Young Innovative Enterprises (YIE) is a programme delivered by Scottish Enterprise (SE) that provides high-intensity support to young companies with extraordinary growth potential and significant funding needs.
YIE Initiative is highly selective. It focuses on companies with a significant technological edge, a committed commercial champion, a clear pathway to global market presence and scope for significant growth to scale. It will enable these companies to overcome the market failures that currently prevent them from achieving their potential, primarily the difficulty of accessing significant venture funding due to the high risk associated with a programme that provides high-intensity support to young companies with extraordinarygrowth potential and significant funding needs.
The aim is to develop a pipeline of companies that can grow to significant scale (turnover of £100m+). Companies of scale have a positive impact on the economy that is disproportionately high, compared to their numbers. YIE aims to capitalise on Scotland’s world-leading technology to build global companies that can grow to scale while remaining headquartered in Europe. This requires that technological excellence is paired with ambitious and experienced management teams, supported by specialist company - building advisers.
Supported companies receive grant funding and a package of intense support from external advisers, taking companies to the stage at which they can achieve significant first round funding. YIE funding is used with companies engaged in SE’s new Entrepreneurial
Support process that will help create high-calibre management teams that can build true companies of scale.
The grant-funding & the advisory programme that complements it, focuses on three areas that are crucial for building high-growth companies, yet are not well supported by existing interventions:
• Entrepreneurial Team Development: building a world-class management team to take the business through to ‘scale’;
• Investment-Readiness: securing major investment that will help the company achieve scale? and
• Route-to-Market: developing an effective sales pipeline for the venture: generating significant sales leads or even orders in global markets.
The support goes beyond the pre-start stage, recognising the need for sustained and intensive support. It will be utilised for cases where there is a significant gap before significant private sector investment can be secured and will address the lack of real commercial acumen and fund-raising experience that is often found in technologically innovative companies. Grant schemes such as SMART;Scotland (which helps SMEs to research, develop and exploit new, technically innovative, products & processes) will be used to support R&D or technology development.