MyGlasgow News

The quest to find the next generation of entrepreneurs from Scotland’s thriving academic entrepreneur community is underway once again. Converge Challenge alumni launched the 2017 programme at the University of St Andrews challenging every Scottish university to uncover the next big idea.

Between 2011-2015, the initiative has trained 240 emerging entrepreneurs that have formed 62 Converge companies and secured over £39 million of follow-on funding. Converge Challenge cements its position as the leading opportunity for Scotland’s university based entrepreneurs as 4 out of 5 Converge companies have secured follow-on funding and 80% are still trading after three years.

Businesses established through Converge Challenge have, to date, created 175 new jobs. This success 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.

In 2017, the total prize fund is valued at over £150,000. In addition to a cash prize, winning projects receive a comprehensive business support package from selected partner organisations. Highlights include:

• Automatic eligibility to pitch to investors at EIE 2018.
• Royal Bank of Scotland remains a key partner for a second year and will provide winners with a money can’t buy package 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, providing ongoing business support and mentoring to the Social Enterprise category.

Converge Challenge focuses on practical hands-on training with participants taking part in an intensive entrepreneurial development programme that includes: 1-2-1 bespoke advice and support, mentoring, pitching experience and networking opportunities. Participants ultimately develop and submit a comprehensive business plan for their company, product and/or service. An expert panel of judges made up of leading entrepreneurs and investors from across the business community will assess the business plans and select the winners that will be announced at an awards ceremony at Glasgow Science Centre in September.

Converge Challenge brings together the most ambitious and creative thinkers from any Scottish Higher Education Institute (HEI) and offers three award categories.

• Converge Challenge: for those with an established idea
• KickStart: for early stage ideas
• Social Enterprise: for ideas that will have a positive impact on social and environmental issues

Converge Challenge 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 key aim of the programme is to support the local enterprise activities that are delivered by individual universities and provide a national platform to showcase the entrepreneurial talent within the Scottish research base.

Converge Challenge opened last week for applications and closes on Monday 10 April at 5pm GMT. To enter visit www.convergechallenge.com

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First published: 13 February 2017