With challenging times faced by us all and economic conditions starting to bite, investment in innovation may be starting to slip down the list of priorities.
To help ensure businesses continue to invest in simple techniques that could support innovation during these challenging economic times, the North of Tyne Innovation Recovery Grant has now reduced its MINIMUM project spend for equipment to £5,000 and minimum spend on any project using external expertise starting at £8,000.
Funded by the North of Tyne Combined Authority, these changes have been made to encourage and maintain investment but at a lower level – demonstrating the region’s commitment to support organisations that are keen to invest in innovation.
This Grant programme takes a broad view of Innovation focusing on projects that are new-to-company as well as those that are new-to-market and could provide up to 50% grant funding on eligible projects and can be used for either equipment or projects using external expertise.
Equipment Grants – minimum project spend now £5,000
Examples of new-to-company equipment purchases where a grant may be awarded include:
- New IT equipment to help the business adapt to new working practices (e.g. POS equipment) *
- Production machinery to enable a new product to be brought to market*
- Software purchases to help the business work more efficiently*
- CRM purchases to enable the business to operate more efficiently*
External Expertise Grants – minimum project spend now £8,000
Grant Funds are also currently available to pay for external expertise to help introduce new-to-company technologies or processes and/or develop or launch new-to-market products or services. Examples of projects include:
- Develop new work practices and processes to help the business operate more efficiently
- Process improvement, change management or quality management system development
- Product development – Consultancy or Design support to launch new/improved products
- Marketing Strategy Consultancy or website development to bring a new product or service to market (replacement or upgrade websites cannot be funded)
Please note: the programme cannot fund business as usual costs or the replacement/upgrade of existing equipment – full eligibility criteria can be found by clicking here – and we cannot provide additional funding to businesses who have already accessed support from the NTIRG programme in the past 18 months.
Our application process is simple, quick and straight-forward and if you have a project in mind but aren’t sure whether it would be eligible for a grant, we can help talk you through your ideas.