Young entrepreneurs win £50,000 in Young Innovators Challenge
Talented young entrepreneurs win business funding to support innovative ideas.
Five 18-24 year old business brains were crowned winners at the Young Innovators Challenge awards dinner on Thursday 11July. Each was awarded £50,000 in business funding to support their ideas.
Blair Bowman, David Townsend, Laura Jayne Nevin, Michael Yiin Shih Jie and Victoria Hamilton impressed the judges with their business plans during a tense pitching process to claim the £50,000 and one year of dedicated business support to turn their ideas into reality.
The wins are the result of months of hard work, including participation in the intensive YIC Bootcamp at the Apex Hotel in Dundee, where all the finalists were given valuable support and advice from industry experts.
YIC is run by the Scottish Institute for Enterprise (SIE) on behalf of the Scottish Government. It's a national competition encouraging 18 to 24-year-olds to develop their entrepreneurial skills and understand the processes involved in setting up a successful business.
Fiona Godsman, chief executive of SIE, said: “Scotland has been home to great innovators for many years, and this year’s competition has shown us that there are young people out there who really are the innovators of the future.
“The entries we received showed great ingenuity, and we hope that they will inspire other young people across the country to get thinking about their business ideas.
“We are all really excited to see what the future holds for the five young business brains who have been awarded the prize.”
Fergus Ewing MSP, The Minister for Energy, Enterprise and Tourism, said “I wish to offer my congratulations to all of the winners of the inaugural Young Innovators Challenge award and I am particularly pleased with the calibre of those candidates shortlisted.
“The Scottish Government is actively encouraging a culture of creativity and entrepreneurship amongst our young innovators.
“The Young Innovators Challenge, which is supported by industry representatives across a number of key sectors, will support the winners in turning their business ideas into reality by providing cash and ‘in kind’ business support and I wish them every success in their future endeavours.”
Michelle Kinnaird, investment director at the Scottish Investment Bank, said: "We're delighted to have been part of this important programme, helping to encourage young people to become entrepreneurs.
“As one of the three judges I was really impressed by the variety and quality of the finalists and by the enthusiasm and creativity shown by the entire group.
"Events like this are an encouraging indicator of how Scotland can continue to produce innovative growth companies with excellent potential for national and international growth."
For further press information contact:
Samantha Stewart Beattie Communications T: 01698 787858 E: samantha.stewart@onlybeattie.com
Neil McDonald Beattie Communications T: 01698 787855 E: neil.mcdonald@onlybeattie.com
Note to editors:
The Young Innovators Challenge is a competition aimed at finding Scotland's innovators of tomorrow. The prize fund is provided by the Scottish Further and Higher Education Funding Council (SFC). The SFC is the national, strategic body responsible for funding teaching and learning provision, research and other activities in Scotland's colleges and universities and higher education institutions. Participation in the process will provide opportunities to develop business and entrepreneurial skills as well as gain an understanding of how to set up and run a business.
Entrants will be tasked with creating and designing innovative solutions to one of six challenges set by industry leaders. Finalists will be invited to pitch their ideas to a panel of industry and business experts for the chance to win up to £50,000 and a year of business support.
The Scottish Institute for Enterprise (SIE) is a national organisation for promoting and supporting enterprise and entrepreneurship in Scotland's universities. SIE turns students into entrepreneurs by engaging them in a variety of activities that inspire and encourage those who may never have thought about starting a business before, and by developing and supporting those who are taking their first steps as entrepreneurs. SIE runs local enterprise education workshops within HEI’s and an annual Student Enterprise Summit with high-profile speakers drawn from Scotland’s successful entrepreneurs.