New grant fund to provide innovation support in North of Tyne
A new £1.5million grant fund has been launched to support business innovation in the North of Tyne region.
The North of Tyne Innovation Recovery Grant is part of the North of Tyne Combined Authority’s package of support to businesses in Northumberland, North Tyneside and Northumberland dealing with the impact of Covid-19.
The fund is designed to enable a green and sustainable recovery by funding projects that have potential to safeguard and create new jobs, build a more inclusive economy, and contribute towards the net zero agenda.
Coun Carl Johnson, North of Tyne Cabinet Member for Investment and Resources, said: “The economic turbulence of the past year has been difficult for business.
"In North of Tyne we are committed to working alongside industry to contribute to a strong recovery.
"Our Innovation Recovery Grant will invest in long-term sustainable growth and good jobs.
"Any business looking to bring something new and innovative to market, or improve the way they work, should consider applying.”
The Grant Fund is offering a 50 per cent contribution towards the cost of innovation projects totalling between £10,000 and £20,000 – with grants of between £5,000 and £10,000 available.
Projects should either launch an innovative product or service considered new to the market or bring a new technology or innovative process to the business.
The Innovation Recovery Grant is open to small and medium-sized businesses and social enterprises, and delivered on behalf of the Authority by NBSL and the Innovation SuperNetwork.
Estelle Blanks, CEO at Innovation SuperNetwork, said: “Innovation can be a challenging concept, but it could be as simple as adopting a new technology or process.
"Many businesses don’t realise they are innovation active, so our sector specialists are available to applicants to provide one-to-one support to help companies make their innovation projects a reality.”
Ros Smith, Operations and Finance Director at NBSL, said: “This grant support provides a huge opportunity for businesses to identify projects that can deliver ‘new-to-market’ or ‘new-to-company’ innovation.”
Businesses interested in learning more about the types of activity the Grant will fund can join one of two Project Eligibility Briefings hosted online on Tuesday, June 29, at 1pm or Wednesday, June 30, at 10am.
For more visit https://ntca-innovationrecoverygrant.co.uk/