A Glasgow-based internet of things (IoT) cluster has been bolstered by the appointment of a former chief executive of car giant Volvo.
Jim Rowan, who led the Swedish auto manufacturer to record profits in 2023 and 2024, takes up a new role as chair of the Smart Things Accelerator Centre, as the organisation launches a £15 million investment fund.
The Glasgow-born former CEO of Volvo Cars and Dyson, credited with taking Volvo into the world of software, will use his global networks to expand portfolio companies internationally and promote Scottish deep tech worldwide.
His appointment comes as STAC launches its first fund, focusing on Scottish startups and companies ready to scale across robotics, AI, quantum computing, photonics, and advanced manufacturing.
The fund will comprise a mix of angel investors, family Offices, and institutional investors from the UK, North America and Asia.
Rowan said: “My generation grew up with James Watt, Alexander Graham Bell, and Adam Smith as markers of Scottish achievement. And while every Scot is proud of this history, it’s time for new, modern names in Scotland’s story that are reference points for excellence in innovation and advancement of technology. We’re an industrious nation with enormous intellectual horsepower and STAC is building the system to turn that potential into globally competitive companies, creating a new legacy for future generations.”
He added: “After spending more than a decade living and working in Asia, I’ve seen how the right system design transforms capability into competitiveness. Scotland has world-class universities with genuine strength in the enabling technologies that will define the next decade – 6G connectivity, med and biotech, quantum computing, small modular reactors, AI-enabling infrastructure. The pieces exist. But we need to strengthen the connection between them. STAC bridges academia, industry, government, and finance.
“We’re good at innovation in Scotland, but we need to get better at invention at scale. As a nation, we need to think bigger, act quicker and be much more comfortable betting on ourselves. STAC is the vehicle to compete in next-generation technology.”
Rowan most recently served as CEO and President of Volvo Cars, during which time the company achieved record profits in 2023 and 2024 in its 98-year history. He was recognised as CEO of the Year by Newsweek and Autonews and named to Time magazine’s global 100 climate leaders list. Prior to Volvo, Rowan served as COO then CEO of Dyson and has founded two successful start-ups.
STAC operates Scotland’s unique industry-funded accelerator model, connecting high-potential startups with leading corporate partners including RBS, Plexus, Eurofins, Pelion and major technology manufacturers. The model has been designed to be replicable and to scale as the company grows.
Founded in 2021, the organisation has supported 120 startups, facilitated £50 million in investment, created 400 jobs, and maintains the highest density of women entrepreneurs among UK deep tech accelerators. In September 2024, the organisation opened ‘thebeyond’, a 22,000 square-foot state-of-the-art facility at Skypark in Glasgow.
Paul Wilson, CEO and co-founder of STAC, said: “For too long, Scottish deep tech companies have hit a ceiling. They build world-class technology here, but when it comes to scaling, they’ve been told they need to move to London, Silicon Valley, or elsewhere to access capital and markets. Jim’s appointment, alongside our £15 million fund launch, challenges that narrative directly.
“His global network, combined with STAC’s model of connecting companies with corporate partners, means our companies can access international markets and investment while keeping their headquarters and innovation here in Scotland. Through our partners, we provide intensive problem-solving sessions, co-development opportunities, and direct routes to global markets.”
