For the cash-strapped business, it’s certainly a challenging time to be trading. You might have the best idea in the world but unless you can pull together the capital to make it a reality it’s likely to remain an idea.
Thankfully, Scotedge is here to plug the gap. This innovative funding organisation has just opened applications for the latest round of its part funding, part mentorship competition Scottish EDGE. Here’s what you can expect from the competition.
What is Scottish EDGE?
Scottish EDGE is an investment competition launched to help identify and support up-and-coming, innovative, high-growth potential, entrepreneurial talent in Scotland.
In its three-year history, Scottish EDGE has received 1,600 applications and awarded £4.8 million to 113 different companies.
Scotedge’s latest competition has just opened for applications. The deadline for applications falls on 9th March at 2pm. Applicants’ businesses will be assessed across three stages — 1st Stage, Semi-Final and Final — in the months afterwards.
Who is eligible?
Your company has been incorporated at Companies House
Limited companies and registered social enterprises only
Trading for fewer than 5 years
Headquartered in Scotland
A minimum of 50% of the company is owned by directors working in the company on a day-to-day basis
You have the potential to achieve new sales of £200,000 over the next 3 years
Your business has the capability to create new Scottish jobs
You embody innovation
You have an ambitious growth strategy with an intention to export your service/product
Not in administration or liquidation
Directors have never been prosecuted for fraud
What’s on offer?
Scottish EDGE offers funding of up to £100,000 to winners of the competition. The prize money is equally split between loan and grant, meaning that winners will have to repay the loan component at a later date. This is to allow the competition to continue running year on year.
Applicants and winners will also receive mentoring and support from an established entrepreneur and access to Business Gateway and Scottish Enterprise.
Additionally, the winners will be automatically enroled in the EDGE Alumni programme, which is a basically a super exclusive networking group.
What are you waiting for?
We work with young businesses on a daily basis, helping them craft innovative online strategies and building them a strong digital platform.
If you want to invest your winnings in digital, there really is no better provider than Digital Impact. So, what are you waiting for? Click below, apply today and make your business plan a reality!
Like all great entrepreneurs, Will has two key driving qualities: an inexhaustible energy supply and a motivation to do better than everyone else. Having worked in every corner of the industry, Will leads Digital Impact with truly unique perspective.