At the Growth Hub we often get asked how companies can afford to allocate resources in the current economic climate on innovation and how businesses justify spending large amounts on experiments that might fail. They’re right, innovation doesn’t come for free. Companies need to allocate time, money and people to the search for new products, services, methods and so on. However, on the plus side innovation can lead to powerful cost savings, profitable new products and competitive advantage. Indeed, in some situations the benefit of innovation might be company survival. If you just cut costs and don’t innovate you risk being bypassed in the market by more agile competitors.
To help Northamptonshire businesses overcome some of the financial problems that hold them back from being more innovative, the Growth Hub is offering grants of up to £20,000 under its Innovate Northamptonshire project to encourage businesses to explore new ideas.
Grants are available from £2,000 to £20,000 to support activities that lead to the development of new products, processes or services. This could be as simple as improving efficiencies and increasing production through streamlining processes, or being more ambitious and developing a prototype to introduce something brand new to the market. The funding can also be used to bring in external expertise to develop your ideas and take them forward.
One of the local businesses that has recently been awarded a grant is Austin Davis Biologics Ltd (ADB), a small family-run science and technology company.
Dr Corrine Austin, director of ADB, says: “The funding will enable us to expedite the development process and commercialisation of laboratory kits which will generate increased profit margins and enable further employment opportunities.”
To find out how to apply for a grant and what other support is available for your business through Innovate Northamptonshire call 01604 212696 or visit www.northamptonshiregrowthhub.co.uk
Watch our webinar: How to write a successful grant application, that takes you through all sections of the grant application.
Grant applications must be submitted by Monday, 16th July 2018 at 12 noon.
Innovate Northamptonshire is part-funded by the European Regional Development Fund and delivered by Northamptonshire Growth Hub – a partnership between The University of Northampton and Northamptonshire County Council, providing comprehensive and unbiased support for your new or growing business.