scottish startups, it doesn’t take long to get to a section titled “AI, AI, AI”.  Chiming with what I wrote here at the end of last year, the only tech trend that really matters in 2025 is artificial intelligence and the “machine-assisted writing is clearly on the wall”.

CodeBase, which runs Techscaler, notes that “the real opportunity for Scotland lies in fostering startups powered by AI”, and is now working with an increasing number of AI-first companies, with other ventures pivoting to AI-focused strategies.

I think there’s also a third way, which might be described as layering AI into your product, so that could be a software tool like the one being developed by my youngest brother, Dr Matthew Freer, whose health technology startup Infix has developed software to improve operating theatre efficiencies,helping to ease hospital waiting lists across Scotland’s NHS health boards.

As Matthew, the brother at the front of the queue when the brains got handed out, put it in a recent press announcement: “With the vast quantities of data and use cases we’ve gathered over the last few years, we have been able to target the precise areas where AI can add even more value”

Infix was one of the fast-growth SMEs to take part in tech group ClearSky Logic’s AI survey, the findings of which were released earlier this week.  The survey, which our agency co-developed with ClearSky, revealed that 57 per cent of companies have already invested in AI, while approximately 90 per cent are planning to do so.

Ed Vickers, co-founder of Edinburgh-headquartered marketing firm LOOP Agencies and one of the business leaders to take part in the survey, said: “The fear that AI will replace jobs is changing to ‘AI won’t take my job, but someone who knows how to will’.

Aakanksha Sadekar, CEO and Founder of Aberdeen-headquartered digital health technology startup Tracker.Health, another survey participant, said: “AI is being rapidly adopted into digital health solutions worldwide, we have been spending time out in Asia and are now working with commercial partners in Singapore, China, and Japan, so we’re seeing firsthand how Scotland must keep pace with the fast-moving evolution of AI.”

Of course, we need to be cognizant of the challenges we face as a nation around AI, as expertly articulated by Ross McNairn, the CEO of legal tech startup Wordsmith, when he wrote for this column a fortnight ago.

“AI is a talent game”, wrote McNairn, “and its most critical asset is people. The best AI engineers, researchers, and entrepreneurs are highly mobile, well paid, and in global demand. Countries that understand this are creating the most favourable conditions possible to attract talent. Scotland must do the same, or it will be left behind.”

AI is a race, the starting gun has been fired and the runners are off. The collective hope is that our runner is in good enough shape to keep up with the competition.