Increase in funding and extended deadline for early stage business fund
Experienced chairman and strategic adviser to listed and private equity backed businesses, David Shearer has agreed to chair the £5.5m Scottish Edge Fund.
Shearer, who up until last week was co-chairman of Martin Currie (Holdings) Ltd until its successful sale, chairs Aberdeen New Dawn Investment Trust plc and is on the board of STV Group plc commented;
“This is a great opportunity to give something back to the entrepreneurial community in Scotland which I’m delighted to do. Through our Board we will build more, better, faster and sustainable businesses in Scotland in an inclusive way, joining all the entrepreneurial support dots up.
“I’d say to any potential high growth business in Scotland starting out to take a look at Scotedge.com but not just the funds available there; the real rocket fuel for your business will be in the value add we, and our partners, will deliver with and for you.”
Sir Tom Hunter, who is co-investing in scotedge.com and is on the board noted;
“David is an outstanding chairman with a pedigree any Plc would grab given half the chance - we are truly delighted to have him on board as our chair. The value he will bring through his commitment and energy and his own network, particularly in the City, will be invaluable as we build out scotedge.com.“
Scotedge.com is a £5.55m fund established to support early stage businesses with a 50/50 loan and prize combination funded by Royal Bank of Scotland plc (RBS), The Hunter Foundation and the Scottish Government.
Today the fund also announced it was extending funding and companies could now apply for up to £100000 “we noted particularly for technology companies that our £50k limit may have been prohibiting applications from that sector” noted a spokesman.
In addition all winners of scotedge.com will enjoy one year’s free membership to Entrepreneurial Scotland to support their businesses with knowledge, networks and advice (see entrepreneurialscotland.com).
Scotedge.com will shortly announce a global entity supporting the fund as a sponsor partner and making a minimum $150,000 commitment to support the thirty finalists for this round of scotedge.com. Details of the support will shortly be detailed on scotedge.com.
Given the new funding guideline and support, applications for scotedge.com have been extended until the end of this week and will close on Friday 10th of October at midnight. Any business which has already applied can reapply against the new criteria should they so wish.
Euan Cameron of Cohesion Medical Ltd, a software solutions business who won £46,000 of funding at scotedge.com commented;
“Scotedge.com helps develop your confidence, sharpens your thinking and makes your think about how you present your business to others. Winning scotedge.com has given my business real credibility with potential clients and suppliers and has opened the door to so many other market opportunities.”
David Shearer concluded by stating;
“We are in advanced discussions with a number of corporates keen to partner with scotedge.com and hope to make further significant announcements in the near term. All this support, all this effort is for one reason and one reason only - to play our part in helping build a more vibrant, sustainable and successful entrepreneurial Scotland.”
Any business applying for scotedge.com whether successful or not will be offered a range of support and services from scotedge.com partners.
The full board includes: