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Research calls for joined up approach to encourage entrepreneurs

Category: Scottish Economy — Paul Morgan on June 14, 2013

Recent research has shown that there are more entrepreneurs in Scotland than there ever has been before, which is helping boost the economy. However, it also urges greater work from the government to ensure the activity growth continues.

The findings have come courtesy of the Global Entrepreneurship Monitor 2012, revealing total early-stage entrepreneurial activity (TEA) increased through the year.

Lifting the country’s entrepreneurial status in the global arena, the TEA was comparable to that of 20 ‘innovation-driven economies’.

The news was welcomed by the finance secretary, John Swinney, who said:

“It is fantastic news that Scotland now has more entrepreneurs than ever before and that we are now in the top half of the world’s most innovation-driven nations.”

The news was tempered however, as it was revealed that on a national scale, Scotland’s performance is being outstripped.

There is also evidence in the report revealing that many entrepreneurs are heading across the border to start their businesses.

The report called for a more “unified approach” to address the issue. In his statement, Swinney went on to say that the Government knows more work is needed.

However, the news is still largely positive. Now in the second quartile in the global league table, Scotland has moved from the bottom of the table in just two years.

Many of the new start-ups have been started as a result of the economic downturn, with graduates behind many of them. Easier access to finance, through such initiatives as invoice factoring, has also helped many.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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