By Kristy Dorsey

Job losses and lack of employment are encouraging many to make the entrepreneurial leap, with record entries for the latest round of the Scottish EDGE funding competition to be held in May.

Overall applications were up by 24 per cent at 305, with female co-founders representing 57% of applications. Since its launch in 2013, Scottish EDGE has awarded more than £16 million in grants and loans to support more than 420 start-up companies.

“With almost half of this round’s applications coming from pre-trading businesses, we’re seeing that familiar trend of innovation born of amidst crisis,” Scottish EDGE chief executive Evelyn McDonald said.

READ MORE: Crisis spurs interest in Wildcard EDGE

“Job losses and a lack of employment have encouraged many to make the entrepreneurial leap, including a disproportionate amount of women, and what we’re also seeing across the applications are companies positioned to address many of the issues that have been thrown up by the pandemic.”

According to a report funded by the Hunter Foundation, EDGE-supported businesses have generated more than 850 jobs and a gross value added (GVA) of £67.9m. The study also suggested strong survival rates, with 100% still trading one year after an EDGE win, 85% after three years and 77% after five years.

Tom Hunter said: “Early-stage, high-growth businesses will play a vital role in rebuilding out economy and driving employment opportunities. The businesses that come through EDGE grow faster with less risk because EDGE is not just about money, but the embedded support on offer.”