A funding award aimed at firms with innovative circular economy business ideas has been launched.
Circular Economy EDGE, a new special Scottish EDGE category, will provide support of up to £100,000 and is backed by Zero Waste Scotland.
A circular economy is defined as being sustainable, and eliminating waste as much as possible.
The new award will be allocated in round 14 of Scottish EDGE, and aims to emulate the successes of the contest’s tech, creative and social enterprise focused special awards.
Scottish EDGE, which is supported by Royal Bank of Scotland, The Hunter Foundation and the Scottish Government, noted that to date it has made more than 350 awards, exceeding £13 million and helping to create more than 1,600 jobs, boosting turnover of recipient firm by £131.3m.
Previous Scottish EDGE circular economy success stories include Revive Eco, a company that transforms coffee ground waste into fertilisers and biomass pellets that can be used as a low carbon heating source.
Scottish EDGE chief executive Evelyn McDonald said: “The introduction of Circular Economy EDGE is a significant step in the progression of our competition. Demand for this award has been known to us for some time, which I think reflects the increased urgency with which consumers and regulators are demanding solutions to environmental problems associated with a wasteful culture.”
Jill Farrell, chief operating oficer at Zero Waste Scotland, also commented: “We’re delighted to see that the circular economy is being recognised as a successful way of doing business. For entrepreneurs, this alternative approach to our throwaway culture creates new opportunities for exciting new products and services. We encourage all Scottish businesses with innovative ideas for keeping products and materials in the economy to apply for funding.”