Start-up fund creates £1.4m in entrepreneurial investment
One year milestone for Scottish EDGE Fund.
An entrepreneurial fund has been credited by its recipients for assisting in the combined increase in turnover of at least £600,000 and for leveraging a further £1.338m of investment for continued growth.
The Scottish EDGE Fund, which has provided Scottish start-ups with more than £1.2m over the past 12 months, has also helped create 59 new and sustainable jobs during its first year in operation.
The fund has so far helped 34 of Scotland’s most dynamic early-stage entrepreneurial businesses since its creation in 2012.
To celebrate the first year anniversary of the Scottish Government scheme, which is led by Scottish Enterprise, Finance Secretary John Swinney, met with EDGE recipients at Entrepreneurial Spark’s Edinburgh ‘hatchery’ to hear how the award has helped business.
Mr Swinney said:
“Our people are our greatest asset and it is crucial, perhaps more now than ever, that we see their economic potential unleashed.
“The Scottish EDGE Fund is delivering what is, and what will continue to be, a cornerstone of Scotland’s entrepreneurial revival.
“The fund has so far created 59 jobs as well as £600,000 in turnover and £1.4m in further investment, reinforcing the difference EDGE can make to early stage businesses.
“The competition is a collaboration between public agencies and private and third sector partners and it works because we have listened to and acted on what our leading entrepreneurs have said.
“Our public agencies, RBS, Entrepreneurial Spark, the Prince’s Trust and others who have supported the initiative, all deserve praise for what is being achieved through the Scottish EDGE Fund.”
During his visit Mr Swinney met with EDGE recipient and founder of artisan food company Flavourly, Ryan O’Rorke. Flavourly sends ‘flavour boxes’ containing niche food products to offices and homes.
“The EDGE has made a huge impact on my business, it has allowed Flavourly to grow into a self-sustaining business with a great team behind it. We have taken on three new members of staff, increased sales by 500 per cent and continue to grow at a rapid rate.
“We have also just launched our national TV campaign as a result of the EDGE.”
Elaine Morrison, commercialisation manager, Scottish Enterprise, said:
“By encouraging and supporting a growing ecosystem of entrepreneurial activity across Scotland, we can help deliver long-term sustainable growth for the Scottish economy.
“The Scottish EDGE sets out to do exactly that and offers ambitious companies the unique opportunity to gain access to the support and funding that can help them successfully realise their business plans and reach scale.”