RSM: Scottish tech start-ups increase by 12%
The number of new tech companies being set up in Scotland rose by 12% in 2020 according to new analysis by audit, tax and consulting firm RSM.
In total, there has been 545 tech businesses incorporated in 2020 according to data held by Companies House, a 12% increase compared with 485 in 2019. Scotland sits within the top three for regional growth behind the West Midlands with an increase of 40% and London at 24%.
Commenting on the findings, Ross Stupart, head of RSM’s technology and media team in Scotland, said: “Despite the acute impact of the Covid-19 and lockdown restrictions, it’s encouraging to see growth in the Scottish tech sector as entrepreneurs seize the opportunities that the pandemic has revealed for technology to support new ways of working and digital entertainment.
“In 2020, the UK attracted $15bn in investment and sits third internationally for tech incubations according to the latest Tech Nation report – demonstrating that the UK continues to stride ahead of other European countries, despite Brexit, and remains the first-choice tech hub after the US and China.
“London will always be a target for investment due to the financial and private equity infrastructure; but it’s great to see double digit growth in Scotland where thriving gaming and AI industries are fuelling regional growth. This was mirrored in Accenture’s Tech Talent Tracker 2021 which showed growth in AI and extended reality roles and with further support from the Scottish Government in this area, we could see a further uplift in tech start up throughout the year.”