I have been involved with Converge Challenge for some time now and have always been impressed at the ambitious, innovative talent that is harnessed, developed and supported at all stages. A recent report by BiGGAR Economics has independently assessed the impact of Converge Challenge on the Scottish economy as well as its funders and stakeholders. The results are impressive!
The report has found that those who participated in Converge Challenge have gone on to secure almost £30million in funding, so for every £1 invested by the Scottish Funding Council and universities, Converge Challenge has enabled Scottish businesses to leverage a further £7.51 in funding.
The survival rate of businesses supported by Converge Challenge is no less impressive: 87% remain active at present, supporting 180 jobs based in Scotland in 2016.
Dr Olga Kozlova, founder and director of Converge Challenge commented: “It is fantastic to see growth in funding, investment, jobs and, most importantly, the ambition and confidence of our programme participants.”
John Kemp, chief executive of the Scottish Funding Council said: “Converge Challenge throws the spotlight onto some of the amazing entrepreneurial talent emerging from Scotland’s universities and research institutes. This report shows just how well this emerging talent is doing in securing investment, marketing successful products and creating great jobs for the Scottish Economy.”
Preparations for Converge Challenge 2017 are already well underway: watch this space!