New Scottish Edge initiative
Start-ups urged to help fund next generation
Start-ups are being offered the opportunity to become ‘investors’ themselves in the next generation of entrepreneurs.
They can sign up to an initiative which will mean donating part of their revenue or funds they receive from selling their businesses into a pot to fund other start-ups.
Scottish Edge, which funds early stage firms, is inviting award winners to sign the “Edge Pledge”, contributing a minimum 1% from exit proceeds or future revenue streams.
The first to agree are: Callum Murray of Amiqus; Calum Smeaton of TV Squared; Martin Murray of Rock Rose Gin; Jo Chidley of Beauty Kitchen; James Brown of Beer 52; Garry Stewart of Spyglass Innovations, creators of LooBlade; Graeme Lindsay of Uisage Source; Darina Garland of Uuni; Kristian Tapaninaho of Uuni; Michael Corrigan of Trtl; David Kellock of Trtl; Tanya Ewing of Glaze & Save; Matt Stevenson of Carbon Dynamic, and; Lynn Mann of Supernature Oils.
Scottish Edge has made 262 awards to date, totalling over £8 million while helping to create more than 800 jobs It has boosted turnover of awardee companies by £45m, matched a similar investment.
Recipients include shopping app, Mallzee, AdTech startup TVSquared and Appointedd.
The next round of funding takes place on the 22 June at the Royal Bank of Scotland’s Conference Centre at Gogarburn where £1.3 million in grant and loan funding will be awarded to 40 Scottish startups.
Scottish Edge is supported by the Royal Bank of Scotland, The Hunter Foundation and the Scottish Government.
Sir Tom Hunter said: “This is a fundamental step forward in the mindset of Scotland’s entrepreneurs, underpinning the culture of giving back with purpose – in this case supporting the next generation of entrepreneurs by sharing in their own success. This is absolutely creating a virtuous circle where success supports success, entrepreneurs help one another and ultimately Scotland wins out.”
Evelyn McDonald, CEO of Scottish Edge, said: “What founders are telling us is that they want to find more ways in which to give back to the community that supported their own growth and success.”
David Shearer, chairman of Scottish Edge, said: “Through the Edge Pledge, we want to encourage our Alumni to pay it forward helping us to make Scottish Edge a sustainable fund to support our future entrepreneurs.”