The West of England Growth Hub has launched Round 4 of the Business Innovation Fund to support businesses to undertake research and development (R&D) activities that lead to the creation of new products, processes and/or services, including developing prototypes and proving concepts, development work, testing and trialling.
The Business Innovation Fund can support projects at the experimental development stage (i.e. closer to commercialisation) of R&D, in order to support innovative, disruptive and ambitious ideas leading to the creation of new products, processes and/or services.
Businesses and the project location must be based in the council areas of Bath & North East Somerset, Bristol, North Somerset or South Gloucestershire.
Funding Information
o A grant of between £20k-50k will be awarded to SMEs undertaking R&D activities individually, which will cover up to 40% of total eligible project costs.
o Projects must be completed within 6 months of a grant award, and by 31st May 2023 at the latest.
Benefits
o Funding: grants are available to help progress research and development (R&D) activity.
o Research and development: bespoke assistance can be provided to help develop R&D ambitions.
o Expertise: connections can be facilitated with the region’s leading research organisations.
Eligibility Criteria
o Based in the West of England (specifically, Bath & North East Somerset, Bristol, North Somerset or South Gloucestershire).
o Applicants should be able to match fund the cost of your project
o All applications must be by an Small or Medium Enterprise (SME). This means that businesses need to:
> be an economic enterprise that sells goods or services for profit;
> meet the definitions, in terms of staff headcount, turnover and balance sheet; and
> be a small or medium sized business with a staff headcount lower than 250.
o The Business Innovation fund is not able to support Sole Traders.
o The Business Innovation Fund is cross-sector and therefore SMEs from many sectors can apply.
The deadline for applications is midday (12 noon) on Wednesday 7th December 2022.
For further information, please visit the West of England Growth Hub.
