£10,000 capital and revenue grants are available to West Midlands SMEs that are collaborating with other regional SMEs on the development of an innovative new product, process or service.
The Innovation Networks programme is provided via the European Regional Development Fund and is managed by Coventry University Enterprises Ltd. It has been announced that the scheme, which helps West Midlands businesses boost their innovation and R & D activities, is set to continue for a further three years.
Innovation Networks Phase 2 seeks to raise the levels of innovation amongst West Midlands small and medium sized businesses by providing grants to groups of companies that can work together and collaborate on the development of innovative new products, processes or services.
The second phase of this project is supported by just under £1.9 million from the European Regional Development Fund, which is managed by the Department for Communities and Local Government and matched by investment from the supported businesses.
The programme supports small to medium-sized enterprises in the West Midlands that are working with at least two other regional SMEs on innovative projects that aim to develop new products, processes or services.
Grants are available to cover both capital costs, such as purchasing machinery and tools, and revenue costs such as parts and materials, prototyping, testing and intellectual proeprty.
Grants must be matched with an additional £12,500 of project expenditiure and a contribution from each partner SME, valued at £500. This partner contribution can be made as actual expenditure or time given to the project. Projects should also contribute to the development and/or diversification of the regional economy.
For further details please visit the Coventry University Enterprises website: http://wwwm.coventry.ac.uk/business/Pages/CUELtd.aspx
Source: thebusinessdesk.com, 16/10/2012