Innovation Voucher Scheme
Funding BOOST for innovative West Midlands businesses
- Innovation Vouchers scheme offers up to £2,500 to help small to medium sized enterprises create innovation and growth
- Aston academics to give companies an innovation workout to promote competitiveness
SMEs in need of a cash injection to drive innovation and growth could be eligible for up to £2,500 in this year’s Innovation Vouchers scheme.
Every £1 a company can put up towards innovation and growth will be matched with a £1 contribution from the project. The typical Innovation Voucher is £2,500 which means eligible businesses can unlock a total business innovation fund of £5,000 to access external expertise with knowledge base organisations (research institutes).
Selected SMEs across Greater Birmingham & Solihull, The Black Country and The Marches will also be able to access business innovation workshops ran by leading academics from all three universities to encourage competitiveness in the relevant marketplace and to give advice on how to manage business innovation and growth more effectively – all free of charge.
The money can be spent on:
- Developing a new product or process
- Developing a new business model
- An efficiency audit or process change
- Managing supply chains and logistics
- A new service delivery initiative or customer interface
- A new service development
- Testing a product or service
- An economic impact assessment
- An innovation or technology audit
The funding may also be used, with limitations, to exploit advances in web technologies for the region and/or industry, market research, and equipment, capital items, or software purchases to develop prototypes.
The workshops on offer include ‘Envisioning for Growth through Innovation’, ‘Strategy’ and Leadership for Innovations, and ‘Marketing and Finance for Innovation’.