Submissions open for Converge Challenge (UK)

Funding Information

• Prize Fund: £115k
• Winner: £50,000 in equity-free cash and £17,250 of in-kind business support
• Runner-up: £25,000 in equity-free cash and £7,800 of in-kind business support
• Runner-up: £15,000 in equity-free cash.

Additional Benefits

• By joining their cohort of like-minded innovators, you’ll benefit from expert guidance, invaluable connections and peer-to-peer support.
• All successful applicants benefit from bespoke business training delivered by experts with real-world experience of starting and growing global businesses.
• Once you’ve completed their programme, you’ll join a thriving and diverse community of Converge alumni spearheading breakthrough businesses.

Eligibility Criteria

• Members of staff from all Scottish universities are welcome to apply including early-career researchers, academic and professional staff.
• They welcome applications from postgraduate and undergraduate students from all Scottish universities.
• Recent graduates (up to 36 months after graduation from the initial application date) from all Scottish universities are eligible to apply.
• Team and joint applications are welcome provided one member of the team is a staff member, student or recent graduate from a Scottish university.
• Applicants must plan to have their business headquartered in Scotland.
• Active participation in all training sessions and events is mandatory for the lead applicant.
• You must either own or have the right to use and commercially exploit all Intellectual Property Rights related to your business idea.
• Stage of development:
  • Applicants need to demonstrate validation of their product/service, early customer engagement, a viable route to market and be ready to start operating within twelve months of their annual Awards in October.
  • If you do have an existing company, it must be dormant, non-trading or trading for no longer than 24 months with a secured income not higher than £150,000 (including but not limited to grants, investment, loans, revenue, prizes).
• Technology readiness levels (TRLs) are a scale used to measure the maturity of a technology during its development. To apply for this challenge, they recommend TRL4-7.

Judging Criteria

• Converge Challenge applications are judged on their growth and innovation potential. Successful applicants will be able to confidently demonstrate their prospective business’s competitive advantage, market potential, and expected team and resources. See the full list of criteria below:
  • Innovation
    • Intellectual property
    • Disruptive potential
    • Competitive advantage
  • Growth potential
    • Market opportunity
    • Viable business model
  • Market validation
    • Customer engagement
    • Viable route to market
    • Market fit
  • Team
    • Relevant experience
    • Planning for future team
  • Resource planning
    • Understanding of market readiness requirements including funding, expertise and operations

For more information, visit Heriot-Watt University.