£200,000 prize up for grabs in record Scottish startup competition

A record £200,000 prize is up for grabs in a major Scottish business competition aimed at supporting high-growth startups.

The new Accelerator EDGE Award has been launched as part of Scottish EDGE Round 28 and will provide the largest single prize ever offered through the competition.

The award has been made possible through a £1 million investment from Royal Bank of Scotland, which will support the Scottish EDGE programme over the next three years.

The new funding is designed to help ambitious entrepreneurs develop their businesses and support companies with the potential to grow and contribute to Scotland’s economy.

Applications for the current round of Scottish EDGE close at 2pm on September 2.

The overall prize pot for the latest round is worth £1.5 million and includes a combination of new and existing awards.

Among the other prizes available are the £100,000 Future EDGE Award and the £100,000 Scaling Innovation Award, both supported by Scottish Enterprise.

The main Scottish EDGE competition also offers funding of up to £100,000.

The competition is open to early-stage businesses from all sectors, including social enterprises.

Applicants are required to complete an online application form and submit a three-minute pitch video outlining their business.

The awards will be presented at the Scottish EDGE Awards Dinner on November 26.

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Dr Evelyn McDonald, CEO of Scottish EDGE, said: “As a founding partner of Scottish EDGE, Royal Bank of Scotland has played a vital role in supporting ambitious founders across Scotland.

“The introduction of the £200,000 award, made possible by the bank’s renewed commitment, is a landmark addition to the competition and will help even more entrepreneurs turn bold ideas into thriving businesses with the potential to make a real impact on Scotland’s economy.”

Paul Thwaite, CEO of NatWest Group, said: “Scotland has a proud entrepreneurial spirit and innovative businesses that will play a vital role in driving future economic growth.

“The introduction of the £200,000 Royal Bank Accelerator EDGE Award, the largest prize ever offered through the competition, reflects our commitment to backing founders with the ambition and potential to scale.”