A firm that makes body protectors for horse riders and one that has created a sustainable brick made of 90 per cent rubble are among those created by 23 entrepreneurs shortlisted for a share in a £160,000 prize pot.

Finalists for the Converge Challenge, the start-up competition for staff, students and graduates of Scottish universities, have been chosen for their work in firms ranging from early stage projects to established start-up and spin-out businesses, with more than 60 per cent of the companies coming through being either founded or led by women.

The finalists will head to Edinburgh later this month to find out the winners and take part in the awards ceremony.

Dr Olga Kozlova, who is director of Converge Challenge, said: “For the university-based entrepreneurs their entrepreneurial journey starts with Converge Challenge, crystallising the business idea and making them part of the highly supportive ecosystem.

"We are delighted with such a strong cohort of projects and look forward to working with them in the months to come.”

Paul Atkinson, founder of Par Equity and a member of the Converge Challenge strategic advisory board, said: "Converge Challenge is a transformative programme which combines business support, training and mentoring as a complete package to support the business creation process."

The Converge Challenge represents all of Scotland’s universities and research institutes, and it has trained over 200 company founders and worked with 180 early stage and social enterprise projects. Converge alumni have created more than 100 companies that have collectively raised in excess of £74 million and have an 80% survival rate after three years.

Glasgow-based health app MindMate, which is used by over one million people who suffer from Alzheimer’s disease, dementia, brain injury and cognitive decline, is a former winner of the Converge Challenge.

There are 23 finalists across the three categories which sit under the Converge Challenge, including seven finalists in the Converge category aimed at businesses ready to incorporate, 10 in the KickStart Programme for early stage ideas and six in the Social Enterprise category aimed towards businesses creating positive impact on social and environmental issues.

The Converge Challenge finalists are: Carbogenics, University of Edinburgh; Cytochroma, University of Edinburgh; Kenoteq, Heriot Watt University; mycoBiologics, University of Aberdeen; MycoNourish, James Hutton Institute Dundee; Teqnox, University of Strathclyde; and Plantinum Informatics, University of Dundee.

KickStart: Silver Lion Innovations Ltd, University of Strathclyde; HiRes Solutions, Heriot-Watt University; Vector Photonics, University of Glasgow; ThermoDrone, Heriot-Watt University; AquaOmics, University of Highlands & Islands; Immernova, University of Dundee; Crover Ltd, University of Edinburgh; SiMologics, University of Strathclyde; Infinect, Heriot-Watt University; and Seawater Solutions, University of Strathclyde.

Social Enterprise: One Cherry, University of Edinburgh; Lilypads - University of Edinburgh; criticalcarerecovery.com, Edinburgh Napier University; Youcan Recycling, Abertay University; CogniHealth - University of Edinburgh; and Health Design Collective - Queen Margaret University.