Business News Round Up (12/08/2024)
Scottish Government unveils £885,000 fund to foster young entrepreneurs with grants up to £250,000
A new fund worth up to £885,000 has been unveiled as part of an initiative to foster a “start-up economy” by educating young people about entrepreneurship. The Entrepreneurial Education Pathways Fund is designed to “engage young people in entrepreneurship”, offering public and private sector organisations grants of up to £250,000 to deliver innovative courses and projects to the youth. This initiative, launched by the Scottish Government, aims to “inspire the next generation of business owners” and targets under-18s. In June 2023, the Scottish Government pledged to implement recommendations from a report co-authored by its chief entrepreneur, Mark Logan, former COO of Skyscanner, on the under-representation of women in business. This commitment forms part of a multimillion-pound funding package set to be delivered this year. The Scottish Government’s goal is to “establish a world-class entrepreneurial nation”.
https://www.insider.co.uk/news/scottish-government-unveils-885000-fund-33430426
UK business output jumps to highest level in two years as further rate cuts expected
UK business output has jumped to its highest level in two years, as the expectation of more interest rate cuts provide optimism for the coming months. Research by advisory group BDO found that output reached its highest level since July 2022 last month, driven by manufacturing and services. Its output index rose 2.67 points to 100.77 in July, suggesting growth above historic trends. Above 95 signals growth. Manufacturing rebounded to 100.03 in July, from a sub-95 reading in June. Services also surpassed the 100 threshold for the first time since August 2022 at 100.87, driven by a surge in new contracts and increased staffing to meet demand at the start of the summer tourism season. Meanwhile, BDO’s business optimism index came in at more than 100 for the third month in a row, rising by 0.13 points to 102.22 to reach its highest level since the middle of 2022.
Innovate UK Future Economy Loans funding round open
The UK’s national innovation agency, Innovate UK is offering up to £25 million in loans to SMEs. Innovate UK innovation loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There must be a clear route to commercialisation and economic impact. To be eligible a project must lead to innovative new products, processes or services that are significantly ahead of others currently available, or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model. It must also focus on one or more of the future economy areas included in the Innovate UK plan for action. Individuals, large companies, not for profits, charities, academic institutions, and research organisations are not eligible for innovation loans. Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition.
Digital exclusion growing in Scotland
Citizens Advice Scotland (CAS) has seen a 59% increase over two-years in people seeing advice from Citizen Advice Bureaus because they lack the access or skills to use the internet. In the year 2023/2024 the Scottish CAB network recorded 3,065 digitally excluded clients, compared to 1,932 in 2021/2022. According to CAS, digital exclusion can impact individuals’ basic rights, such as using banking or council services, the availability of educational resources, and the use of health services. Earlier CAS research found that this manifested into people being unable to complete electronic forms, difficulties in applying for social security benefits, and social isolation. Promoting digital inclusion has become a central issue of the Scottish Government in recent years. The launch of the Connecting Scotland programme in 2021 saw £48 million of investment go towards providing low-income households with digital devices and support, with 61,000 devices and free internet access being delivered.
https://www.digit.fyi/digital-exclusion-growing-in-scotland/