Scottish Edge is to double its support for young entrepreneurs after receiving an additional £75,000 of funding.
The cash boost, from Scottish Enterprise, will allow the competition to support a further seven applicants of its Young Edge category for businesses with directors under the age of 30.
A total of £150,000 will now be shared among up to 14 winners in Young Edge.
It comes only months after a group of entrepreneurs, including BrewDog co-founder James Watt, gave £1million of funding, bringing the total prize pot to almost £1,500,000.
A number of firms across Aberdeen, Caithness and Moray, were among the winners in the previous round of funding.
Evelyn McDonald, Scottish Edge chief executive, said: “The downside of supporting innovative new businesses through a high-level funding competition is the frustration of having to turn away a number of arguably deserving businesses.
“This additional funding from Scottish Enterprise will allow us to play a significant role in an even greater number of young Scottish entrepreneurial success stories at a time when it’s needed most.”
Millions of pounds awarded
Scottish Edge has awarded more than £17m to some of Scotland’s most innovative entrepreneurs, with a winner roster of 444 businesses who in turn have generated £412m in turnover and created more than 2,250 jobs.
Linda Hanna, Scottish Enterprise interim chief executive, said: “We have a long-standing relationship with Edge and are delighted to provide funding to double the number of awards made in the competition’s Young Edge category.
“We want to help them develop their ideas, bring products to market and grow their businesses. By working closely with Edge and other like-minded partners, we want to help accelerate the country’s economic recovery.”
The latest round of Scottish Edge opened today with applications open until August 10th.
It is supported by the Hunter Foundation, Royal Bank of Scotland, the Scottish Government and Scottish Enterprise, as well as award-specific partners in each round.
