Every business has been challenged in 2020, from pressure to pivot, to making difficult financial and operational decisions.
Established businesses have needed more support than usual. However we must continue to invest in Scottish start-ups as it is these companies and entrepreneurs who will shape Scotland’s economic future.
Twice a year the Royal Society of Edinburgh (RSE), Scotland’s National Academy, awards Enterprise Fellowships to talented innovators.
Each entrepreneur has a unique business proposition, and benefits from an equity-free support package worth up to £100,000 to aid them in the commercialisation of their work.
The package includes a year’s salary, tailored business training and mentoring, business support funding and access to RSE’s network of business contacts.
An evaluation and economic impact assessment carried out by economic consultancy Biggar Economics found that the programme has added almost £170m to annual global gross added value, including £77m in Scotland since its creation.
It has also led to the creation of more than 3,000 jobs, nearly half of which are in Scotland and over 200 businesses.
Among this year’s cohort of Enterprise Fellows are Hamish Geddes, Steven Owens and Alice Smith.
Hamish’s company, Lenz Ltd, is aiming to tackle the age-old problem of rail delays caused by ‘leaves on the line’.
The traction technology is designed to improve the efficiency of trains by minimising delays caused by bad weather and leaves on the line.
The Traction Hub is a retrofitted solution that magnetically counters slip, stabilising the driver’s control over the wheels and is expected to help combat the £345m loss suffered by operators each year due to subsequent rail delays.
Steven Owens has combined artificial intelligence and space engineering software to create an app called Huli, which generates tailored, personalised cycling and walking routes straight from the user’s front door.
Huli will help people discover more of their local area, while encouraging them to become more active in the fight to stay fit.
Alice Smith’s company, Speak Unique, offers special technology for the creation of personalised, synthesised voices, for those suffering with diseases such as motor neurone disease.
The bespoke product is a close replica of a person’s own voice, captured while the person is still capable of speech, or from home videos and recordings. The company is revolutionising communication for those who have lost their ability to talk, and is already changing lives.
These businesses, and others like them, are developing the research, science and technology which will help address the global challenges we face in the 21st century.
This year , nurturing these start-ups has felt more important than ever.
These ambitious individuals and small companies have the ability to transform and shape the world around us, and in a time where it has felt like planning ahead is almost impossible, in their hands, it is encouraging to see that the future is bright.
Dr Rebekah Widdowfield is chief executive of The Royal Society of Edinburgh
