Scottish first minister John Swinney has launched a new competition for young business owners with the overall winner receiving £30,000.
The First Minister’s Start Up Challenge is aimed at helping 18-30-year-olds from disadvantaged or underrepresented backgrounds to start a business.
Delivered in partnership with The King’s Trust and social enterprise Dechomai, around 20 participants will be selected for a six-month “accelerated entrepreneurial apprenticeship”.
Participants will receive a £500 “test your business” grant, with those ready to launch eligible to apply for £5,000 funding. At the end of the programme, one winner will be awarded £30,000.
In its Budget last week, the Scottish government announced funding of £2.5 million to support young entrepreneurs.
John Swinney said:
“This will provide vital support, including mentorship from those who have built their business, and funding to young people to set up their own business. It will not only be life changing for the young people taking part but will have a ripple effect across the country – inspiring entrepreneurial spirit, creating a constant flow of future founders and strengthening Scotland’s’ position as a nation of innovation and enterprise.
“Attracting investment into the country whilst reinforcing Scotland’s emerging reputation as a fast-growing entrepreneurial economy, will be crucial to achieving my key priority of growing the economy while also ensuring we can invest in our other vital priorities such as eradicating child poverty. We’ve long been an innovative and entrepreneurial country and this investment will ensure the next generation can set up the businesses of tomorrow.”
Applications to the Start Up Challenge will open in the spring.