Businesses across Newcastle, North Tyneside and Northumberland could benefit from grant funding for innovation projects thanks to a new grant designed to accelerate the region鈥檚 economic recovery.
Contributing 50% of eligible business spend towards Innovation Projects totalling between 拢10,000 and 拢20,000 (excluding VAT), it has been launched by the North of Tyne Combined Authority through its innovation recovery fund and is delivered by NBSL and Innovation SuperNetwork. Grants of between 拢5,000 and 拢10,000 are available.
The funding has been introduced to help businesses grow and create jobs by adopting innovative practice or by bringing innovative products or services to market. Companies that have had to adapt to survive are looking to introduce new projects to help them grow, or whose products and services can address key challenges such as climate change or inclusion could be eligible for the grant.
Estelle Blanks, CEO of the Innovation SuperNetwork, explains that businesses should not be put off by 鈥榠nnovation鈥: 鈥淲hen we talk about innovation, we mean anything that is new to a company and helps it to increase productivity, performance or efficiency.
鈥淲hilst this could be a disruptive project, like the rapid Covid-testing developed by Newcastle-based QuantuMDx, it could also be something more iterative.
鈥淲hatever the innovation, it should result in an economic impact to the business such as the creation of new jobs, growth in revenue or have a social impact.
鈥淔or example, a business could bring in new-state-of-the-art technology to increase productivity, digitise or automate elements of their operation, or launch a new innovative product to market.
鈥淲hat we鈥檙e keen to see is innovation where there鈥檚 a tangible result to the business or wider community.
鈥淥ne company currently being funded through the initiative is Drone AG, which has utilised drone automation to help farmers monitor and manage their crops and reduce waste." Mrs Blanks continues: 鈥淎lthough the technology used by Drone AG is already in existence, the innovation comes in how it has been applied to help serve a purpose for the agricultural sector.鈥
Bike tour operator Saddle Skedaddle are also accessing a grant to develop new digital applications to enhance its service. 鈥淭his is an example of a company who isn鈥檛 traditionally considered innovative, but demonstrates that you don鈥檛 have to be a tech firm or inventing a novel new product to apply for this grant,鈥 Mrs Blanks explains.
Artisan food company Corbridge Larder had to change the way it delivered its service to customers during the pandemic.
It developed an online service thanks to the grant and was able to reach a much larger audience.
鈥淭hese are the types of examples, which show innovation can help businesses remain resilient in the face of a difficult economic landscape. Not only have they been safeguarded by the grant, but have also been able to employ more people and increase their revenue,鈥 Mrs Blanks explains.
鈥淭hese examples show businesses delivering innovation in different ways, and hopefully demonstrate that a wide range of businesses across the North of Tyne area could apply for help with this funding.鈥
The innovation grant is open to SMEs and social enterprises who are based in Northumberland, North Tyneside and Newcastle.
Cllr Carl Johnson, Cabinet Member for Investment and Resources at North of Tyne Combined Authority, said: 鈥淒elivered through our Recovery Innovation Fund, the North of Tyne Innovation Recovery Grant is a critical piece of funding for businesses who have weathered the last 18 months with resilience but are now looking to future sustainability.
鈥淲e know many businesses across the North of Tyne area have adapted in response to Covid safety measures, and this has opened the door for them to incorporate more innovative and productive ways of working, which could ultimately lead to growth.
鈥淚t is by enabling such innovation to take place that we hope the Grants will stimulate economic growth across the area.
鈥淭he programme is just one part of a wider package of support available to businesses in Northumberland, North Tyneside and Newcastle alongside our Green New Deal and Good Work Pledge, which will lead to the creation of quality new sustainable and green jobs.鈥
For more information about the Innovation Recovery Grant, to apply or find out if your business meets eligibility criteria for the grant, visit .
