Have you got the EDGE to make it as an entrepreneur?
August 27, 2015
The Scottish EDGE is about you, your business, your ambition and that thirst for success all entrepreneurs hold. Previous successful applicants include Glasgow based companies Cohesion Medical, Cojengo and IC Mobile Lab to name a few. With the seventh round of applications now open, Judith Duncan, from the Scottish EDGE, discusses who’s eligible, past winners and why you should apply…
WHO ARE WE?
Scottish EDGE is led by a board of seasoned entrepreneurs, bankers and public sector supporters. In essence Scottish EDGE is a £5m+ fund endowed by serial entrepreneur Sir Tom Hunter, the Royal Bank of Scotland and the Scottish Government.
Scottish EDGE delivers a funding competition aimed at identifying Scotland’s top young, early stage and high growth potential entrepreneurs.
Historically, Scottish EDGE was run by Scottish Enterprise alongside various partners, however, in August 2014, Sir Tom and RBS agreed to extend the success of the fund and lead in its delivery going forward. The competition is made up of three separate categories – Scottish EDGE, YoungEDGE (for directors aged 18-30) and Wild Card EDGE (for pre-trading businesses with a highly innovative idea).
Winners of each category receive a sum of money up to a maximum of £100,000 as well as support packages from Harper Macleod, Johnston Carmichael, James Hallam as well as Entrepreneurial Scotland ensuring that they have the best support in growing their business after the EDGE process.
One example of how ScotEDGE funding can be used comes from Round 5 winner, nooQ, a Glasgow-based software company. With their ScotEDGE funding, they decided to create a brand new website for their business and take on a new member of staff.
A previous winner recently said about the competition “Of course the money is fantastic, but the support, advice and contacts I made throughout the whole process will stay with me forever”.
ARE YOU ELIGIBLE?
If your company has been in operation for five years or less and has an ambitious growth strategy alongside a highly innovative business idea then you could be eligible to apply for Scottish EDGE Round 7.
The first six rounds of Scottish EDGE saw over 1,300 applications being received which led to over £4 million in investment being shared amongst 99 Scottish EDGE winners, 31 YoungEDGE winners and 11 Wild Card EDGE winners including Glasgow companies IC Mobile Lab, Cohesion Medical and Cojengo.
All applicants receive personalised feedback from our panel of experts during each stage of the competition. This is proven successful as many applicants have come back using this feedback to reapply with a stronger business proposition which has seen many of our winners win on their second, third or even fourth application attempt.
For more information on the Scottish EDGE competition, check out the website and follow @ScottishEDGE on Twitter. Applications are now open and will close on Wednesday 9th September at 11:59pm. If you’re interested in entering for Round 7, apply now.