The managing partner of a leading Scottish law firm has urged north-east female entrepreneurs to consider a second career as potential angel investors.
Jacqueline Law, who leads Aberdein Considine, said there was a huge bank of successful entrepreneurs who had thrived in oil and gas and other major industries, who could make a huge contribution in supporting emerging businesses.
She was speaking as Scotland’s first conference for female angel investors and entrepreneurs got underway in Edinburgh. Investing Women’s Ambition & Growth conference brings together 200 start-up and early growth businesses who are seeking support from established investment angels.
She said: “I know from personal experience as a corporate lawyer that we have many successful females in Aberdeen and the north east who have excelled in the demanding oil and gas sector. A number have realised their assets, may now be looking for a fresh challenge, and aside from any financial resource have years of hard earned experience and vital skills which make them perfect angel material.
“It would be of great benefit to the next generation of entrepreneurs if this wealth of talent could be harnessed to nourish and encourage the many exciting young businesses in our midst.”
With Aberdeen Considine co-sponsoring the two-day conference, Mrs Law is hosting a workshop for entrepreneurs on ‘Structuring and Scaling For Growth’. Other high profile business women taking part in the event include unicorn company FanDuel’s Lesley Eccles, Virgin StartUp chief executive Mei Shui, and Scottish Enterprise chief Dr Lena Wilson.
In Scotland only one in 20 out of an estimated 1200 angel investors are women, but Investing Women chief executive officer Jackie Waring believes the gap can be narrowed over the next five years to bring the country in line with the US where representation is one in four.
Recent research on behalf of veteran angel group Archangels Investors found that every £1 of investment it had created since its foundation in 1992 had generated the equivalent of £14 in turnover, equating to a £1.3billion uplift to the economy.
Jackie Waring said: “Based on the £44million raised with the support of angel investment in Scotland last year, if we can get close to the US level of female investors, the additional investment generated could be worth £140million per year to the economy. That will take time and a lot of hard work but it has already been done in the USA so why not here?
“Investing Women’s aim is to remove some of the mystery surrounding angel investment and to get the message over that you don’t need to be a multi-millionaire to become an angel. Understanding risk is key and we recognise that everyone has their own risk tolerance level, but many women we’ve spoken to find angel investment an attractive proposition where their money could be working harder for them, especially with Government tax incentives which mitigate much of the investment risk.”
Investing Women has been extremely active since launching as an angel group. Within the last 20 months, thanks to Scottish Government entrepreneurial support, over 1000 emerging entrepreneurs and potential new female angels have accessed workshops, events and now the Ambition & Growth Conference.
Stephen Ingledew, MD, marketing at Standard Life, said: “The entrepreneurial spirit is clearly thriving in Scotland and judging the shortlist for the AccelerateHer competition, I was inspired by the creativity and collaboration evident in the work being done. Businesses of all sizes can learn from the dynamism of small businesses, particularly when it comes to meeting the evolving needs of customers. I’m looking forward to speaking to more entrepreneurs and innovators about this at the conference.”
Centrepiece of the conference is a gala dinner tonight (Mon 7 March) at Edinburgh Castle hosted by Minister for Youth and Women’s Employment, Annabelle Ewing, MSP, who will announce the winner of the Chiene + Tait £18,000 AccelerateHER pitching competition for entrepreneurs.
Minister for Youth and Women’s Employment, Ms Ewing said: “I would like to congratulate Investing Women, Scotland’s only female business angel group, on launching its inaugural pitch competition dedicated to Women’s entrepreneurs, AccelerateHer.
“The Scottish Government believes that supporting more women to set up and succeed in business is an economic priority and is committed to closing the gender-gap in enterprise.
“Through Scotland CAN DO, our joint national statement of intent towards becoming a world-leading entrepreneurial and innovative nation, we make clear that growth and enterprising activity is a valid and viable option for all.”
Chief executive of Scottish Enterprise, Dr Lena Wilson, said: "Scotland's women are already leading the way in so many areas but we must translate this success right across our business sector if we are to achieve our full potential and the significant additional benefit to our economy this would bring.
“Conferences like Ambition & Growth highlight the huge appetite so many women have to contribute more and we must do all we can to continue to foster, grow and support that ambition."