Following the announcement of a new £1.5m grant fund from the North of Tyne Combined Authority to support business innovation across North Tyneside, Newcastle and Northumberland, NBSL and the Innovation SuperNetwork are pleased to confirm that applications are now open.
The Innovation Recovery Grant is available to small and medium-sized businesses and social enterprises based in North Tyneside, Newcastle or Northumberland and is being delivered by NBSL and the Innovation SuperNetwork, bringing their combined experience of managing both grant funding projects and delivering innovation support together.
The grant is offering a 50% contribution towards the cost of innovation projects totalling between £10,000 and £20,000 – with grants of between £5,000 and £10,000 available. Grants can be used to rebuild business using innovation as a tool as recover from Covid.
The grant can cover costs on the following:
The grant could cover costs towards external expertise to help deliver innovative solutions to the business or provide consultancy that helps enter new markets.
Projects identified as new to the business or new to market could include:
– Process improvement projects
– Product development
– Design and development of innovative IT solutions
– Development of marketing strategies
– Digital development including the creation of NEW or enhanced websites – allowing businesses to enter new markets
Bringing innovation alive within the business through the use of technology could also be supported – helping companies adapt or adopt new technology. Please note replacement equipment is unable to be supported.
Examples of technological projects that could be supported include:
– New IT equipment to help improve working practices
– New IT equipment to help product innovation or introduce new products to market
– Production machinery to help support business growth through new products
– Software purchases to help drive efficiency and innovation
– CRM purchases to develop digital transformation and communication
PROJECT ELIGIBILITY BRIEFINGS
To help suppliers, business support agencies and SMEs understand the grant offer and support available, Innovation SuperNetwork are running two online briefing events.
The events will run through project eligibility and highlight the business support options on offer to successful applicants.
- 29 June, 1pm:
- 30 June, 10am:
For more information on eligibility and types of project that can’t be supported, please click here: https://ntca-innovationrecoverygrant.co.uk/