The founders of five cutting-edge science and tech companies (two of which are ScotlandIS members) have gathered in Edinburgh to begin a journey that will see them take their Scottish innovations all the way to Silicon Valley.
Scottish Enterprise’s US MarketBooster Programme* is set to support these companies to enter and scale in the world’s largest market for technology products and services, by immersing them in the tech-renowned US region.
The pilot Programme is part of Scottish Enterprise’s new Missions-based approach, launched in ‘Our Focus on Economic Transformation’ this time last year, which aims to transform Scotland’s economy by doubling the number of scaling companies in Scotland over the next ten years.
To support each company’s efforts to accelerate their US Market readiness and revenue growth, the founders of these companies are embarking on a 16-week programme of immersive and intensive wrap-around support, on both sides of the Atlantic.
The first eight weeks ‘discovery’ phase will be in Scotland, where the companies will work with US and Scottish business experts to ensure there is a strong fit between their products and the market they intend to enter.
The second phase will see them spend eight weeks in the heart of Silicon Valley, working closely with our US based team, industry networks and partners, to build the strategy, data and skills to compete for customers and investment in the highly competitive US market. The company founders will be based in a co-working space and have the opportunity to network with and learn from the other Scottish, US and global entrepreneurs and the local investor community.
The Scottish companies selected for the pilot are Aveni, Cloudsoft, Lasting Asset, Lupovis, and Talking Medicines. By leveraging new technology in areas such as AI, cloud computing, cybersecurity and healthcare data analytics, each of these companies is innovating, setting new standards and crucially, have huge ambitions to grow.
The aim is for these companies to get to US revenue 6-12 months faster than companies entering the market without this support.
Reuben Aitken, Managing Director International, Scottish Enterprise said: “To scale up, Scottish businesses need to go global. The US is our top export market and this US MarketBooster Programme is an exciting new way of working. With targeted, wraparound support here in Scotland, followed by immersion in Silicon Valley, these innovative companies will have the best opportunity to grow faster.
“This Programme is about giving companies access to our expertise, advice and networks rather than direct funding, because we know how highly valued this is by them.
“Scotland has a rich history of great inventions and innovative spirit. This new approach will help propel this next generation of ambitious, innovative companies forward, delivering maximum impact for both them and Scotland.”
The Scottish phase of the pilot is now underway. The group will travel to Silicon Valley in early March and complete the pilot by the end of April.
A rigorous evaluation process took place for the pilot with five companies chosen to participate. They are ScotlandIS members LastingAsset and Lupovis, as well as Aveni, Cloudsoft and Talking Medicines.