This report looks at the development of business angel investment in Scotland from 1996-2023. Based on proprietary data provided by Angel Capital Scotland, the work details the evolution of the early-stage risk capital market in Scotland, the role of the public sector in supporting private sector activity and investment, and some of the outputs. In particular it provides, for the first time, sight of the geography of early-stage risk capital in Scotland over a long period of time, and the sectoral focus of investment. The work builds on previous impact reports conducted by the authors for the Archangels investment syndicates in 2015 and 2022. The pioneering Scottish Model of partnership co-investment in Scotland is explained and the impact of the direct and indirect policy support mechanisms are estimated in terms of policy cost per job created.
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