MORE THAN £500,000 is to be spent on creating business development paths for Scotland’s up and coming bands.

This would enable emerging talent to tell the same tale of success as artists such as KT Tunstall, Runrig and Franz Ferdinand.

The new Scottish Music Futures Fund was launched in Inverness yesterday during the goNORTH festival.

The Scottish Executive announced in February that £500,000 would be allocated as a business development fund to help cultivate the music industry in Scotland.

The fund is being administered by Highlands and Islands Enterprise for the whole of Scotland, in partnership with Scottish Enterprise and the Scottish Arts Council. They are now seeking to appoint representatives from the music industry to sit on the grant-awarding panel.

Iain Hamilton, HIE’s head of creative industries said, “One of the challenges we face at the moment is that home-grown musical talent too often has to move away from Scotland to get a career started and make it big.

“If we’re going to help more young musicians and others with technical skills to realise their full potential without leaving the country, we need to target the business infrastructure and help it grow.”

At the launch of the fund, HIE’s director of business growth Jackie Wright reminded those present that the music industry represented the UK’s third largest export.

She said, “You have only to look at the interest GoNorth has generated this week and the 30,000 people currently heading for the Rockness festival to understand the importance of music to the Highlands.

“This is amplified right across Scotland and it should be promoted and developed as a significant contributor to our economy.”