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Funding news - 02/11/2017

Unlocking Ambition Challenge - £4 Million Fund Proposed for Scotland’s Entrepreneurs

The First Minister of Scotland, Nicola Sturgeon, has outlined details of a new scheme designed to nurture and support up to 40 aspiring entrepreneurs every year from 2018.

The £4 million Scotland CAN DO Unlocking Ambition Challenge will link established and successful entrepreneurs with high potential individuals who can demonstrate that their ideas can be a success, create jobs and benefit Scottish society.

The Challenge will be delivered as part a dedicated programme to support Scotland becoming a world-leading entrepreneurial nation. Alongside Scottish Government agencies, partner organisations from the private sector, third sector and academia will help support successful candidates. The cohort will receive 12 months of funding, mentoring, and incubation with one of the partner organisations. Those demonstrating the most progress will receive support for a further 12 months.

Open for entry early in the New Year, the programme will recruit candidates from anywhere in the world – on the basis that they relocate or establish their business in Scotland. The successful cohort will be mentored and funded as they develop their ideas.

Launching the fund First Minister said:

"We want to ensure the most talented entrepreneurs, from Scotland and elsewhere, have the best opportunities to develop their ideas here, bring them to market and create the successful new companies we need for our economy to continue to grow.

"The Unlocking Ambition Challenge is a fresh and innovative approach to how we can make this a reality. By tapping into the experience of Scotland’s most successful business people, as well as the great companies and institutions based here, we can unlock the potential of the next generation of entrepreneurs."

Source: Scottish Government, 02/11/2017

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