Scottish Technology Companies thriving despite COVID-19

Scotland is one of the UK’s biggest technology sectors, with the largest number of new businesses outside of the south east of England. Scottish technology businesses have also received an increasing number of successful Venture Capital funding rounds during 2020.

Access to funding and quality staff can be some of the main stumbling blocks to growth for new technology businesses. The UK government’s British Business Bank continues to provide funding, with Scottish companies securing a total of £235m in tax relief for research and development projects in 2018/19.

To further support the technology sector, the UK Government has committed £300m to assist growth and increase employment, that includes the initiation of innovation hubs in fields such as robotics and space technologies. A further £13m of investment is being made in creating six new science centres across the UK including Dundee.

Head of EQ Technology, Dougie Rae commented,

“It’s great to hear that the technology sector is continuing to go from strength to strength despite the many challenges that COVID-19 brings. It’s also a real boost to see the funding that is being made available and that companies are continuing to secure monies to aid their growth.”

If you require assistance with securing funding, or want to discuss making an R&D claim for your company, please email the EQ Technology team on technology@eqaccountants.co.uk or contact one of our offices.