Round 13 of the Scottish EDGE competition will begin on Tuesday, July 24 with the final held on Thursday, December 6. A further 25 Scottish startups will receive grants and loans from a £1 million prize pot.
For the first time the competition will include a new Social Enterprise EDGE (SEE) Award, run in partnership with Postcode Innovation Trust, to encourage applications from social enterprise businesses.
The SEE Award will be a prize of up to £100,000 – 60 per cent loan and 40 per cent grant – for the top social enterprise business idea in rounds 13 and 14 of the competition.
Scottish EDGE has made more than 300 awards to date, totalling over £11 million while helping to create over 1000 jobs and boosting turnover of awardee companies by £104.22 million while helping them to secure an additional £84.47 million in investment.
Evelyn McDonald, Scottish EDGE CEO, said: “There is a misconception that Scottish EDGE, with its strong focus on business growth, is not supportive of businesses whose profits are 100 per cent reinvested back into their social and/or environmental purpose. In reality, we believe that the need for social entrepreneurs and their solutions to tackling global inequalities is greater now than ever.
“The generous support from players of People’s Postcode Lottery will allow Scottish EDGE, through the Social Enterprise EDGE Award, to raise the profile of the innovative businesses working to overcome those barriers, and to truly take Scottish social entrepreneurship mainstream.”
Joe Ray, Postcode Innovation Trust social investment advisor, said: “We’re very pleased to be supporting the first Social Enterprise EDGE award. Scotland is already a leading centre for social enterprise and this award should help inspire the next generation of social entrepreneurs who are working to address society’s problems.”
Alastair Davis, Social Investment Scotland CEO, said: “We’re delighted to see the launch of the Social Enterprise EDGE. For entrepreneurs, social enterprise is increasingly being seen as a business model of choice and Scotland is increasingly being recognised as one of the best places in the world to start, grow and scale a social enterprise.
“This award highlights the growing inclusiveness of our economy and I look forward to being inspired by the next generation of businesses combining profit and purpose.”
Alan Mahon, Brewgooder founder, said: “As a winner of a Scottish EDGE Award in Round 9 I know first hand the difference that this support can provide for early stage and growth entrepreneurs, especially those running social enterprises for whom traditional growth funding may not be an option.
“By helping to scale social enterprises this award can only be a good thing for developing even more purpose-driven companies in Scotland.”