Edinburgh: Innovation and the “Athens of the North”
Edinburgh was once a medieval town and one that sustained hundreds of attacks from relentless enemies. In time, markets began to crop up in the capital and the general population was enticed to the city by the opportunity to buy or sell along with the attraction of theatre and entertainment. As markets swelled and the transport system excelled, Edinburgh became a hive of trading activity for merchants near and far. In the 18th century, Edinburgh was nicknamed “the Athens of the North” due to the lofty ideals, culture, art and literature in the region. It’s also now home to the Scottish parliament, and this is mostly to do with the strength of the economy.
Dominant Sectors for Business Opportunities in Edinburgh for 2020
Edinburgh has experienced a surge in Fintech enterprises which seems to have coincided with the rising number of tourists/students in the city. Just so you know, the University of Edinburgh went from 27,000 to 34,500 students in just the past ten years and similar numbers can be found in other universities. It’s still very early stages for the financial system and technology, which makes this an appealing consideration for startups or entrepreneurs with the right skills and resources. Tourism is another strong performer and likely to grow with more than 3 million visitors to the city each year. It’s not just the city itself that visitors find appealing but also the fact that Edinburgh is a gateway to everywhere else in Scotland. With this in mind, online and offline tourism services will always be in great demand. Unsurprisingly, Edinburgh is the focus of immense house-building for commercial clients. Also, in recent years, over 65% of residential properties sold in Scotland took place in Edinburgh. Any services or products that can provide value to the real estate industry in Edinburgh is likely to find great reward. And then there’s CodeBase - the largest tech incubator in the UK which assists many big clients such as Par Equity, Pentech Ventures, and Archangels. Moreover, the Creative Exchange, Techcube and the Melting Pot which are similar workplaces in which digital businesses can grow and thrive in Edinburgh. But what business, in particular, might be worth thinking about for startups?Business Opportunities in Edinburgh for Startups
Online Training and Management - Online training is a frugal area that helps businesses track, improve and define practice in the workplace. e-Learning is an excellent example in this instance, for the startup raised over $7 million in recent years. Appointedd is another successful startup that works with online management and booking for businesses which highlight the increased need for online courses for companies in Edinburgh.Web-Based Accounting and Financial Services
It’s no secret that the Fintech industry is blowing up in Edinburgh. Many web-based accounting firms are also taking advantage of the economic growth in Edinburgh. FreeAgent is an example of a digital accounting service for entrepreneurs and small businesses. In just a few short years, this impressive startup has raised over $10 million, mostly from an IPO in 2016.Tech Firms
Tech companies are everywhere in Edinburgh, and the ID Co raised $9.1 million to give people more control and protection over their identity and data.
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