North-east Scotland has a track record over decades as one of the most investable, productive and entrepreneurial economies in the UK.
The region boasts high levels of business start-up, research and development, and exports.
Significant economic changes are creating new opportunities and challenges, from the climate crisis driving the acceleration to a low-carbon economy to evolving international trading relationships.
Economic transformation
Entrepreneurial business growth is essential to achieving economic transformation across Aberdeen city and shire.
Economic development partnership Opportunity North East (One) has used its leadership, wider team and other resources to build a programme of support for businesses over the past five years.
One is focused on growing key sectors including digital technology, food and drink, agriculture and seafood processing, life sciences and tourism across the north-east.
Its projects include BioHub, SeedPod and One Tech Hub, the partnership’s digital hub in Aberdeen.
These are all aimed at creating innovative places for industry to collaborate, develop and grow.
One chief executive Jennifer Craw said: “The region’s future economic performance will make a significant difference to the national economy – delivering low-carbon solutions for net-zero targets, increasing productivity and exports, commercialising innovation and creating more high-value jobs.
“Our business growth, mentoring and leadership programmes equip founders and leaders with the tools, insights and peer networks to achieve their ambitions.
“This region has a strong entrepreneurial spirit. One’s action and investment are building the specialist support and infrastructure – the place and space – to help new and scaling businesses grow faster and create jobs.”
Entrepreneurial hub
BioHub, on Foresterhill Health Campus, Aberdeen, will be home to up to 400 scientific entrepreneurs, turning world-class innovation into new products, treatments, therapies and digital health solutions.
It will open in late 2022, providing dedicated incubation, laboratory and office space for spin-outs, start-ups and growing life sciences businesses.
A focal point for One’s life sciences sector growth programmes, it will give firms access to expert networks and investors.
SeedPod, to be built on Scotland’s Rural College’s Craibstone campus, will be the industry innovation centre of excellence for high-value food and drink manufacturing, developing premium on-trend products for global markets and sustainable production.
One secured capital from the Scottish and UK governments via the Aberdeen City Region Deal for both projects and is a co-funding partner.
The region’s burgeoning technology sector is served by One Tech Hub, which was created in a £1.5 million investment by the economic development partnership.
It was opened during 2019 to nurture the area’s technology ecosystem and support growing businesses from the early start-up phase through to fully scaled maturity.
Ms Craw said: “Working with regional and national partners, we provide the wraparound support and space to make this one of the most exciting locations in the UK to create and grow businesses – to drive recovery and accelerate the transition to a low carbon economy.”
Shared vision
Regional and national partners sharing the same vision for recovery and diversification include Aberdeen University, Robert Gordon University, SRUC, NHS Grampian, CodeBase and Scotland Food and Drink, as well as local and national government.
Working with regional and national partners, we provide the wraparound support and space to make this one of the most exciting locations in the UK to create and grow businesses.”
Jennifer Craw, chief executive, Opportunity North East.
There is widespread recognition the region’s energy, hospitality and tourism sectors have been disproportionately affected by the fallout from the pandemic and oil and gas downturn over the past 18 months.
Also, that young people are particularly disadvantaged in the job market.
The Scottish Government’s £14.3m North East Economic Recovery and Skills Fund is expected to boost employment prospects for more than 3,000 people and accelerate economic growth across Aberdeen and Aberdeenshire.
Regional delivery partnership
One will lead and roll out £6m-worth of business growth, innovation and skills programmes funded by NEERSF as part of a regional delivery partnership that also includes both councils and universities, ETZ (Energy Transition Zone) Ltd, Skills Development Scotland and Aberdeen and Grampian Chamber of Commerce.
Projects in One’s pipeline include key sector accelerators, an innovation investment fund, a graduate-into-business programme, leadership and entrepreneurial skills development, and hospitality apprenticeships.
Ms Craw said: “NEERSF gives the region additional resources at a critical time to drive recovery.
“The projects delivered by One and the other NEERSF partners will make a difference to people, start-ups and established businesses over the next six months.”
Job creation
She added: “We will support businesses to grow, innovate and create new jobs across digital tech, food and drink manufacturing, hospitality, life sciences and tourism.
“The action and investment will also improve employment prospects for individuals in work, returning to work and starting their careers.”
The message coming across loud and clear is that investment in the north-east will deliver a national impact.
