A SCOTTISH Government programme has reached a huge milestone and has been hailed for contributing to Scotland’s reputation for being one of the best places in the world for tech start-ups.
Techscaler, a government programme which was founded in 2022 to help tech founders grow their businesses, has helped Scottish entrepreneurs raise more than £118 million of capital investment in the past two years.
Participating companies have secured private and public funding and are supporting businesses in sectors such as medical technology, artificial intelligence and space.
The number of companies involved in the programme almost doubled last year from 502 to 978, while the number of individual entrepreneurs more than doubled from 610 to 1411.
Those who participate in Techscaler gain access to benefits including mentoring, training and introductions to potential investors and customers.
Deputy First Minister Kate Forbes said the programme has helped Scotland solidify itself as one of the best places in the world to launch a start-up tech company.
She said: “The Techscaler programme – which I am deeply proud to have launched just two years ago – is contributing to Scotland’s reputation as one of the best places in the world to launch a tech start-up.
“While this is a relatively young programme, what this report makes clear is that it is delivering results and helping entrepreneurs to unleash their ability to innovate, spearheading Scotland’s presence in expanding new markets.”
Forbes’s comments follow the publication of Techscaler’s annual report which the Scottish Government has backed with £42m in funding since 2022.
The report highlighted some of Scotland’s best success stories for tech start-ups including Konversable, a Glasgow AI chatbot and messaging technology company which helps companies convert enquiries into sales.
The firm was introduced to potential investors and customers at Techscaler’s Singapore pop-up in October and has since secured £300,000 in total investments.
The chief executive of the Edinburgh-based company CodeBase, which runs the Techscaler programme, Stephen Coleman, has welcomed the report saying it highlights Scotland’s ambition to be a global leader in the tech industry.
Coleman said: “We’re proud of our collective achievements over the first two years of Techscaler, delivering strong support for our ambitious founders and startups both here in Scotland and increasingly as they target global markets, building on our position as a catalyst driving innovation, partnerships, and collaboration across the Scottish tech ecosystem.”
