Tue, 31 October, 2023
TWI has a global reputation for supporting many of the largest names in industry, but now UK SMEs can get fully-funded support with a grant of up to £15,000 to cover costs.
A new initiative from Innovate Edge means that companies with fewer than 500 employees can apply for a grant to cover the cost of both business and technical support services.
We took a moment to sit down with our Principal Innovation Specialist, Kate Kell, to find out more…
Can you start by telling us a bit about yourself and your work at TWI?
I started working at TWI just over four years ago, supporting concept development for publicly funded collaborative projects for our Innovation Network. From January 2022, I was asked to deliver the ERDF funded Tees Valley Innovation Accelerator (TIA) programme, supporting SMEs from the Tees Valley in their Innovation journey. Over the final 18 months of the programme, we secured a combined total of over £2.5 million in grant funding for the SMEs’ innovation projects.
The new initiative from Innovate Edge promises funding for SMEs – but who is eligible for the support?
Businesses must be a UK-registered, trading company, with up to 500 employees (250 in Northern Ireland)
The funding is provided under Minimal Financial Assistance or MFA (De Minimis in Northern Ireland). The maximum value of MFA allowed per 3 year rolling period is £315,000 (€200,000 in Northern Ireland).
What does the support offer?
Businesses looking to grow through innovation can use the grant to access support from TWI in the following areas:
- Business advisory and market analysis
- IP advisory services
- Cost modelling
- Business modelling and strategy support
- Business process improvement support (including support towards the implementation of ISO 9001:2015)
- Creation of strategic narrative for market entry and/or pitching for collaboration
- Creation of industry‐relevant R&D project plans
- Identify opportunities for R&D, collaboration, and partnership building
- Advisory on government processes, services and funding opportunities
- Explore and test new product ideas
- Seek technical expertise and specialist sector knowledge
Why did TWI decide to get involved in this initiative?
TWI has a strong track record of delivering technology transfer and innovation programmes to support SME growth. This Innovate UK EDGE funding is another opportunity for us to help drive SME growth through innovation at no net-cost to the SME.
How do interested businesses apply for the fully-funded support?
Please email the team at firstname.lastname@example.org as soon as possible (and before mid-November at the latest) to express an interest. The grant must be claimed by the end of February 2024, so all project work must be completed before then.