Nicola Sturgeon launches £4 million support scheme for entrepreneurs

First Minister Nicola Sturgeon delivers a speech to the Start-Up Summit, an annual event focused on helping new businesses grow, at the Assembly Rooms in Edinburgh. (Jane Barlow/PA Wire)

A £4 million scheme to support entrepreneurs has been launched by the First Minister.

The initiative will see established and successful entrepreneurs link up with up to 40 people each year who demonstrate the potential to launch their own venture.

Entrepreneurial mentors who will select the candidates include James Watt, co-founder of BrewDog, Leah Hutcheon, founder of online scheduling business Appointedd, and Chris van der Kuyl, co-founder of video game developer 4J Studios.

First Minister Nicola Sturgeon during a visit to the Start-Up Summit, an annual event focused on helping new businesses grow, at the Assembly Rooms in Edinburgh. . (Jane Barlow/PA Wire)

Open for entry early in the new year, the programme will recruit candidates from anywhere in the world – on the basis they relocate or establish their business in Scotland.

The successful cohort will be mentored and funded as they develop their ideas, receiving “incubation” with one of the scheme’s partner organisations.

Launching the scheme at the Start-up Summit in Edinburgh, an annual event to help new businesses, Nicola Sturgeon said: “We want to ensure the most talented entrepreneurs, from Scotland and elsewhere, have the best opportunities to develop their ideas here, bring them to market and create the successful new companies we need for our economy to continue to grow.

“The Unlocking Ambition Challenge is a fresh and innovative approach to how we can make this a reality.

“By tapping into the experience of Scotland’s most successful business people, as well as the great companies and institutions based here, we can unlock the potential of the next generation of entrepreneurs.”