Financial backing to support innovators

Jul 6 2009 by Karen Dent, The Journal

INNOVATIVE small businesses are being offered academic help to bring their ideas to the market.

Assistance worth £2.4m is available to enterprises in the region under the Innovation Vouchers project, which links businesses with universities and colleges to develop new products and services.

The scheme, part of the Government’s Solutions for Business programme, is offering vouchers worth £3,000 to £7,000 per project to develop or test new technologies, products or services. Businesses already working with academic bodies are not eligible to apply.

Design Right Solutions (DRS), based in Sunderland, specialises in helping businesses to develop new products and is an accredited supplier.

The company, set up by the North East Business and Innovation Centre (BIC), is working with businesses keen to win a share of the funding.

DRS manager Ray Rutter said: “The vouchers mean that people with innovative ideas or designs will now have the financial backing to get assistance, support and advice.”

Half of the £2.4m was put up by the European Union’s ERDF Competitiveness Programme and One North East has matched the funding.

Business Link will carry out an initial assessment of firms interested in applying and the vouchers will be allocated by the North East England Investment Centre (NEEIC).

Alastair MacColl, chief executive of Business & Enterprise North East, which delivers the region’s Business Link service, said: “Encouraging innovation and maximising its potential will both help to develop new areas of opportunity and also protect and reinforce those areas in which the region already excels.

“The new Innovation Vouchers represent an outstanding example of how this region is helping SMEs and knowledge based institutions to work together, providing the catalyst for the development of viable new products and services.”

More information from Business Link on (0845) 600 9006.