For all the debate about backstops over the last few months, having a business backstop in the form of a plan for what to do when relationships break down makes a lot of sense – it’s a case of prevention rather than cure.
New business formation is one of the key drivers of economic growth. A high business start-up rate drives up levels of innovation, competitiveness and productivity. Between 2004 and 2017, the Scottish registration rate per 10,000 adults has varied between 34 and 50 per 10,000 resident adults. Whilst we lag behind the UK average a little, we’ve made steady progress over the last few years.
With vast improvements in technology, innovation in financing and new strategic partnerships between business and academia, the journey from an idea to a business is becoming easier. The internet and the rise of online retail supports industries of online sellers, apps have revolutionised Fintech, and self-scanning machines have made our weekly shop significantly less cumbersome.
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