A Conversation with Anna Vaughan of the Scottish National Investment Bank
As Director, Marketing and Communications at the Scottish National Investment Bank and a charity Board Trustee, Anna Vaughan has been a driving force behind the Bank’s partnership with AccelerateHER and a passionate advocate for gender equality, diversity, and equity in investment.
We sat down with Anna to learn more about the Bank’s involvement in the Women to Women (W2W) Programme, its support for female founders, and why building early-stage investment relationships matters, even when an investment might be years away.
A Strategic Partnership Built on Shared Values
Q: How did the Bank first get involved with AccelerateHER and the Women to Women (W2W) Programme?
Anna: “Our relationship with AccelerateHER really began through the tenacity and vision of the AccelerateHER CEO, Elizabeth Pirrie. She approached us about the Women to Women (W2W) Programme at a time when we were actively exploring how we embed equality, diversity and inclusion (EDI) into every part of our investment and organisational strategy, not just as an employer, but through who we invest and our procurement process.
I’ve been personally invested in this work, and using part of our marketing budget to support the programme was a natural fit. The Women to Women (W2W) programme stood out to us for the way it nurtures and supports female-led businesses in a really intentional, practical way. It’s aligned to our strategic goals, supporting underrepresented founders and helping build Scotland’s long-term investment ecosystem.
That’s one of the reasons this partnership with AccelerateHER made perfect sense.
As an investor, employer, and procurer, we want to push for equality and diversity at every stage, including through our partners.”
Why Early-Stage Support Matters
Q: The Bank typically invests from £1M-£50M. What’s the value in engaging with founders much earlier than that?
Anna: “Our role as a mission-led investor isn’t just about financial input; it’s about using our position to support and nurture Scotland’s pipeline of future high-growth businesses. We might be the first investor you speak to, and we might not be your future investor, but building those relationships early is important.
We regularly stay in touch with founders we’ve met through W2W and other AccelerateHER events, even if they’re not investment-ready yet.
That early feedback is valuable. We want to help founders strengthen their proposition long before they formally fundraise so that when they do, they’re confident, credible, and prepared. That’s where programmes like W2W really provide essential impact.”
The Power of the Pitch & Pitchdeck - and Thinking Bigger
Q: What advice do you give female founders preparing to seek investment?
Anna: “One of the most common themes I see, especially among female founders, is asking for just enough to “get through”.
“£50K to see me through the next few months.”
And I always ask: Where do you want to be in five years? What’s the big ambition?
Too often, women are conservative with their financial ask and the accompanying vision for these funds, thinking in terms of survival rather than scale. But fundraising takes time. If you raise too little, you can find yourself right back in the cycle a few months later. We encourage founders to think carefully about what they need to grow and what level of capital will get them there, not just what feels comfortable to ask for.
Raising investment feels like a full-time job on top of running a business. You don’t want to be in a cycle of doing this continuously. Ask for what you need off the bat, and you can then focus on driving the business forward and achieving those growth goals.
Think of starting your fundraising journey in plenty of time. Too often, we see businesses that under-estimate the time it takes to secure the right kind of funding. A good rule of thumb is to be thinking a year ahead.”
Understanding the Funding Landscape
Q: Do you find there’s a knowledge gap around types of investment, like debt versus equity?
Anna: “Yes, and it’s completely understandable. Many founders are still bootstrapping and haven’t had to think about these terms before. But understanding the difference is crucial.
Debt means taking out a loan that you’ll repay with interest over time.
Equity means giving away a share of your business in return for capital.
Both have their place, and part of what we do through programmes like W2W, and generally working with AccelerateHER, is help founders make sense of what’s right for them, based on their goals and stage of growth.
There can be a fear around bringing in equity, that it means giving away part of your business. But actually, it can help grow your business’s value faster. It’s not just dilution, it’s an accelerator.
We’ve also seen some founders overlook the strength that comes with a good board. A diverse, experienced board can provide strategic oversight, make warm introductions, and serve as a sounding board as you navigate growth. Your board can also challenge you, which is beneficial at any stage.
It’s never too early to build that. In fact, one of the ways we support founding teams is to help them fill gaps in both the team and the board.”
How does the Bank invest?
Anna: “We are a mission-led impact investor. It’s a bit of a mouthful, but it means we invest in businesses or projects aligned to one of our 3 missions:
- Net zero
- Innovation
- Places and communities
The investments we make have to make commercial sense, but because we’re an impact investor, they also have to demonstrate that they will deliver societal and economic benefit for Scotland.
We want to see our investees also commit to driving EDI within their businesses and to create good, long-term jobs for people in communities.
We’re also a patient investor, so we will look at an investment over longer time frames than traditional investors, so our businesses have time to grow and scale, particularly in a new sector or industry.
To date, we have 49 very diverse businesses in our portfolio, ranging from ports to housebuilders to life sciences and technology companies.”
Building the Right Team
Q: What should founders be thinking about when building out their leadership teams?
Anna: “Founders need to ask themselves: Do I have the right team to get me to the next level? Maybe the person who helped you get off the ground isn’t the one to take you into scale-up mode. That can be a tough realisation.
You also don’t always need a full-time hire; there are amazing fractional CMOs, CPOs, and CFOs out there who can help shape your strategy without adding a full-time overhead too soon.
And when it comes to culture, chemistry matters. You need people around you who believe in your mission and can challenge you constructively. Don’t be afraid to make changes if something isn’t working. We encourage founders to assess their current skills and the skills they will need in the future, and identify the gaps that need to be filled.”
A Broader Commitment to Supporting Women in Business
Q: Why does the Bank continue to sponsor AccelerateHER’s showcase events and support programmes like W2W?
Anna: “Because they work. We’ve been headline sponsors since 2024 and have supported multiple panels in Dundee, Glasgow, and Edinburgh, as well as hosted learning breakfast events. Every time someone from the Bank attends, whether it’s our investment team, me, or our Chief Investment Officer, we meet amazing business owners and walk away both humbled and inspired.
The events are vibrant, energetic, and full of genuinely investable ideas. We love meeting founders in this setting. It gives us insight into what’s coming through the pipeline, and we’ve had follow-up conversations with several businesses after these events.
Even when a business isn’t the right fit for us at that time, we’ll often refer them on to others in our investment network who might fit their stage, specialism or sector.”
Making Investment Accessible
Q: You’ve offered founders pitch deck reviews and hosted roundtables. What’s the goal of these more intimate engagement opportunities?
Anna: “The idea is simple: demystify the process. We want founders to know how investors think and work, what we’re looking for, what stands out, and what raises red flags.
A strong pitch deck tells the story clearly, shows passion, and has robust numbers to back it up. You’d be surprised how often people gloss over the numbers or don’t have a long-term plan. We don’t want fluffy numbers, and we value transparency.
We want to help founders refine that narrative and to build confidence in telling their story, articulating their vision, and asking for what they need.
In pitches, we need to see the story and the numbers. Sometimes a founder is clearly brilliant, but we leave a pitch wondering what the business is actually doing. That clarity matters.
What if confidence or being introverted is your blocker here?
Anna: “If you’re introverted and not comfortable with it, that’s fine. But you do need to do it. This is where building the right team around you, can support you. Is there someone else who can do that role alongside you? Sometimes you’re playing a part, and you get better with practice. Fake it till you make it. The more you do it, the more confident you’ll become.”
Investor-Curious Women and Growing the Ecosystem
Q: What about the women interested in becoming investors? How does the W2W Programme support them, too?
Anna: “Programmes like W2W create space for ‘investor-curious’ women, those interested in angel investing but unsure where to start.
There’s often a confidence gap. A fear of not knowing what makes a “good” investment or how to assess a pitch. But with the right education and networks, that gap closes quickly. We need more women on both sides of the table, as founders and investors, and W2W is helping to build that connection, network, and pipeline.
There’s a genuine keenness among women to start investing, but a lack of understanding about how. Many are asking, ‘How do I assess if this is a good business case?’
The W2W Programme creates that learning space.”
Thinking About Joining the next W2W cohort? Here’s What Anna Wants You to Know
Q: What would you say to a founder who’s intrigued by the W2W Programme, but unsure if they’re ready for investment?
Anna: “I’d say: you don’t need to be ready. That’s exactly the point of the programme.
It’s a brilliant, tailored programme to help women grow in business. Having a network of peers and a strong panel of advisors is invaluable, so go for it!
W2W is designed for women who are curious about investment but don’t quite know where to start. Maybe you’ve been bootstrapping, maybe the idea of speaking to investors feels daunting, or maybe you’ve told yourself you need to get everything perfect first. You really don’t.
This programme gives you the tools, the support, and, just as importantly, the safe space to ask the questions you’re afraid to ask anywhere else. How do I talk about my business? What do I bring to a meeting? What even is the difference between debt and equity?
And it’s not just about technical knowledge, it’s about confidence. About being in a room with other women who are going through the same journey, and realising you’re not alone. The peer-to-peer learning in W2W is one of its most powerful aspects.
We often meet women who have brilliant ideas and strong businesses, but they’re still playing small. They’re not asking for enough. They’re just trying to “get by” instead of thinking: What would it look like to really grow this?
W2W helps shift that mindset. It helps women turn up to those conversations with clarity and confidence, and the belief that they belong in the room.”
What The Bank Looks for in an Investment Prospect
Q: What makes a company a good fit for investment from the Scottish National Investment Bank?
Anna: “We’re a mission impact investor, providing patient capital to support businesses that are helping solve the biggest challenges facing Scotland. That means we’re looking for strong alignment with one or more of our core missions, whether that’s net zero and tackling the climate crisis, regenerating communities and places, or scaling up innovation to improve productivity and competitiveness.
We typically invest between £1M and £50M and usually invest alongside others; we like to see other funders involved as well.
But what really matters is the long-term vision. We’re looking for ambitious companies with the potential to create meaningful economic and social impact in Scotland, through job creation, inclusive growth, innovation, or sustainability. We also look closely at the leadership team and governance: is there a credible plan, a strong board, and a commitment to responsible business practices, such as paying the Real Living Wage?
Diversity also matters. We want to invest in businesses that reflect Scotland’s population, or at the very least, have a clear and credible commitment to improving diversity as they grow.”
Long-Term Impact
Q: What do you hope the long-term impact of your partnership with AccelerateHER on the W2W Programme will be?
Anna: “We want to see more diverse founders scaling in Scotland and more capital flowing their way. We don’t see enough female-led businesses coming through our doors at an investment-ready level. That’s not because they’re not capable. It’s often because the support and confidence-building haven’t been there early enough.
We want to be part of changing that. Supporting W2W is one way we help build the infrastructure that gets these founders ready for the next stage, and ultimately, supports Scotland’s economic resilience and innovation.”
Working with AccelerateHER
Q: What would you say to another organisation thinking about partnering with W2W or AccelerateHER?
Anna: “Do it. The impact is tangible. The events are energising. The businesses coming through are brilliant. And as a partner, you’re playing a role in changing the face of investment in Scotland, making it more inclusive, more ambitious, and more reflective of the talent that’s already out there.
Every time I attend a session or speak with a founder in this community, I walk away feeling humbled and energised. The future is bright. And we’re proud to play a part in helping shape it.
At The Bank, there’s always a clamour to attend AccelerateHER events. They’re energising, positive, and the talent is genuinely humbling. Every time we leave, thinking, we’d love to see these businesses flourish.”
Register your interest
If you’d like to register your interest for a future W2W Programme then complete this form here and you’ll be the first to know when applications open.