Swinney hails ‘vital’ entrepreneurs as founders compete for £30,000 start-up prize

John Swinney has hailed the importance of young entrepreneurs as “vital” to the economy, as he spoke at a scheme that will see one businessperson win £30,000 towards their start-up.

The First Minister’s Start Up Challenge aims to help young Scots turn their ideas into a business, the SNP leader said.

Some 40 entrepreneurs, selected from 120 applicants, took on a series of challenges as part of a “hackathon” at Glasgow House on Wednesday that will see a panel of judges select fewer than 30 to go into the programme.

The judges, including the stars of BBC Scotland’s The Agency Unfiltered, will see those aged between 18-30 from disadvantaged or under-represented backgrounds given access to a six-month, fast-track programme of mentoring and financial support.

Some of the candidates will be given a £500 “test your business” grant, with those ready to launch eligible to apply for a £5,000 start-up grant.

At the end of the programme, delivered by The King’s Trust and Dechomai, one winner will be awarded £30,000 to dedicate a full year to developing their business.

Speaking at the event after meeting with the entrepreneurs, Mr Swinney said encouraging new business ideas was “central” to Scotland’s prosperity.

He said young firms were at a “key inflexion moment” and that he wanted to “fuel” the new ideas in the nation’s business sector.

Speaking to the Press Association, the First Minister said: “It’s absolutely vital that our focus on the economy and delivering economic growth recognises the importance of encouraging more people to start up businesses, particularly younger people.

“The First Minister’s start-up challenge is a partnership with the King’s Trust and Dechomai, which is all about engaging with young people, encouraging the development of business ideas, and then providing a competitive environment to develop those ideas and then to support those ideas to come to fruition.

“The challenge is a really important tool of encouraging economic growth and enterprise growth within Scotland, and I’m delighted with the level of interest and engagement that the challenge has attracted.”