This year the programme experienced its greatest volume of applications to date – and this year Royal Bank of Scotland is supporting the programme, opening the doors to not only our skills and experience within the TMT sector but to our understanding and knowledge of what fresh start-ups require and the mentoring support someone needs when making an idea a reality.
We’ve created a university spin-out service and successful applicants will receive access to a dedicated banker in each university location, who can provide local industry know-how. There will be introductions to our professional networks, including access to IP valuations, trademarking, equity, venture capital, law and accountancy, introductions to select investors and invitations to bespoke industry events. The Head of TMT will act as a Royal Bank of Scotland ambassador, giving you a single point of contact throughout your journey.
Our new relationship with Converge Challenge complements what we as a bank are already doing to help start-ups and businesses in Scotland.
As a partner with Entrepreneurial Spark, we are helping hundreds of start-ups across the country, giving them a base to work from and the support and mentoring they require to begin their business journey.
Our recent Entrepreneur Monitor highlighted some of the concerns that entrepreneurs feel. While all are keen to grow, more than a third don’t know where to go to for advice to help enable that growth and just a third feel they have access to the relevant advisors.
Our Boost programme aims to make this easier. We aim to create a pathway to the correct networks and make it easier to find the resources people need at all stages of growth. We also give small businesses access to specialist services provided by partners.
Through a dedicated digital portal, small businesses can now get access to valuable business insight and be connected to a team of 11 Business Growth Enablers operating across Scotland.
Their local knowledge and networks can connect businesses with each other, provide hands-on expertise and training, and offer access to regular local workshops and events.
In some areas, such as Fife, this extends further. Working with local partners we are addressing a challenge other aspiring entrepreneurs face – where to operate from. Utilising unused office space, growing start-ups can get access to short-term desk space, and direct access to a Business Growth Enabler.
Opening up our office space and skills extends further, especially within TMT. A pilot intake of entrepreneurs is about to enter our new Fintech hub in Gogarburn – the bank’s Scottish headquarters. This will become Scotland’s first dedicated Fintech Hub and will bring together the private and public sector with the aim of developing the industry and making the country a Fintech capital.
Working like this and supporting programmes like Converge Challenge might not require the wisdom of Einstein but it could provide the platform and the inspiration for a new generation of geniuses.
Paula Ritchie - Regional Head of Business Development, Royal Bank of Scotland or connect via Twitter.
