Business Innovation Fund

7th September 2020

In the fast-changing economic market that we find ourselves, a point of advantage, leverage and differentiation can often be found through research, development and innovation.

The Business Innovation Fund is a new three-year programme designed to help SMEs (small to medium enterprises) based in the West of England Combined Authority area of Bath & North East Somerset, Bristol, North Somerset or South Gloucestershire.

Funded through the European Regional Development Fund (ERDF), the Business Innovation Fund supports businesses from a wide range of sectors to help develop innovative projects and products that not only fulfil market demand, but also deliver industrial growth. The following benefits are included in the scheme -

  • Grants of £20,000 or £50,000 to invest in innovation
  • Support and guidance to move from concept to commercialisation 
  • Collaborate with the region’s leading research institutions
  • Advice on intellectual property, testing, and research and development roadmaps
  • Development of a bespoke research, development and innovation action plan 
  • Access to wider business support through the West of England Growth Hub and its partners

Full details on eligibility and how to apply can be found at the West of England Combined Authority website.

Businesses should note that assistance though the Business Innovation Fund constitutes State Aid and as such, will impact on the level of R&D Tax Credit support that may also be applicable. Our R&D Tax and Technology, Innovation & Growth specialists will be able to give further advice in this area.

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