15 Jun BioCity Glasgow based MiAlgae and Novosound top prize winners at Scottish EDGE
Fledgling businesses shared £1 million in funding from partner organisations following the latest Scottish EDGE pitching competition.
Twenty firms pitched their ideas live at Scottish EDGE to a panel of business heavyweights made up of: Jim McColl of Clyde Blowers, Steve Dunlop of Scottish Enterprise, Simon Hannah of Filshill, Maeve McMahon of Royal Bank of Scotland and Carol Beattie of Stirling Council.
Addressing the finalists, Sir Tom Hunter said: “The businesses that come through EDGE grow faster with less risk because EDGE is not just about money, but the embedded support on offer.
“EDGE businesses are the lifeblood of the Scottish economy and we are delighted to support you as you grow and prosper – Scotland needs many more like you.”
The Higgs EDGE Special Award of £150,000 was won by scientist, Dr Kate Cameron, who set up Cytochorma to address increasingly expensive yet less effective practices of drug discovery.
As the UK’s largest business funding competition, Scottish EDGE has awarded over £10m thus far and is given as a 40% grant and a 60% loan, with a maximum award of up to £150,000. The loan is paid back to help fellow entrepreneurs on their pathway to success. Both the Young EDGE and Wild Card EDGE awards are grants of up to £10,000.
Scottish EDGE CEO, Evelyn McDonald said: “Tonight’s ceremony signalled the end of an exciting and emotional four-month journey not just for this round’s finalists and winners, but also for us at Scottish EDGE.
“The welcome and support that we received from the people of Stirling during the competition’s first live final outside of Edinburgh was outstanding and the enthusiasm shown for our finalists was hugely encouraging.
“Our high achieving alumni of 293 previous Scottish EDGE winners thus far have generated an additional £104.22 million in turnover, secured £82.47 million in additional investment and created 1,381 jobs.”
Gordon Merrylees, Head of Entrepreneurship for Royal Bank of Scotland said: “We are both delighted and extremely proud as a bank to have been a founding supporter of Scottish EDGE since its inception in 2014.”
BoCity Glasgow based MiAlgae and Novosound were among the top prize winners. MiAlgae, who have developed a novel algae production to harvest Omega 3 oils from micro-algae grown on waste water were awarded £100,000. Novosound, who sells novel, printed, ultrasound sensors to the industrial inspection, medical imaging and dental imaging markets were awarded £50,000.