Those studying or employed at Scottish Universities or Research Institutes who believe they have a great business idea could claim part of the prize being offered by Converge Challenge 2015.
As well as the cash fund the competition is offering networking opportunities and support and training packages for winning entries which they say would ensure “the best possible start for any business”.
Converge Challenge has been in operation for four years with a programme that has attracted 260 applications engaging 120 projects – almost a third of which progressed to creating new businesses. Four out of five of these secured follow-on funding totalling around £10million.
A spokesman said: “Converge Challenge is focused on developing the entrepreneurial skills of students and scientists through rigorous engagement over an 18 month period during which participants receive training, coaching and one-to-one mentoring as well as substantial cash prizes for the three winners.”
For more information and how to apply visit Converge Challenge 2015.