While developing innovative products, processes and services is an essential part of achieving greater success in a competitive marketplace, it can be hard to find the resources to take your ideas forward.
That’s why the specialists at Nicklin would like to highlight the opportunities provided by the Innovation Networks project, which will be funded by the West Midlands European Regional Development Fund (ERDF) until at least March 2015.
The scheme provides grants of £10,000 to teams of three or more small businesses working together to develop a product or service. Even if you are not currently involved in such a network, bringing a group together would enable your business to benefit from complementary skills, as well as extra funding.
Two types of grant are available – a revenue grant to assist with development costs and a capital grant for expenditure on equipment, machinery or tooling – although companies can only apply for one of them.
To be successful, your application must demonstrate how your truly innovative project will provide a real solution that contributes to the development or diversification of the local economy.
Furthermore, details of the expenditure to be incurred and any previous support from other public authority grants within the last three years needs to be included, due to the €200,000 limit on public aid over that time period.
While these requirements may seem a little daunting, the team at Nicklin can assist with putting your application together and obtaining the quotes required for expenditure of at least £1,000.
If you would like to find out more about the grants available from the Innovation Networks projects and how Nicklin can assist with the process, please contact us on 01905 454854.