© The Financial Times Ltd 2016 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Entrepreneurs have been identified as one of the catalysts kick-starting the economic recovery.
In Scotland the Saltire Foundation has taken this mission to heart and is investing in a generation of entrepreneurs to improve the growth prospects of Scottish companies. In 2008, with the support of Scottish Enterprise, the government agency charged with encouraging innovation, it launched the Saltire Fellowship. More than 100 business leaders have followed the intensive immersion programme, which includes studying at Babson College in the US, renowned for its focus on entrepreneurship.
William Grant & Sons, Scotland’s largest family-owned distiller, has ambitious international expansion plans.
Attracting the right people is key, says Bill White, operations director. However, competition from the high-paying North Sea oil industry and the geographical isolation of its Highland distilleries make talent-retention a challenge, he says.
Nicholas McFarlane, who joined the company as a chemist in 2007, enrolled on the Saltire Fellowship in 2012.
Why did you apply for the Saltire Fellowship?
The fellowship looked like an exciting opportunity to take myself out of my comfort zone and gain commercial experience. It was also a great opportunity for me to study at Babson College.
I had been a team leader for a few years, overseeing the commissioning and operation of an anaerobic reactor plant at one of the company’s distilleries.
William Grant decided to provide full financial support for one of its employees to complete the fellowship programme. Following an internal competition, I was the company’s nominated candidate.
How did Babson approach the course?
I found the business school’s case study method a great way to learn. The Babson faculty were not traditional academics but people who had been out and done business.
However, I learnt as much from my cohort of students as from the tuition. All the fellows came from different academic and industry backgrounds and brought different perspectives.
What other opportunities opened up?
Although Saltire formally set you up with one company internship, I found two other companies that I wanted to get involved in. You just meet people at Babson and in the city and make your own opportunities.
I worked with two Boston-based technology start-ups and the third placement was with a Scottish company trying to break into the high-tech headphone market. The projects were very varied and completely different to making whisky.
What did you learn from the experience?
The Babson course focused heavily on pitching to customers. Their “value selling” approach has universal application as it is more about influencing – the selling of ideas, not simply products. Working with the start-ups also gave me a greater commercial awareness. Given my academic background as a forensic chemist, I was only vaguely familiar with balance sheets.
Our cohort of fellows became a very tight-knit bunch and we still support each other. Through the fellowship,I have access to a wide and growing network of alumni across Scottish industry.
What has been the result of the programme?
Five months after returning to William Grant, I successfully applied for a promotion. I am now managing production at the company’s Balvenie and Glenfiddich whisky distilleries in Dufftown, the heart of the Speyside whisky region.
Before enrolling on the fellowship I wanted to develop the skills I would need to become a senior leader in the company. Though there’s still some way to go before realising that ambition, I have certainly taken a step in the right direction.
The Saltire Fellowship offers would-be Scottish business leaders an intensive immersion into entrepreneurship that is designed to catalyse their careers.
The fellowship was launched by the Saltire Foundation in 2008 with the support of Scottish Enterprise, the government agency responsible for encouraging innovation.
Through investment in a generation of Scottish entrepreneurs, the foundation’s mission is to improve the growth prospects of Scottish companies. “Our ambition is to create and grow Scottish businesses to a global scale,” says Sandy Kennedy, Saltire Foundation chief executive.
This year’s cohort of 18 fellows began the eight-month programme at the start of September. They are currently spending three months at Babson College, the business school in Boston renowned for entrepreneurship.
During their time in Massachusetts, the fellows intern with a local start-up alongside their classroom studies. Following a field trip to Shanghai, the fellows will return to Scotland to apply their learning through three-month projects with high-growth companies across Scotland.
Entrepreneurship cannot be defined narrowly in terms of just start-ups,” says Les Charm, the professor of entrepreneurship at Babson who is course leader for the Saltire Fellowship. “Entrepreneurship can also take place within big companies.”
Tuition fees on the course are £24,750 – comparable with the £25,000 cost of Scotland’s highest-ranked full-time MBA at the University of Strathclyde. However, half of this year’s cohort are fully supported by their employers who are picking up the cost of their studies. Fellows who are not sponsored are eligible for bursaries worth as much as 80 per cent of fees
Copyright The Financial Times Limited 2016. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.