SCOTTISH start-ups and university spin-outs which took part in Converge Challenge, the company creation competition, have leveraged seven times the amount of funding their backers initially invested.

Of the £29.7 million raised by companies to have taken part in the challenge since 2011, some £12.5m can be attributed to support received through the competition, according to an inpact study by Biggar Economics. With the Scottish Funding Council and universities providing £1.7m of funding in that time, Biggar said that initial investment has enabled Scottish businesses to leverage a further £7.51 of funding for every £1 invested.