Small and medium-sized businesses across the North East have taken a bigger share of key Government innovation funding, new research suggests.
Tax relief and innovation funding consultancy Catax looked at Innovate UK funding allocations up to mid-November for all business projects started in the North East. It found the proportion of grant funding awarded to SMEs rose by 83.7% - an 18.6 percentage point rise on last year.
Around £9.2m was awarded to projects started in 2022 by SMEs, while larger companies secured £1.8m. This compared with £13.4m that went to SMEs in 2021 and £7.2m to larger firms.
