Five high-growth businesses are celebrating being named the first to win their share of the Regional EDGE prize fund of £100,000.
This new pilot award, aimed at businesses across four regions, is the latest initiative in the long-standing relationship between the Scottish Government and Scottish EDGE. Funds were allocated through a competitive process, which involved pitching to a panel of judges, and delivered in collaboration with Opportunity North East (ONE).
The awards ceremony took place at the ONE Tech Hub in Aberdeen, with seasoned CEO and investor Rob Burnett serving as the keynote speaker.
Of the 12 finalists making the shortlist, Brigid Bio and Sherriff & Hope took home £10,000 for their biotech treatment of high risk fungal infections and hot sauce direct to consumer supply offering respectively. Taking home the £15,000 prizes were Ovis, for its wool pellet gardening alternative to plastic, and Windstorm Holdings Ltd for an enhanced wind turbine system that will reduce the space required for wind farms by up to 99%.
The main prize of the evening, £50,000, was awarded to InGlaze Ltd for the manufacture of internal acrylic magnetic secondary glazing with thermally efficient seal to reduce energy loss.
In addition to financial support, winners will also benefit from becoming an EDGE Alumni, granting them access to the organisation’s network of contacts and business acumen.
Jennifer Craw MBE, CEO of Opportunity North East (ONE), said: “ONE and Scottish EDGE both inspire and support entrepreneurship and innovation, with ONE building the entrepreneurial ecosystems in the region’s growth sectors. The Regional EDGE partnership created a new opportunity for ambitious and innovative startups in North East Scotland to secure funding to advance their ideas.
“The strong response from across the region underlines its entrepreneurial culture. The judges were struck by the calibre of the entries showcasing significant entrepreneurship, talent and ambition. Congratulations to all the finalists and winners – we look forward to seeing how they use the Regional EDGE support to drive their growth.”
Evelyn McDonald, CEO of Scottish EDGE said: "The first of our Regional EDGE finals highlighted the outstanding entrepreneurial talent within the Aberdeen community and has set the bar high for the regions that follow. We remain dedicated to providing businesses across the country with the essential funding and mentorship they need to succeed, and we are grateful to Opportunity North East for their support in identifying the fantastic businesses we saw pitch here today."
Scottish EDGE last month launched Round 25 of its country-wide funding competition, with awards of up to £150,000 on offer. Applications will be accepted until 27th February via the Scottish EDGE website at www.scottishedge.com