Small and medium-sized enterprises (SMEs) in the Bristol and Bath region are being offered funding to innovate and grow. The West of England Combined Authority (Weca) has ringfenced £1m for the scheme, with eligible firms being the given the chance to secure a one-off grant of up to £25,000.
The cash must be used towards the cost of research and development, with the aim of getting new products or services to market or developing new processes to help companies adapt and grow.
Firms which have previously secured cash include Kelpi, which is looking to replace single-used plastics with fully compostable seaweed alternatives, and Yate-based Fellten which is creating a virtual reality app to help convert classic cars to electric ones. Another is Bristol’s Propflo, which is using artificial intelligence to measure the energy quality of a home.
Dan Norris, West of England Mayor, said: “Smaller and medium sized firms are the cornerstone of our regional economy, accounting for more than 90% of all businesses in the West. They’re essential to our current success, but they’re going to be absolutely vital when it comes to the long-term prosperity of our West of England region.
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"That’s why I’m backing them with this £1m fund to help unleash their full potential.”
Small and medium-sized firms from any sector can apply although Weca encourages those in the immersive creative, advanced engineering, health sciences and sustainable fintech sectors to put themselves forward.
