By Jonathan Davies

As the Scottish referendum debate gathers pace ahead of Thursday's vote, one of the topics not covered so far has been investment.

To see what implications independence might have on investment, and vice versa, I spoke to Bill Morrow, the Scottish founder of Europe's largest angel investment and crowd-funding platform, Angels Den.

"The referendum is a huge decision for the people of Scotland alone to make." Bill said.

He argued that "the facts" have been clouded by both the 'Yes' campaign and the 'Better Together' campaign, and some things like investment have become lost in the debate.

Bill said: The problem is that the average person is not aware of the real truth behind the current economic situation, as "the facts" have become clouded and manipulated so much by both sides. Not enough has been said about the consequences for business owners and entrepreneurs, whose life’s work or future ambitions could be dashed by the verdict, having a huge impact on the future of independent Scottish business.

There is a worrying lack of alternative investment available in Scotland, Bill argued.

He added: “Over the last 12 months, I can reveal that all of the deals we have facilitated for Scottish entrepreneurs, that is 100% of them, have been funded by London-based investors. There are some truly incredible entrepreneurs in Scotland; the country has so much to offer to the business world, but there is a huge gap where investment is concerned.

"Rather than liberating the country, a move away from the UK will run the risk of stifling the amazing new start-ups that Scotland has to offer.”

I asked if independence would open up a gap in the market for Scottish based alternative finance firms.

Bill said: "There are already many Scottish finance networks but Scottish Angel investment has been very slow over the last 5 years and unable to meet the demand of the great entrepreneurs and businesses that need funding."

Are you worried about the lack of alternative finance available in Scotland? You can email your reactions to

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