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A new £4.6 million fund has been launched which aims to help hundreds of firms in Derbyshire and Nottinghamshire research, innovate and improve their productivity.

Driving Research and Innovation is a three-year collaborative programme involving the Precision Manufacturing Centre, Chemistry Innovation Laboratory and Food Innovation Centre at the University of Nottingham.

The project aims to give free support to 240 small and medium-sized enterprises across Derbyshire and Nottinghamshire.

The university, which is running the project, has been awarded £2.3 million via the D2N2 Local Enterprise Partnership, using funds secured by the European Regional Development Fund (ERDF), with an additional £2.3 million being invested in the project by the university.

The project is available to businesses from all sectors, but includes a focus on food and drink, chemistry using businesses, and engineering and manufacturing.

Driving Research and Innovation aims to help businesses improve their innovation culture, competitiveness and productivity through utilising the knowledge, skills and technology accessible at the university.

The innovation and productivity challenges of every business will be addressed through collaborative R&D projects to produce new products, processes and services, interactive workshops, dissemination events, and one-to-one consultancy designed to help businesses innovate, explore new ideas and grow.

Professor Dame Jessica Corner, the university’s pro-vice-chancellor for research and knowledge, said: “This project represents an exciting opportunity for businesses to tap into the world-class expertise and technology available at the university and to examine how their businesses can adopt a culture of innovation to aid growth and enhance productivity.

“It builds upon our very successful Enabling Innovation project, which supported more than 2,000 local SMEs within Derbyshire and Nottinghamshire.”