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Thursday, January 04, 2007

The Future of Industry in Scotland Continued

After my post on the future of Scottish Industry (Could be a lot of European Countries) I had been asked if I had a solution to the problem, do I ? no...but I have thought about it plenty and participated regularly when asked, with the focus groups the Scottish Executive has run in the past to discus "how to make things better"...I have never seen the output from these sessions or been asked is this actually what you were trying to say...

I have come to the conclusion that we who want to see a sustainable Industry in the general sense and a vibrant economy that will make our country folks content and happy need to do it ourselves until the the Government wakes up and smells the rot..and talks to the Investment and banking sectors ...the Academia...and the local entrepreneurial talent..I read an article in the Scotsman 4/01/07 that quoted the executive director of the Institute of Directors Scotland, David Watt who stated what he thinks the objectives were for Scottish economic growth in 2007 among them were that he called for a probe into the low rate of business creation in Scotland, claiming ministers should examine the effectiveness of Small Business Gateway (Daily Record). "Scotland has a lot of aspiring entrepreneurs. We need to encourage and help them to make the country more globally competitive"

I always find that the same message is shouted out but I never here them give some answers..if a manager comes to me and gives me a problem and no solution as many times as I have heard the various organizations say we need to improve and not bring an answer well!!! they would be looking for a new opportunity....for 2007

So what can we do ?

Those who care need get together and pull resources, Entrepreneurs, Financial groups and Academia.
  • There needs to be a Group established by the above to tackle what's below
  • Academia needs to partnership with the group to aid IP flow and deal flow
  • We need to explore how we can utilize the Incubators more efficiently and not let companies over stay there welcome as in the SMC/ MED fiasco.
  • We need to develop an SME business model for the emerging companies that is compatible with the funding available. There are many routes to funding not all end at the Venture capital fund, we can develop creative funding routes, like IP for cash..
  • We need to develop a resource that can help direct the companies to the funding tap and see them through, the early stage BP construction and presentation, I have attended a few funding roadshows around the world and the worst prepared are the Scottish entrepreneurs.
  • There needs to be a a mater class available to help mentor and coach the emerging companies as they develop...this needs to be done by folks who have done it before.
  • We need to stop the rape of our IP crown jewels by the corporate raiders and give our Engineers / Scientists the chance to develop the IP .

If the above is followed in some way we will be part of the way to restoring our Industry and economy, with good traditional companies that will be here for a long time....

I am open for ideas....questions...



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