Hunt for Scotland's next billion pound unicorn is on

The Hunter Foundation (THF) has launched the search for a new cadre of potential Scottish unicorns to be part of their ScaleUpScotland 2.0 project.

Entrepreneur and philanthropist Sir Tom Hunter, founder of THF, said: “To date our ScaleUp cohorts have added over £1 billion of turnover and created 5000 plus new jobs and whilst we play a very small part in that growth we do believe it’s a pivotal role.

“Crucially the peer-to-peer support the programme enables is fundamental to a money can’t buy support network for our entrepreneurs.

“Combine that with brilliant speakers who have been there and done it and it’s compelling we believe and utterly necessary for Scotland’s economic growth.”

Sir Tom Hunter | Scotsman / Canva

The scheme is open to companies headquartered here in Scotland, with current revenues in excess of £10m as well as a track record of year-on-year growth.

To be considered, firms must also match that historic growth with an ambition to achieve further growth over the next five years.

Organisers have stated biotech enterprises, and other companies with high valuations but low or no revenue, will be given consideration.

The objective of ScaleUpScotland2.0 is to provide strategic support to businesses which have a high growth potential but do not currently have a place to turn, with the overall aim of growing turnover of each enterprise to over £100m.

Richard Madden, CEO of WEConnect Energy and a past participant of the scaler programme, said: “Being part of ScaleUp Scotland 2023 was a pivotal moment for our company.

“The inspiring speakers, leaders and connections with other CEOs offered us expert guidance, reigniting our leadership team’s ambition and making the whole journey highly beneficial.”

Laura Davidson, CEO of Tag Digital, participated in the ScaleUP core programme at £2m turnover and then the 2.0 programme. She said: “We went into ScaleUp in 2018 as a £2m business and by the end of 2.0 will almost have 10x growth. The connections, learning and peer group has absolutely been part of this growth.

“I love to see success in others and feel so proud when seeing the cohorts doing well and making big moves, it can be lonely and having people that really understand where you are is powerful. There is also something else – the healthy competition that the programme breeds – which is dynamite.”

And Alistair Cameron, CEO of Scotmas Group, added: "The Scale Up 2.0 programme has lifted the lid on the practical challenges faced in scaling our business - fundraising, systemisation, team building/renewal, valuation and exit - have all been addressed in a down to earth, safe and peer led environment, facilitated by people who have been there, done that.”

The new THF programme is open to the CEO and executive leadership teams of up to a dozen firms and will include peer-to-peer learning, putting entrepreneurs alongside one another.

CEOs in the cohort will also take part in quarterly residential retreats, led by Sir Tom Hunter and other leading business people, at Blair Estate.