Not Innovation Fund

A new £1.5 million grant fund has been launched to support business innovation across Newcastle, North Tyneside and Northumberland.

The North of Tyne Innovation Recovery Grant is part of the North of Tyne Combined Authority’s (NTCA) package of support available to businesses impact by COVID-19.

It is designed to enable a green and sustainable recovery by funding projects that have potential to safeguard and create new jobs, build a more inclusive economy, and contribute towards the net zero agenda.

Grant funding worth 50% of the cost of innovation projects totaling between £10,000 and £20,000 will be made available through the scheme.

Worthy projects should either launch an innovative product or service considered new to the market or bring a new technology or innovative process to the business.

The Innovation Recovery Grant is delivered on behalf of the NTCA by NBSL and the Innovation SuperNetwork, who together bring combined experience in managing both grant funding projects and delivering innovation support.

Estelle Blanks, CEO at Innovation SuperNetwork, said: “We’re excited to be involved in delivering this critical piece of funding support to businesses across the North of Tyne area.

“Innovation can be a challenging concept, but it could be as simple as adopting a new technology or process.

“Many businesses don’t realise they are innovation active, so our sector specialists are available to applicants to provide one-to-one support to help companies make their innovation projects a reality.

“By delivering a programme of events and expert support, we hope to build innovation knowledge in businesses across the area and help them disrupt how they do things for the better.”

Ros Smith, Operations and Finance Director at NBSL, added: “This grant support provides a huge opportunity for businesses to identify projects that can deliver ‘new-to-market’ or ‘new-to-company’ innovation.”

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Richard Dawson
Article by Richard Dawson
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