An Edinburgh-based company is enabling Scotland’s digital stars to learn from Silicon Valley pioneers
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Over the past decade Scotland has been building its reputation as a strong contender in the global tech game. While some may feel the digital industries will always belong to Silicon Valley and its Chinese counterparts, Scotland-born unicorns like Skyscanner (acquired by Ctrip in 2016) and FanDuel (acquired by Paddy Power in 2018) have hinted at what the future could look like.
The Scottish Government and non-governmental business support agencies have long publicised their ongoing vision to see Scotland become one of the most entrepreneurial nations in the world. Scotland boasts a year-long programme of events, such as VentureFest (which includes Startup Summit and the Can Do Innovation Summit), Can Do Fest (which includes EIE and Impact Summit), and stand-alone events like Turing Fest and Data Fest.
Combine that with tech and digital hubs emerging – especially those championing work in fields like data and Fintech – and the multitude of universities offering specialised skills, and you’re looking at a movement with some serious horsepower behind it.
However, while Scotland’s intentions are there, many of its ambitious founders and leaders may find it difficult to see beyond the borders of their geographic beachhead markets. Despite best efforts to peer over the Atlantic and adopt the cultures, mindsets and strategies that give the Valley its fame, some things have to be experienced to be understood.
FutureX, based in Edinburgh, run an annual Silicon Valley Accelerate programme for UK-based tech entrepreneurs.
Each year, they bring a select group to San Francisco, giving them unprecedented access to some of the largest, most revolutionary companies on the planet.
For founders interested in expanding to the US or looking for international investment, the programme opens the right conversations with the right people.
In previous years, the groups have visited companies like Facebook, Apple, Google, Twitter, Rocketspace, and Silicon Valley Bank, speaking to leading executives and getting personalised advice for their businesses.
The programme is designed as a full immersion into the culture of the Valley, giving a comprehensive understanding of how organisations thrive in the competitive landscape out there.
The Silicon Valley Accelerate programme counts a number of Scotland’s entrepreneurial success stories in its alumni. Chris McCann, who attended the programme in 2016 raised $8 million for his MedTech, Current Health, in 2018. More recently, the 2019 cohort included Andrew Parfery, whose care matching service, Care Sourcer, raised a record £8.5 million in 2018, widely recognised as the largest Series A funding round of any Scottish digital tech company.
“When you go to the Valley, you really begin to understand how companies scale the way they do. People are much less afraid of failure, they’re always ready to connect you with someone else and they really feel that they share in the overall success of the Valley, rather than just their individual businesses.
“We see the Silicon Valley Accelerate programme open doors for founders that can be a catalyst for incredible growth. It’s amazing,” says Bruce Walker, co-founder of FutureX. While Silicon Valley represents a multitude of opportunities for entrepreneurs, the Silicon Valley Accelerate programme offers much more than meetings and pitch practise. FutureX bring a values-led approach to their work, encouraging businesses to put purpose at the core of their work.
“I think it’s important to be open about that fact that Scotland and the UK don’t have to mimic Silicon Valley. A lot of value the founders get from our programme is understanding how to harness the strengths we have here at home based on the context they’re working in.
“We incorporate personal development and leadership sessions into the week, because we’ve seen that these skills are fundamental for entrepreneurs no matter where they are in the world,” says fellow FutureX co-founder, Zoi Kantounatou.
Zuckerberg, Gates, Wozniak and Sandberg have redefined what it means to be a leader. They proved that in a few short years, with the right product and the right team, tech founders can build worldwide giants. Learning first-hand from those who have come before might be the key to unlocking Scotland’s potential.
The next FutureX Silicon Valley Accelerate programme will take place in spring 2020 and applications are open now.
Find out more: www.futurexinnovation.com/silicon-valley-accelerate
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