Business News Round Up (03/10/2024)
Scottish economy ‘under threat’ from skills shortages and demographic challenges
A new report has revealed how challenges, including skills shortages and an ageing population, pose a risk to Scotland’s economy. The Fraser of Allander Institute carried out the analysis on behalf of law firm CMS, with the results highlighting a growing mismatch between the skills available and those demanded by employers. It references one in four Scottish employers reporting vacancies, with 31% classified as skill-shortage vacancies: a sharp rise from 2020. Skilled trades and professionals claimed to be the most affected areas, with shortages in technical, analytical and digital skills reported as most prominent. The report also focused on education and training, citing a lack of alignment between the skills taught and those required by rapidly evolving industries. As well as a lack in technical training, it raised concerns about deficiencies in soft skills such as adaptability, creativity, and communication within the current education system.
https://www.insider.co.uk/news/scottish-economy-under-threat-skills-33803005
University’s spin-out vehicle celebrates strong year for fledgling ventures
A University of Manchester venture to commercialise its research is forging ahead in its goal to create pioneering spinouts, despite challenging market conditions. The University of Manchester Innovation Factory (UoMIF) is dedicated to translating research into commercial opportunities while working closely with academics, industry partners and investors to create and support spin-out companies and license cutting-edge technologies. It has revealed it has met or exceeded several key performance targets over the past year, reinforcing its commitment to fostering innovation in Manchester and supporting the commercialisation of cutting-edge research to benefit society. It successfully launched seven new spin-out companies which span a diverse range of sectors, showcasing the breadth of innovative research emerging from The University of Manchester. In addition to success in setting up spin-outs, UoMIF secured £2.3m in licensing income. UoMIF has also secured £9.2m in first investments for new university spin-outs, significantly exceeding its target of £5m.
Glasgow City Council invests record £8m in social enterprises and boosts local economy
Glasgow City Council has announced a record-breaking spend of £7,995,187 with local social enterprises in 2023-24. This milestone underscores the council’s commitment to fostering social value and community wellbeing through its procurement practices. The announcement comes after Glasgow City Council’s recent commitment to the Buy Social Scotland Pledge, a new national initiative led by Social Enterprise Scotland, that aims to strengthen opportunities for social enterprises within the country’s supply chains. The Pledge has five key commitments: Recognise Fair Work principles; Make a commitment towards a Net Zero Policy; promote Social Enterprises within our own organisation’s procurement and supply chain; agree to prompt payment to its suppliers; and commit to reporting annual spend with social enterprises. By signing the pledge, Glasgow City Council has joined a growing movement of public sector organisations, SMEs, Corporates and academic institutions dedicated to driving positive social and environmental change through their spending power.
North and Scotland dominate new study of UK’s best cities for freelancers
The North is the best place in the UK to be a freelancer, according to a new study by specialist insurer Markel Direct, with Northern and Scottish cities taking six out of the top 10 UK freelance locations. The study compared 49 locations in the UK across five key metrics to determine the best locations to be a freelancer in the UK. These included freelancer availability, percentage of freelance jobs paying more than £40,000, full-fibre internet coverage, train connectivity and the number of free Wi-Fi working spaces, with each factor ranked out of 49 depending how it compared to the other locations (1 being the highest, 50 being the lowest). Although Exeter took top spot, it was plain sailing for the North from thereon in, with Leeds, Wakefield, Manchester, Aberdeen and Edinburgh taking the next five slots in that order.