For those of you who are not aware of Converge Challenge, we are an entrepreneurial development programme and company creation competition focused on embracing and nurturing the entrepreneurial ideas found in Scotland’s universities and research institutes. Whilst the programme is a competition – in that ultimately there is a winner – it is more than this! Why? Because over 60 projects can gain the tools and support to shape their idea into a better developed proposition that is investor ready. And there is a prize pot of over £150,000 – a mix of cash and in-kind support via our valuable partners. Huzzah!
So who can enter? Converge brings together the most ambitious and creative thinkers from academia, research & business. In 2016 The Converge Challenge programme maintains a broad reach with an eligibility open to all university staff, undergraduates, postgraduates, as well as recent graduates. In previous years, trading companies could not participate, but now early stage businesses trading for less than 6 months with revenues under £50,000 can apply. Double huzzah!
So what can you enter and why is it relevant for you? There are three prize winning challenge categories – Converge Challenge – if you are looking to spin out from the University and incorporate a new business in the next 12 months; KickStart – if you have an early stage idea for a new product or service; Social Enterprise – if your business idea focuses on tacking social problems, strengthening communities, improving people’s life chances or protecting the environment.
The long term goal of the Converge Challenge is to provide students and staff of all Scottish universities and research institutes with practical commercial skills enabling them to bring new products and services to market and creating sustainable profitable companies.
Successful Converge Challenge applicants participate in entrepreneurial development throughout the competition over a 12 month period. Through intensive training, mentoring, pitching experience, business surgeries and ongoing support, participants can ultimately develop a comprehensive business plan for their company, product and/or service. An expert panel of judges made up of industry experts, leading entrepreneurs and investors from across the business community will then assess the projects and select the winners of the prestigious Converge Challenge awards.
And what’s new in 2016? The short answer is lots! The longer answer is:
- In celebration of Scotland's Year of Innovation, Architecture and Design, Converge Challenge is dedicating a £10,000 cash prize to a new Converge Challenge Design and Creativity Award. The debut of the award is aimed at encouraging ideas in digital media, textiles, architecture and design which could be a product, process or a service. Is this relevant to you?
- In addition, we have new partnerships with RBS, Mazars and Badenoch & Clark that will see the total prize fund and training fund increase to £150,000. These partnerships also widen the training networks available to our cohort.
- New judges make the judging line up even stronger!
- We have a new and improved business skills training programme offering even more benefit to entrants
- Entrepreneurial event – June 2nd – some exciting news is still to come on this. Watch this space!
- The first prize in Converge has increased to make sure that it enables leverage of Scottish Enterprise’s SMART: Feasibility award
- New look Converge Challenge website
What else would we like to mention? Collaboration is key. A critical element of the programme is the collaboration between all of the universities and support organisations to provide the guidance to applicants so collaborations with the Royal Society of Edinburgh, Entrepreneurial Scotland, Enterprise Campus, Informatics Ventures, Scottish Enterprise, SIE et al, are all intrinsic to Converge Challenge’s contribution to Scotland Can Do’s action plan. #joinedupsupport rocks!
So to sum up Converge? We strongly believe we are giving the next generation of entrepreneurs and innovators the confidence and support to ‘give it a go’ and succeed. Yes Scotland CAN Do!
Entries for Converge Challenge close on April 18th at 5pm GMT. Go to www.convergechallenge.com You can always read our FAQ on our website too.
