£125k Microfinance support awarded to 70 innovators

Innovation took centre stage at Heriot-Watt University today as Microfinance in Action, an initiative providing critical early-stage support to aspiring founders, awarded £125,000 of equity-free seed funding to 70 innovators from Scotland’s university and college sectors. 

Since launching as a Scottish Government pilot in 2025, the initiative has evolved and broadened in scope, moving beyond all 19 Scottish universities to tap into the diverse talent within Scotland’s college sector. 

The day began with an entrepreneurial training session for all awardees followed by a live pitching event showcasing six of this year’s successful projects. Attending on behalf of the Scottish Government to congratulate this years’ winners was Scotland’s Chief Entrepreneur, Ana Stewart. 

As the author of the landmark Stewart Review – the definitive roadmap for closing the gender gap in entrepreneurship – Stewart reflected on her own journey of starting a business at art college. Emphasising that universities and colleges are the ideal birthplace for innovation, she also highlighted the transformative power of micro funding:  

“This initiative fills a critical gap – the need for support when an idea is most fragile. A small injection of funding at the right moment can make an enormous difference. I experienced this firsthand – a £500 grant gave me the momentum to move forward with my idea, and I never looked back.”

From a competitive pool of 523 applications – 37% more than last year – 60 awardees from Scottish universities were selected to compete for a share of the £100,000 University prize fund. They included Miroslav Podrabsky from Scotland’s Rural College with NorthMyco, a circular economy project producing gourmet mushrooms from sawmill sawdust, an underused by-product of the forestry industry. Also among the awardees was Fatima Iqbal from the University of Strathclyde with Kyraé, an AI-driven cosmetic intelligence platform that analyses facial skin to map visible concerns into ingredient-based recommendations.

All 19 Universities across Scotland receive £5,000 each, with institutions managing the final distribution to awardees.

Marking a first for the initiative, the College Creators Fund celebrated its inaugural cohort of 10 awardees. Drawn from an initial pool of 79 applications (over 75% from women) and showcasing a diverse range of sectors from transport through to cybersecurity, they included Lily Fox from Borders College who has ambitions to open the UK’s first female-owned haulage business. Also among the awardees was Jack Stevenson from City of Glasgow College with Alba Airlines, a not-for-profit airline providing Scotland’s remote communities with cost-effective air travel solutions.

All 10 College Creator Fund awardees take home £2,500 in cash to develop their early-stage ideas.