Edge lifted by past recipients honouring pledge
Scottish Edge, which funds startup businesses through a pitching process, has received more than £125,000 from recipients who fulfilled a pledge to return 1% of proceeds when their business is sold.
The “Edge Pledge” ensures the scheme’s long-term sustainability by encouraging established entrepreneurs to invest in the success of upcoming talent.
There are 168 pledges currently active from former recipients dating back to the first round of the competition, including Appointedd, Enterobiotix, Novosound and Ooni Pizza Ovens.
Calum Smeaton, founder and until recently CEO of TV measurement and attribution platform TV Squared, was one of the first founders to sign the pledge in 2017, and together with Kevin Dorren and Andrew Veitch, both investors in TV Squared, donated a combined total of £110,000.
Brian Woods, whose former company was successful in the second round of Scottish EDGE, and who is now the founder of Cane & Grain International, gave back £11,500.
A further pledge of £4,400 was honoured by David Kellock, who was amongst the founding directors of travel accessory company Trtl and was recognised in both the second round of EDGE and the fifth round of the Young EDGE category, which rewards promising entrepreneurs under the age of 30.
Mr Smeaton said the competition came “at the perfect time at the start of the TVSquared journey.”
He said the prize enabled the firm to accelerate investment in its commercial team and fund a research trip that confirmed its assessment on the global market opportunity for its product.
Alongside contributions pledged by previous recipients, Scottish Edge recently introduced an investors’ pledge, which has now been signed by Andrew Coleman, who has previously invested in a number of successful applicants including Enterobiotix, Lentitek and BioLiberty.
He said: “Edge is a unique asset whose preservation has much to contribute to Scotland’s thriving business and economy.
“Not only does it present a wealth of networks, knowledge, and opportunities but its benefits are manifold not only for founders but for their early backers as well.
“In pledging my support, I hope to encourage other beneficiaries to also invest in its long-term sustainability, so that generations of entrepreneurs to come can benefit from these crucial resources.”
Evelyn McDonald, CEO of Scottish Edge added: “One of the bedrock principles of the Scottish EDGE fund is to encourage recipients to give back to the fund, so that the entrepreneurs of the future can continue to benefit.
“We are thrilled that several generous pledges have recently been honoured, which will enable more businesses to continue the positive cycle of creativity and innovation that we have been proudly championing for almost a decade”.
Supported by The Hunter Foundation, the Royal Bank of Scotland, the Scottish Government and Scottish Enterprise, the Edge awards have a key role to play in facilitating the nation’s economic growth. Most recently, the 20th round saw a further 42 innovative businesses benefit to the tune of £1.6 million.