IT’S far from the age of the entrepreneur in the UK.

Soaring costs and uncapped energy prices for businesses have created an environment that isn’t so much challenging as it is pre-emptively lethal. When it comes to turning round our economic fortunes, that’s clearly a problem.

There is, however, an often-overlooked bright light when it comes to supporting and stimulating entrepreneurial activity – Scotland’s higher education sector. Today, the relationship between higher education, industry, and government concerning entrepreneurship is collegial and closer than ever – meaning enterprising activity within the sector is well-placed to be the panacea to regional and national employment and economic-related issues.

Scotland’s universities are enterprising by design, emphasising the impact of innovative and entrepreneurial activity. According to recent reporting for the University and College Union Scotland, universities within Scotland contribute more than £4.5 billion to the economy. This contribution, of course, consists of several strands – but it is still a staggering statistic, of which entrepreneurial support is a crucial aspect.

Entrepreneurship within Scotland’s universities involves courses delivered from across many academic faculties, training centred on the generation of ideas and start-up development, support through incubation spaces for businesses, and legacy building through knowledge exchange and consultancy. As a result, they continuously have their fingers on the pulse to entrepreneurial contexts, and the communities and regions that they serve.

This drive towards entrepreneurialism, originating from the university, is further strengthened through consistent engagement within the Scottish network. The country’s ecosystem comprises of universities supporting students by collaborating with organisations such as Elevator and Converge, advice from Business Gateway, and funding calls from Scottish EDGE. Universities Scotland’s figures indicate the country represents 28% of the UK’s spin-out activity, with more than 10,000 students involved in entrepreneurialism annually.

Within the UK overall, several Scottish universities have been named in the top 20 for spin-outs, and my own institution, University of the West of Scotland, has established itself as a leader when it comes to Knowledge Transfer Partnerships – essentially, applying academic expertise to help businesses achieve ambitious goals. In short, the Scottish entrepreneurial landscape is lively and the impact is evident.

These examples of entrepreneurialism in action are all extremely important to consider. When we ponder debates surrounding university and student funding, it is often framed as a one-way street. In reality, we are investing in our own economy through this university-based enterprise agenda which empowers students to advance ideas, inventions, and innovations.

Entrepreneurialism requires a network of support, and series of proactive steps by all concerned to ensure creativity, business growth, and economic prosperity. With universities being focal points within communities up and down the country, they are equipped to lead this charge.

In responding to the needs of society, and in realising government and industry ambitions, Scottish universities are more than places of knowledge. They are part of a driven network which pool and share expertise, resources, and solutions for all. They are the key that can open the door to a brighter future.

Dr Robert Crammond is a Senior Lecturer in Enterprise at the University of the West of Scotland