Scottish EDGE awards £1.27m to start-up businesses

Scottish EDGE awards £1.27m to start-up businesses

Finalists in Round eight of the Scottish EDGE awards have been awarded a total of £1.27m in grants and loans.

During a high energy day, 22 of Scotland’s most promising entrepreneurs pitched their businesses to a panel of judges to compete for up to £100,000 each in funding.

The panel of judges, chaired by Lord Smith of Kelvin, chose fifteen businesses to win, and winners were also announced for the Higgs EDGE, which seeks to identify innovative science and technology businesses with global commercialisation potential.

Winners were chosen for Young EDGE, which is for entrepreneurs under the age of 30, and Wild Card EDGE for businesses who have yet to commence trading. 

The biggest winner on the day was RotoMotor Ltd, which became the second business to win the Scottish EDGE’s highest prize of £150,000, following the success of Epipole in December’s funding round.

An Aberdeen-based business founded by Jonathan Marsh, RotoMotor has invented the world’s first three-dimensional pump, an exciting new platform technology for the pumping and renewables industries.

Scottish EDGE funding is awarded as 50% grant and 50% loan, both the Young EDGE and Wild Card EDGE awards are grants of up to £10,000. Not only do Scottish EDGE award funding, they also provide mentoring and support and signposting to alternative funding.

Scottish EDGE chief executive officer, Evelyn McDonald said: “A Scottish EDGE final is always a day to remember and today was no different.

“We received a total of 239 applications for Scottish EDGE round eight from around the country, representing businesses in every business sector. The twenty-two businesses who pitched today represent the best of Scotland’s start-up businesses and entrepreneurial talent.

“For those who didn’t win this time round it’s not a no, it’s a not yet. We look forward to opening round nine in August and encourage previous and new applicants to apply for Scottish EDGE funding and support.”

Gordon Merrylees, Scottish EDGE board member and head of entrepreneurship at Royal Bank of Scotland and NatWest, commented; “the Scottish EDGE has had a huge impact on Scotland’s economy, with our alumni having generated an additional £31.80m in turnover, secured £28.36m in additional investment, and created 641 jobs since receiving their Scottish EDGE funding and support.

“We’re looking forward to continued success as today’s winners join our group of high-achieving alumni.”

 

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