Good news this week if you’ve got an idea for a business or are an early stage startup based in Scotland. A new £1 million fund is about to be launched with the primary purpose of helping boost Scottish entrepreneurial activity. The Scottish EDGE fund which is being administered by both Scottish Enterprise and Highlands and Islands Enterprise, will see winning businesses being awarded with prizes up to £50,000 each as well as a package of support from RBS.
The fund itself is aimed at small startup businesses based anywhere in Scotland which have the potential to achieve or increase their sales by £400000 within a 3 year period as well as the potential to create new jobs. For businesses based in the Highlands and Islands region, that target is reduced to £200000 within the same period.
The fund opens for applications on November 1st and there are 2 main elements to the application process: - the completion of an application form detailing why you want The Scottish Edge funding, what impact the money would have on your company, and also what your business growth plan is as well as - the submission of a 60 second video where you have to pitch your business
Those applications which are deemed to have the ‘strongest’ growth plans will be invited to present and pitch their ideas to a selection of business and public sector representatives at 1 of 3 regional events. The pitches which demonstrate the greatest potential will then be invited to pitch their ideas to a select panel, who will in turn choose the winners who will receive between £20000 - £50000 funding to help them deliver their projected growth plans.
More details on the Scottish EDGE fund itself and how to apply can be found here.
As we all know, it’s not that easy getting started at the moment so any funding scheme or initiative of this sort, has to be welcomed. Finally, best of luck to any of you that apply!