Businesses from across the West of England are to have the opportunity to apply for up to £50,000 in grants to develop innovative new products or services.
SMEs from across Bath and North East Somerset, Bristol, North Somerset and South Gloucestershire are eligible for the free funding packages, which start from £20,000.
Projects need to be in the latter stages of development and applicants will need to provide match funding and complete research and development within six months.
The money is being drawn from the West of England Combined Authority's (Weca's) latest innovation funding round. The organisation’s chief executive, Patricia Greer, said she was looking forward to seeing “successful projects come to fruition”.
Ms Greer said: “We know that businesses that innovate are increasingly competitive, better equipped for the future, create jobs, build resilience, and are more likely to export, all of which is important to our region’s economy.
“I am therefore delighted that we are announcing the fourth application round of the Business Innovation Fund.”
Joanna Mulgrew, managing director of Bristol-based software firm HBXL, which previously secured funding through the scheme, added: “[The Business Innovation Fund] has contributed to the development of our software platform BuildProjex from a prototype into a market ready toolset, which will help decrease costs and reduce build times on construction sites. I would definitely encourage other SMEs to apply.”
The application window closes on Wednesday, December 7, at noon and decisions will be made before Christmas. All the details, including eligibility criteria, is outlined on Weca's Business Innovation Fund webpage.
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