New research has suggested that Scotland needs a unified approach to entrepreneurship to capitalise on a rise in the number of people starting a business.
The GEM Scotland 2012 report, presented by the University of Strathclyde Business School, found that while entrepreneurship in Scotland has increased, it identified a need to improve start-up skills, information sharing and business aspirations in graduates considering starting a new business.
The Young Innovators Challenge is a national business competition aimed at Scotland’s final year students in training, or at College or University. Entrants were asked to come up with an idea to address a challenge in one of a number of Scotland’s key industries. Each of the winners will receive up to £50,000 of funding and a year of dedicated business support to help develop their idea.
The final entry process and prize packages are designed to help address the issues raised by the GEM report and should help the winners stay ahead of the curve.
Fiona Godsman, chief executive of the Scottish Institute for Enterprise, which has been running the competition on behalf of the Scottish Government, said: “We have been really encouraged by the fantastic response to the Young Innovators Challenge.
“The competition isn’t just about a money prize at the end. The entrants have been given lots of opportunities to develop their skills, which will only increase as they continue with the competition.
“The level of response has been excellent and we have been impressed by the level of ingenuity shown by students with start-up aspirations.
“Small business creation will be at the heart of our economic recovery and with the right level of guidance and support, we are well placed to deliver our next generation of wealth creators and strengthen Scotland’s reputation as a hub for innovation and enterprise.
SIE will shortly announce the finalists of the Young Innovators Challenge, who will go on to attend an intensive business bootcamp at the Apex Hotel in Dundee on 17th – 20th June.
The overall winners of the competition will receive up to £50,000 funding and one year of dedicated business support.
Fiona added: “It’s a great time to be a young entrepreneur in Scotland! We’re looking forward to announcing the winners of the Young Innovators Challenge in July and helping them as they start their entrepreneurial journey.”
For more information on the Young Innovators Challenge please visit: www.sie.ac.uk/YIC.