Converge: Record £400,000 prize pot for Scottish academic enterprise programme

A Scottish academic enterprise programme has unveiled its largest-ever prize pot, exceeding £400,000, as it looks to support a broader spectrum of entrepreneurs.

Converge’s record-breaking prize pool comprises £305,000 in equity-free cash awards and more than £100,000 of in-kind business support. The expansion follows a new strategic partnership with international enterprise development organisation Challenges Group, which joins Converge as “strategic partner for impact” under a three-year collaboration.

One aim of the tie-up is to grow Scotland’s pipeline of early-stage businesses tackling social and environmental challenges.

Audience members at a Converge programme event. Picture: Converge

This year’s programme features an expanded range of opportunities, with prize offerings increasing from 12 in 2024 to 21 for 2025, reflecting Converge’s “commitment to supporting innovation across an increasingly diverse range of sectors”.

Converge has trained more than 800 academic entrepreneurs and supported the creation of some 425 companies since 2011. Working in partnership with all of Scotland’s universities, it provides specialised support for academic founders looking to transform innovative ideas into commercially viable businesses.

Adam Kosterka, who took over as executive director of Converge in December, said: “This significant expansion in both funding and partnerships marks a transformative moment for academic entrepreneurship in Scotland. Through collaborations with organisations like Challenges Group and The Data Lab, we’re creating unprecedented opportunities across our university sector.

“By bringing together expertise in social impact, data science, creative industries and more, we’re building a comprehensive support system for academic founders. This enables us to empower even more researchers, creators and inventors to develop sustainable, impactful businesses that can compete on a global stage.”

Eoghan Mackie, chief executive of the Challenges Group, said: “At The Ventures Lab, delivered by Challenges Group, we believe in the power of mission-led businesses to drive real change, and this partnership strengthens our commitment to building a thriving ecosystem for social and environmental innovation.”

Deputy First Minister Kate Forbes added: “I am pleased Converge has secured a record awards package for 2025. This will boost the existing support available to entrepreneurs and innovators across Scotland’s universities. I value the role Converge plays in supporting the development of new and innovative businesses which is central to growing the economy.”