Start-up fund creates £1.4m in entrepreneurial investment
One year milestone for Scottish EDGE Fund
An entrepreneurial fund has been credited by its recipients for assisting in the combined increase in turnover of at least £600,000 and for leveraging a further £1.338m of investment for continued growth.
The Scottish EDGE Fund, which has provided Scottish start-ups with more than £1.2m over the past 12 months, has also helped create 59 new and sustainable jobs during its first year in operation.
The fund has so far helped 34 of Scotland’s most dynamic early-stage entrepreneurial businesses since its creation in 2012.
To celebrate the first year anniversary of the Scottish Government scheme, which is led by Scottish Enterprise, Finance Secretary John Swinney, met with EDGE recipients at Entrepreneurial Spark’s Edinburgh ‘hatchery’ to hear how the award has helped business.
Mr Swinney said:
“Our people are our greatest asset and it is crucial, perhaps more now than ever, that we see their economic potential unleashed.
“The Scottish EDGE Fund is delivering what is, and what will continue to be, a cornerstone of Scotland’s entrepreneurial revival.
“The fund has so far created 59 jobs as well as £600,000 in turnover and £1.4m in further investment, reinforcing the difference EDGE can make to early stage businesses.
“The competition is a collaboration between public agencies and private and third sector partners and it works because we have listened to and acted on what our leading entrepreneurs have said.
“Our public agencies, RBS, Entrepreneurial Spark, the Prince’s Trust and others who have supported the initiative, all deserve praise for what is being achieved through the Scottish EDGE Fund.”
During his visit Mr Swinney met with EDGE recipient and founder of artisan food company Flavourly, Ryan O’Rorke. Flavourly sends ‘flavour boxes’ containing niche food products to offices and homes.
Ryan said:
“The EDGE has made a huge impact on my business, it has allowed Flavourly to grow into a self-sustaining business with a great team behind it. We have taken on three new members of staff, increased sales by 500 per cent and continue to grow at a rapid rate.
“We have also just launched our national TV campaign as a result of the EDGE.”
Elaine Morrison, commercialisation manager, Scottish Enterprise, said:
“By encouraging and supporting a growing ecosystem of entrepreneurial activity across Scotland, we can help deliver long-term sustainable growth for the Scottish economy.
“The Scottish EDGE sets out to do exactly that and offers ambitious companies the unique opportunity to gain access to the support and funding that can help them successfully realise their business plans and reach scale.”
Additional comments on the Scottish EDGE Fund:
“We're delighted to continue working with the Scottish Government and the other partners on the Scottish EDGE Fund. It's an important way to build an ecosystem between the public and private sectors which support entrepreneurs, and helps to provide much needed oxygen to start-ups and early stage businesses in Scotland. (Gordon Merrylees, Managing Director of RBS Business Banking in Scotland)
“If budding entrepreneurs in Scotland needed proof that the Scottish Government is supportive of start-up businesses, they certainly get it in the form of the EDGE Fund.
“This initiative will help create a substantial amount of new jobs in Scotland.” (Sir Willie Haughey)
"The EDGE fund is helping plug a substantive gap in finance for start-ups – John Swinney is to be congratulated in making this unique programme available; having seen the gap he acted immediately to plug it.
“Ultimately entrepreneurial growth is fundamental to Scotland's future, hence the real importance of this funding pot in building both confidence and businesses." (Sir Tom Hunter)
- The Scottish EDGE Fund is a collaboration between the public and private sectors which offers a solution to the finance gap holding back the potential of ambitious entrepreneurs.
- Now in its third round the EDGE has already prompted the growth of 34 businesses. The first round went live in November 2012 and in February this year £520,000 was given to 16 businesses.
- A second round saw £704,000 awarded to 18 growth orientated enterprises at a ceremony hosted by RBS in June.
- Lead by Scottish Enterprise, organisations involved include Entrepreneurial Spark, Royal Bank of Scotland, Business Gateway and the Prince’s Youth Business Trust Scotland