With just under a week until the launch of Scottish EDGE Round 11 on 31st July (that’s right, a week!), we wanted to share some important and exciting changes and updates that we’ll be introducing from this round onwards.
The Scottish EDGE competition has evolved significantly since its inception in 2013. Our 263 winners from rounds one to ten, who have collectively won almost £10 million in prize money, have thus far generated an additional £57.23 million in turnover, secured £55.17 million in additional investment, and created 981 jobs.
It’s vital that we see this very impressive trend continue, and so between each round, we review the competition’s performance and look for ways to better the experience for our applicants.
On that note, here’s all you need to know about what’s changed for Round 11 and some things to look forward to:
Winner Award – Grant / Loan Split
Hopefully, you will have read about the recent launch of the EDGE Pledge, which sees successful EDGE entrepreneurs look to give something back to the fund to help create a sustainable initiative that will be at the heart of Scotland’s entrepreneurial ecosystem for years to come.
Our Scottish EDGE Board are keen to see this mindset of sustainability and giving back also instilled into the competition format and as such, from Round 11 onwards all Scottish EDGE and Higgs EDGE awards will move to a 60% Loan / 40% Grant split from the previous 50:50 format.
The average award given in the Scottish EDGE category is £65,000 and the new format would mean the winning business would have to repay £6,500 extra back to the EDGE Fund than they would have under the grant/loan ratio across previous rounds.
All awards in the Young EDGE and Wild Card EDGE categories will remain as 100% Grant.
Commenting on Scottish EDGE’s recent undertakings, Board member and renowned philanthropist, Sir Tom Hunter said: ” This is absolutely creating a virtuous circle where success supports success, entrepreneurs help one another and ultimately Scotland wins out.”
Following applicant feedback, taken over several rounds of the competition, Scottish EDGE has been working to improve its application process, making for a more user-friendly experience for those wishing to apply.
We are delighted to announce that from Round 11 onwards the old-fashioned paper based applications will be replaced by a brand new online application portal. This means that applicants will no longer be required to download and then email back their application form.
The online system will use an easy to follow question matrix and can be saved and returned to as often as is required. This will allow for a more professional and easy to use application journey for our applicants and will enable easier transfer of applications to our assessors throughout the competition, whilst still ensuring that data security is at the forefront of the process.
Paper applications can no longer be accepted and the portal will not be accessible after the application window closes.
Higgs EDGE and Specialist Category Awards
Over the next few rounds, Scottish EDGE will be exploring the potential introduction of several special award categories, similar to that of the current Higgs EDGE award – which is aimed at Science, Technology and Engineering sector businesses.
To maintain consistency across all of the potential special award categories, we will no longer deliver a separate Higgs EDGE Final and from R11 onwards the Higgs EDGE award will now be incorporated into the Scottish EDGE Final, with one Higgs EDGE prize of up to £150,000 awarded to the finalist who is deemed to have the most innovative STEM business offering with global appeal.
This is a really exciting change to the competition format and will most definitely add to the excitement of finals day!
Be part of the Scottish EDGE Story!
There’s a great deal of excitement around the Scottish EDGE office on the lead up to the Round 11 launch. We’ve got a BIG project planned with video marketing gurus 29 Studios, and we want you to be a part of it!
All will be revealed on Round 11 launch day on 31st July, so be sure to tune into our social media channels for our very special announcement.
Round 11 Workshops
If you are considering applying for Scottish EDGE in Round 11, then be sure to come along to one of our workshops – kindly hosted by some of our supporting organisations in locations throughout Scotland. You’ll find out what makes a strong Scottish EDGE application, what the judging panel look for when assessing your application and how to deliver a 3-minute video presentation. The workshops are delivered by the Scottish EDGE team and experts from within Scotland’s entrepreneurial eco-system and could be the first step in your Scottish EDGE journey to winning funding of up to £100,000.
Details of the available workshops are listed below and you can book your place on your preferred workshop using the link provided. More dates and locations will be added in due course:
Application and Video Presentation Support Workshops
- 11th August 2017 (10am) in Aberdeen: with Elevator – Register Here
- 16th August 2017 (10am) in Glenrothes: with Scottish EDGE – Register Here
- 16th August 2017 (1pm) in Glasgow: with Scottish EDGE – Register Here
- 16th August 2017 (TBC) in St Andrews: with Scottish EDGE
- 22nd August 2017 (10am) in Dundee: with Elevator – Register Here
- 25th August 2017 (1pm) in Edinburgh: with Entrepreneurial Spark – Register Here
That’s everything for now, but don’t forget to tune into our social media channels for #EDGE11 launch day on 31st July!