HubSolv – Winning the YoungEDGE: 3 Months On

What is Scot Edge?

The Young EDGE award is an entrepreneurial grant awarded by Scot EDGE to growing businesses with Directors aged between 18-30. The support for the companies who win it is two fold, a financial grant of up to £10,000 and the feedback and industry mentorship that accompanies it. It was nearly four months ago now that our own Scot EDGE journey ended with James Watt handing us our Young EDGE award and grant of £5000, and HubSolv has come on leaps and bounds since.

Our YoungEDGE Journey

From our video pitch, which was prepared a grand total of 4 hours prior to the deadline (living on the EDGE?), to the in-person pitch which went by in a blur, putting HubSolv up in front of established entrepreneurs was a nerve wracking experience. Preparation was important, we had to really analyse our product, look into the industry size, competitors, target companies and be realistic about how quickly we believed HubSolv could gain traction in the market.

We also attended a workshop that was arranged by Scot EDGE at Esparks Hatchery in Glasgow. This was one of the most useful things that we did, it helped us learn to organize our pitch into a coherent structure and we got to hear from past winners, on what worked for them and what didn’t.

SAAS pitches are notoriously difficult, especially if, as with us, the market your service provides for is very niche. However being specialist is in many ways what made us stand out. When it came to the question and answer portion, we could demonstrate that we knew our market inside out, and could really show how our product would make a direct impact on companies struggling with out of date digital platforms.

Since winning our award, we have been developing our software to offer solutions to the whole industry, in order to attract clients ranging from insolvency practitioners, to introducers and debt management companies. Whilst this is our main focus currently we have been using the money, and our carefully crafted pitch, to expand our client base. We have finally been able to start really marketing our product, booking ourselves into conferences and expanding our online presence. Our attendance at the DRF conference in October will be the first big demonstration of how the money we won has expanded our marketing potential. We have already won over a client from an email campaign introducing us as exhibitors to the DRF conference and a two more through digital activity, so we hope to continue on in the same vein.

So for this year’s nominees, or those thinking about applying next time around, here is our advice to you; it’s all about clarity. Keep your pitch simple, even judges that might be knowledgeable in your field don’t want to work to understand what you are selling them. Be prepared with your figures, know what you plan on spending the money on and know where you fit into your market. Keep your answers clear and concise, waffling never sounds like anything other than waffle, if you don’t know the answer to something be honest about it. And maybe prepare your video pitch in advance of the deadline. Maybe.