The next generation of inspiring entrepreneurs from across Scotland’s universities are being sought.
Converge Challenge alumni have launched the 2017 programme at St Andrews University challenging every Scottish university to uncover the next big idea.
Since its inception in 2011, the initiative has trained 240 emerging entrepreneurs that have formed 62 companies and secured over £39 million of follow-on funding.
Four out of five companies resulting from the initiative have secured follow-on funding and 80% of companies are still trading after three years.
Businesses established through Converge Challenge have, to date, created 175 new jobs, an achievement that can be attributed to its comprehensive business training programme delivered by an expert team that focuses on developing the key skills required to create a company.
Participants and winners also receive advice and expertise from leading partner organisations on services that include: legal, finance, branding, product development and recruitment as well as networking and mentoring opportunities.
The 2017 total prize fund is valued at over £150,000, and winning projects receive a comprehensive business support package from selected partner organisations.
Winners will be able to investors at Engage Invest Exploit (EIE) 2018, the technology investor showcase.
A money can’t buy package from the Royal Bank Scotland that includes their Innovation Gateway programme, access to the Open Innovation Centre in Edinburgh, a range of free cloud services and access to their global technology partner network.
Continued support from Firstport, Scotland’s development agency for start-up social entrepreneurs and social enterprise, is also provided.
Converge Challenge focuses on practical hands-on training with participants taking part in an intensive entrepreneurial development programme.
Participants ultimately develop and submit a comprehensive business plan for their company, product and/or service.
A panel of judges made up of leading entrepreneurs and investors from across the business community will select the winners who will be announced at an awards ceremony at Glasgow Science Centre in September.
Converge Challenge offers three award categories. Converge Challenge: for those with an established idea; KickStart: for early stage ideas, and Social Enterprise for ideas that will have a positive impact on social and environmental issues.
It is open to staff, students and recent graduates and ideas can be for a product, process or a service at any stage of development and from any industry sector.
The programme aims to support the local enterprise activities delivered by individual universities and provide a national platform to showcase the entrepreneurial talent within the Scottish research base.
Olga Kozlova, director of Converge Challenge, said threw down the gauntlet for every Scottish university to uncover the next big idea, and she encouraged more women to apply in 2017.
She continued: “Following an increase in applicants for both the KickStart and Social Enterprise award categories both prize funds have been increased to £10,000 encouraging entrepreneurship at every stage.
“Converge Challenge remains committed to developing ambitious entrepreneurs and helping them build a valuable network of contacts that helps them to grow their business on a global stage.
“We are delighted to have the continued support of our entrepreneurial partners including Entrepreneurial Scotland who are providing broader networking opportunities for our winners.”
Last year MindMate and MicroSense Technologies Ltd were announced as joint winners of the main Converge Challenge award.
Applications for the 2017 event have to be submitted by April 10, and entries can be made by visiting www.convergechallenge.com.
