What’s in it for you?
If you’re looking to take the entrepreneurial leap from academia to business with your breakthrough innovation, then Converge Challenge is for you.
Winning our top prize will get you £50k in equity-free cash and £21k of in-kind business support from our industry partners towards turning your idea into a reality.
The runner-up will receive £20k in equity-free cash and £9k of in-kind business support from our industry partners to help get your business up and running.
5 daysBespoke business training
All successful applicants enjoy five days of business training and pitch coaching tailored for academic entrepreneurs from leading trainers.
Dedicated events, workshops, access to the Converge Enterprise team and opportunities to get involved in future activities and publicity.
Who can apply?
The Converge Challenge is for high-calibre projects with the potential to become successful, sustainable companies that will have a positive impact in Scotland. We welcome applications across all industry sectors and enterprise types, for both product and service-based ideas.Read our full terms and conditions
Staff and students at all Scottish Higher Education Institutions are eligible to apply.
Recent graduates (up to 24 months after graduation from the initial application date) from Scottish Higher Education Institutions are also eligible to apply.
Team and joint applications are accepted, provided one member of the team is a student, recent graduate or member of staff from a Scottish Higher Education Institution.
Applicants must plan to have their business headquartered in Scotland.
The lead applicant must commit to attend the final investor pitches and our awards ceremony. The Inside Innovation showcase event is also compulsory but can be attended by any team member. We highly recommend you attend our training events too, as past experience has shown these dramatically increase the quality of business plans/cases and the chances of reaching the next stage of the challenge.
You must either own or have the right to use and commercially exploit all Intellectual Property Rights related to your business idea.
This challenge is aimed at new or prospective businesses that are ready to start operating within twelve months of our annual Converge Awards in September.
Applicants need to demonstrate validation of their product/service, early customer engagement and a viable route to market.
Converge Challenge applications are judged on their growth and innovation potential. Successful applicants will be able to confidently demonstrate their prospective business’s competitive advantage, market potential, and expected team and resources. See the full list of criteria below:
- Intellectual property
- Disruptive potential
- Competitive advantage
- Market opportunity
- Viable business model
- Customer engagement
- Viable route to market
- Market fit
- Relevant experience
- Planning for future team
- Understanding of market readiness requirements including funding, operations and logistics
Our challenges are split into four stages over a period of six months. Applications open in January and these are evaluated by a panel of university representatives.
Successful applicants are invited to attend training sessions (14-23 June) that prepare them to put forward a business plan, financial forecast and 1-minute video pitch to be assessed by a panel of university representatives.
Shortlisted finalists then pitch their idea live to a panel of investors and business experts on 21 September, with the winners announced at our annual Converge Awards ceremony on 30 September.
How it Works
- Application Deadline
- Business Training
- Inside Innovation Pitching Event
- Business Plan Submission
- Final Pitches
- Awards Event
Members of our diverse judging panel are handpicked from across the business community in Scotland for their unique experience and success in entrepreneurial and business ventures.
Andy is the Director and Chief Technical Officer, Elasmogen Ltd. He is also currently Professor of Medical Biotechnology, University of Aberdeen, Scotland and Director of the Scottish Biologics Facility. He was founder and CSO of the University spin-out, Haptogen Ltd until it was acquired, in October 2007, by Wyeth Inc. Andy has been on the Board of the biologics company NovaBiotics Ltd since 2009.
Dr Poonam Malik is an academic entrepreneurial research management leader with extensive experience of working in innovation, enterprise and partnership development within life sciences, healthcare, industry and academic business sectors globally.
Andrew is a former management consultant with McKinsey & Co, specialising in sales optimisation for FTSE 100 clients, before rejoining Par Equity in May 2019.
Andrew has broad experience across the early stage venture capital and private equity markets having personally invested in more than 30 innovative, high growth companies over the last 10 years as well as founding Transition Capital - a management buy-in vehicle focused on Scotland - in 2017, where he was managing director, leading the deal sourcing, due diligence, and fundraising efforts.
Andrew is a former athlete, having competed for TeamGB in Alpine Skiing at the 2010 Winter Olympics, and holds an MBA from INSEAD Business School.
Pearse has been the founding CEO, first investor or first head of sales in 11 tech ventures, 6 of which have gone on to scale and/or successful exit.
He now runs Deeptech Seed Fund which is a multi-stage investor that invests early in new non-life-sciences ventures in Europe that have achieved a significant breakthrough in technology/science and now wish to exploit a global commercial opportunity.
Gillian is a Commercial Strategist and Board advisor to start-up and spin-out companies with 20 years’ experience in the entrepreneurial ecosystem specialising in technology commercialisation and investment strategy covering energy, oil and gas, infrastructure, engineering including digital imaging and sensor technology, life sciences, healthcare and food & drink.
Gillian has several board positions and is currently a Founding Director and CEO of Mint Ventures (Syndicate) Ltd, a new syndicate focused on women led angel investing and represents Kero Developments Ltd in Scotland, a VC that invests in early stage engineering related spinout and start-up companies.
She is also Entrepreneurial Scotland Saltire Fellow, a voluntary mentor for Women’s Enterprise Scotland (WES) and an active angel investor.
Learn more about taking the leap from academia to entrepreneurship, boost your business skills and find resources to help you polish and perfect your challenge application.
Converge Application Form Template 2021Downloadable file
Here's a preview of the application form you'll need to complete online.
Answers to some commonly-asked questions, to help you get started.
How to Create an IP PlanDownloadable file
Get your ducks in a row with this sound advice from our IP partner, Murgitroyd.
Don’t miss our 2021 workshop series for aspiring academic entrepreneurs.