Speaking on wealth management firm Murphy Wealth’s Human First podcast at the Smart Things Accelerator Centre (STAC), Mr Rowan described himself as ‘a big advocate’ for a sovereign wealth fund in Scotland, citing the success of similar schemes in Singapore, Norway, and Saudi Arabia. 

Talking with Murphy Wealth CEO Adrian Murphy about how the government can nurture potential entrepreneurs and high-growth companies in Scotland, he said: “Part of the problem, not necessarily just in Scotland… is that a lot of these technologies and investments are long term.

“By its very nature, sometimes the tenure within government is short term. And, of course, there’s a huge amount of pressure to make sure that they’re spending money wisely and there are results. 

“I would be a big advocate for a Scottish sovereign wealth fund, where you can say, we’re going to carve off a certain amount of that budget every year, and we’re going to put that into a Scottish sovereign wealth fund. The rest of that budget obviously goes to service the immediate needs of the population.”

Mr Rowan began his career in Scotland as a mechanical engineering apprentice at Tate & Lyle, before going on to take more senior roles at technology companies and founding his own technology businesses. He went on to take senior roles with the likes of Celestica and Blackberry in Austria, Canada, and Singapore, before becoming COO and subsequently CEO of Dyson.

Most recently, Mr Rowan was CEO of Volvo Cars – a position he held for more than three years, overseeing the company’s push towards software-led vehicles, before leaving in April of this year.

Discussing the success of approaches taken by other small countries and what Scotland could learn from them, he said: “What I found in Singapore was you had this very tight collaboration between government, academia, finance, and the inventors themselves, and it was very symbiotic… The sovereign wealth fund of Singapore was a great enabler of getting that funding to the right channels. And I think that’s one of the things we really need to work on in Scotland.

“If you look at Norway, it is a population very similar to Scotland… and they have a $1.7 trillion (£1.25 trillion) fund, they’ve done that over many years, taking a lot of the revenues from oil, redistributing them, and it’s paid dividends – not just for the immediate population of Norway, but there’s a generational benefit to it as well.”

Asked by Mr Murphy whether he thought Scotland could keep more technology companies and talent within the country as they begin their scale-up journey, Mr Rowan said: “I think it’s more than possible, honestly, I do.

“I just think it relates directly to the infrastructure that’s put in place and the opportunities to continue to grow. I don’t think people say, ‘I would really like to go live and work in Silicon Valley’. I think they’re drawn there for different reasons, and they’re drawn there… because they have easier access to capital.

“You look at Edinburgh and some of the great financial institutions already built up in this country and there’s no reason why that infrastructure, access to talent, access to proper premises, and access to growth capital can’t be done here in Scotland. But… it’s fragmented, it’s tough, and some other places in the world make it a lot easier.”

To that end, STAC recently announced the expansion of its industry-led startup acceleration impact by providing early-stage funding to ambitious founders in partnership with Scottish Enterprise. The new investment arm is designed to help Scottish start-ups scale globally, combining capital with mentorship, access to advanced labs, and a powerful network of industry partners which include Volvo, Sonos, and RBS. STAC has already supported more than 90 start-ups, the creation of 320 jobs, and over £40 million of investment.

Of STAC’s impact, Mr Rowan said: “STAC is really starting to pull together the combination of academia, business, and government, and it’s got the opportunity to grow.

“I think it’s a great place – not just for young talent to come and get support and mentorship, but also build a network with other like-minded individuals.”

The Human First podcast is a series from Murphy Wealth, in which Adrian Murphy discusses life, money, motivation, and family with some of the most prominent and recognisable faces in Scottish business. Previous guests include Scotland and Glasgow Warriors international turned entrepreneur Adam Ashe, Sub Club founder and legend of the Scottish nightclub scene Mike Grieve, and Scots entrepreneur and TAG Digital founder Laura Davidson.