Entrepreneurship, Innovation and Growth | ONE

Last week, I joined experts from the Scottish National Investment Bank, FinTech and the space industry for one of the panel sessions at the Prosper Annual Forum in Edinburgh. Our discussion focused on two of the country’s most pressing needs: innovation and economic growth.

Entrepreneurship is the vital bridge between these priorities. Over three decades ago, Harvard Business School professor Rosabeth Moss Kanter described innovation as “the process of bringing new ideas into use.” It is entrepreneurs who provide the runway to take those ideas forward – giving them structure, speed, and ultimately, real-world impact.

Entrepreneurs are problem-solvers. They are customer-focused and solutions-driven, and they can be found across our communities – in our schools, universities, family-owned firms, high-growth companies, and early-stage ventures. They don’t just react to change; they shape it.

In every high-performing economy and ecosystem, entrepreneurship drives the creation of high-value, high-skilled jobs – revitalising established industries and creating entirely new ones. It powers economic diversification and future-proofs our economy.

Scotland has a long and proud tradition of entrepreneurial innovation. From Andrew Carnegie, John Law, Thomas Glover, to the founder and chair of Opportunity North East Limited, Sir Ian Wood, and BrewDog co-founder James Watt, and forward to the next generation of entrepreneurs shaping the future.

In north east Scotland, we work with founders who are building innovation-led businesses. In years to come, Iain Taylor of Chorus, Deborah O’Neil OBE FRSE of NovaBiotics, Andrew Smith of Little Brown Dog Spirits, and Louise Martin of RigRun may stand alongside those historical pioneers. They and many more business leaders are developing transformative solutions in digital technology, green energy, life sciences, food and drink manufacturing, and tourism.

Their work is positioning Scotland as a global leader in innovation-led growth.

Conversations about the future of innovation today must include artificial intelligence. As Paul Cheek of the Massachusetts Institute of Technology – a close collaborator of ONE – rightly observes, AI is not just a technological development, but a powerful enabler. It allows entrepreneurs to test, iterate, and scale with unprecedented speed and efficiency.

ONE sparks, ignites, and catalyses entrepreneurial ambition and momentum. Supporting founders through every stage of the journey. From starting up and building a customer base, to growing a team, raising investment, and scaling a business, we provide a dedicated home across ONE Tech Hub, ONE BioHub, ONE SeedPod, and through our partnership with Energy Transition Zone Ltd with its regional focus on the energy transition.

Over the last nine years, ONE has built a dynamic entrepreneurial ecosystem in the North East. With £64 million in philanthropic investment from Sir Ian Wood’s family foundation, The Wood Foundation, we have delivered targeted, long-term support for regional innovation.

To date, £35 million of committed ONE project funding has leveraged an additional £94 million from public, private and philanthropic partners. This co-investment model works – and is delivering results.

The importance of regional economic partnerships was underlined by the First Minister at Prosper, and echoed in the UK Government’s draft Industrial Strategy, which positions private enterprise, innovation and entrepreneurship as central to economic renewal.

The challenge now is to go further – to move from ideas to practical, investable propositions, and to deliver at pace.

The ONE model is built on partnership, action and investment– we are about doing, delivery and impact – with private sector leadership the catalyst for positive economic change.

Across our region, we see businesses at every stage of growth coming together to innovate, scale, and create high-value employment. This is how we will make a lasting difference – for this generation and the next – and how we will strengthen and grow Scotland’s economy through innovation.