Cash pot launched for growth-hungry businesses

  • The Innovation Vouchers scheme offers up to £2,500 to help small to medium sized enterprises create innovation and growth
  • Offers access to free support in the form of Innovation workshops so that participating companies become more competitive and manage growth effectively.

After the success of 2016-2019 Innovation Voucher projects, Aston has received funding from the European Regional Developing Fund (ERDF) to work with SMEs in the Greater Birmingham and Solihull for a third time. The previous phase supported over 250 businesses through the vouchers and workshops. The project is supervised by Professor Nick Theodorakopoulos, Head of Work & Organisational Psychology Department.

SMEs in need of a cash injection to drive innovation and growth could be eligible for up to £2,500 in this year’s Innovation Vouchers scheme.

For every £1 a company can put up towards innovation and growth will be matched with a £1 contribution from the project. The typical Innovation Voucher is £2,500 which means eligible businesses can unlock a total business innovation fund of £5,000 to access external expertise with knowledge base organisations (research institutes).

This scheme targets SMART specialisation sectors and aims to develop new processes and systems to improve efficiency of SMEs and to bring new products and services to market. The project will deliver 100 vouchers in years 2019-2022. Each SME needs to match £1 received as the Innovation Voucher with £1 of company’s own funds.

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