Scotland’s universities are amongst the best in the world. The research they carry out in technologies key to the future economy are world-renowned, be that in life sciences, digital and AI, quantum, photonics or renewable energy.

This builds on Scotland’s long history of inventors and inventions that powered the Industrial Revolution and beyond, providing the basis for the industrial sectors Scotland excelled at in the 19th century.

Commercialising research - transferring knowledge into existing businesses, or into new spin-out businesses led by students and academics turned entrepreneurs - is a key ingredient to creating the high-value jobs of the future. The world economy is increasingly driven by the rapid adoption of new technologies. The countries that can best commercialise research excellence are the ones that will succeed in the 21st century.

Last week I was delighted to speak at the annual Converge Challenge showcase. The Challenge attracts entries from the best of Scotland’s university spin-out businesses and provides the winners with some initial seed funding to enable them to begin to commercialise their products. The six finalists represented the cream of more than 200 initial entries. They included businesses with groundbreaking technologies to combat genetic deficiencies, enhance data security or design the semiconductors of the future.

Making the leap from academia to the commercial world is hard, but the academics and students I met last week had taken to it like fish to water, hungry for the success they know their excellent research can deliver to their new ventures. They are at the start of a long and challenging journey. Excellent technology is only the beginning, and but one of the ingredients required to build a successful business.

Investment is always critical to growth, and doing so in a way that enables businesses to stay in Scotland is a challenge. Much work is already being done to create new funds focused on investing in Scottish growth businesses. The Scottish National Investment Bank has a key role to play, particularly once FCA approval enables it to significantly scale up its deployable funds.

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Attracting talent is the lifeblood of future business growth. The labour market remains tight, in all sectors, but particularly so where specific research or technical skills are required. Brexit of course hasn’t helped, and immigration policies continue to constrain the availability of international talent. But despite that Scotland has a global reputation for a strong skills pipeline thanks to the excellent work of our universities and colleges.

In what is a globally competitive game, with high stakes, we maximise Scotland’s chances of success by ensuring our focus and funding, and that of the whole eco-system, are directed in a coherent and strategic way, with a longer-term focus.

The Scottish Government’s Innovation strategy recognises this, but like any strategy delivery is critical: identifying where Scotland has genuine competitive advantage, building clusters that can compete globally, attracting talent, investment and customers worried about FOMO – Fear Of Missing Out – by not being part of Scotland’s vibrant innovation eco-system.

That eco-system is dynamic, but fragile, and Government needs to ensure it understands the importance of the different elements and takes steps to support where necessary. The pay-back from getting this right is immense. Millions invested correctly will deliver billions in additional tax revenues over the decades to come.

A wide range of incubators and accelerators now exist, complemented by the Scottish Government’s Tech Scaler network.

Scotland’s Innovation Centres have been in place for 10 years or so now. Sat within universities their role is to work with start-up and spin-out businesses, providing access to technology, networks and investment opportunities. Each focuses on a specific technology where Scotland has demonstrated the ability to compete with the best in the world, be that in precision medicine, industrial bio-technology, data or sensors and the internet of things.

When it comes to bridging the gap between university talent and business needs the role of Interface adds considerable value, linking up researchers with specific knowledge with businesses that need answers to technology challenges.

These elements of the system need the stability to be able to keep staff in place and work on longer-term projects with small Scottish businesses. Uncertainty over funding leads to short-term thinking and decision making which hampers our ability to compete internationally and deliver results.

Like their 19th century predecessors Scotland’s brilliant inventors can make a real difference in building industrial sectors that will provide high-paying jobs, and strong tax revenues, for decades to come. But to deliver on that Government needs to be bold and lead the way, with a scale of ambition that matches the level of potential that exists in Scotland’s start-up and spin-out businesses.

Ivan McKee is an MSP and former Minister for Business, Trade, Tourism and Enterprise