New challenge prize fund for young innovators

17th November 2012

Prize money worth up to £300,000 plus a year’s dedicated business support is up for grabs in a new competition for Scotland’s young innovators.

The Young Innovators Challenge – launched today by First Minister Alex Salmond and Youth Employment Minister Angela Constance – will be open to young people aged 18-24 who are in their final year of college or university, taking part in a national training programme or studying for a Modern Apprenticeship.

Industry leaders will set young competitors challenges across a number of specialist fields, judge competition entries and offer mentoring and support to successful entrants.

Individual young winners will be offered prizes of up to £50,000 to help fund a costed business plan to bring the winning ideas to fruition – together with access to entrepreneurs as mentors to help equip innovators with start-up skills.

Speaking during Global Entrepreneurship Week, First Minister Alex Salmond said:“Scotland’s young people have talent, ingenuity and dedication in abundance and they are going to play an increasingly vital role in growing our economy in the years to come.

“Our students and modern apprentices have the ideas and the Young Innovators Challenge offers the funding and practical support – in partnership with leading industry figures – to help turn those ideas into reality.”

Minister for Youth Employment Angela Constance added:“Fostering entrepreneurship will open up opportunities for young people to maximise their potential and enhance Scotland’s reputation for innovation and excellence.

“This is a wonderful opportunity for the finest business minds of the next generation to get professional support and turn their ideas into something that really makes a difference.”