Financial boost for early-stage academic innovators

Some of Scotland’s brightest minds received a financial boost today as 55 aspiring academic entrepreneurs were awarded small-scale seed funding from the Scottish Government at an event hosted by Converge at Heriot-Watt University.

The grants, distributed by Scottish universities, form part of a £100,000 microfinance initiative aiming to provide critical early-stage support to university staff and students with innovative, pre-incorporation projects to help them take that all-important first step towards launching a business.

Drawing over 380 applications from 19 universities across Scotland, the initiative saw a remarkable range and diversity of projects spanning every sector with 55 projects awarded equity-free cash awards ranging from £1,000 – £3,000. Alongside the financial boost, awardees received bespoke business training delivered by enterprise experts in the Converge team.

Professor Gabi Medero, Associate Principal for Enterprise at Heriot-Watt University and founder of Kenoteq, the clean-tech company behind the 95% recycled brick, spoke at the event highlighting the importance of small-scale seed funding for early-stage innovators, recounting how an initial small grant of £5,000 first propelled her own idea into reality. 

During the event, six awardees delivered 1-minute pitches to invited guests. Among them was Ivana Rodriguez from Shouty Knot, a games development project from Abertay University aiming to push gaming boundaries. Ivana plans to use her £2,000 cash award to pay for software, business memberships and office costs. Also pitching, this time for the University of Glasgow, was Leanne Fernandes from NovaHealz, an innovative company developing a wound care product that leverages bioactive nanomaterials to enhance healing in diabetic foot ulcers and post-surgical wounds. Leanne and founder, Akash Pande Rajeshkuma, plan to use their £1,000 cash award to pay for training and IP/patent costs. 

Adam Kosterka, Executive Director of Converge commented: 

“The response to this pilot project has been phenomenal, exceeding all our expectations and demonstrating very clearly the incredible demand that exists within Scotland’s universities for this type of initiative. 

We’re hoping to see many of these early-stage projects progress into living, breathing businesses so it’s encouraging to see a good number of awardees applying to take part in our 2025 KickStart Challenge. Whatever their plans, they will find incredible support within Scotland’s dynamic innovation ecosystem”.

Business Minister Richard Lochhead said:

“Universities are the engines of innovation and Scotland’s institutions are world-renowned for being home of some of the greatest ideas, inventions and solutions.

“We want to encourage more people, regardless of their current circumstances, to test an idea and start their journey to establishing a business or social enterprise.

“I am delighted that this microgrant initiative, funded by the Scottish Government and delivered by Converge, has helped 55 hugely exciting and varied projects from across the country to take the next critical steps in taking their concept to the next level.”