Member Article

EU Funding is a Genuine Option

With adverts in the media urging companies to take advantage of face-to face business advice before it goes, it can’t have escaped your notice that the government has cut many of the domestic funding streams available to businesses in the North East. There is one avenue that remains open, however, and it’s an option that has been largely ignored by UK businesses.

European Union (EU) funding is a source of business investment and support that has often been overlooked because it was seen as complex and hard to secure in comparison to UK government alternatives. Now that these have been scaled back, we think it’s time to look again at what’s available, which is why Newcastle Science City has teamed up with Teesside University and the Centre for Process Innovation (CPI) to bolster the Enterprise Europe Network (EEN).

We believe that there is a need to promote all remaining opportunities for business support and EU funding is one of the avenues that remain, but securing it can be a complicated process, which is where EEN comes in. Research has shown that companies which bid for EU funding without external advice and support have only a 13 percent chance of success, a figure which can rise to 25 percent with the right guidance.

It is the job of my team to guide North East businesses through the process, from identifying potential funding streams and assisting with the application to delivery and ROI. The key to securing EU funding is to demonstrate a long-term commitment to your business or product, which is why it is often utilised for investment-heavy research activity. We want to show that it can also be used in skills development, community engagement and prototype testing.

It’s important that companies understand how and when to utilise European funding to complement business plans, corporate growth and internationalisation plans, which is where the EEN team comes into its own. Having worked in Brussels myself, I know the potential stumbling blocks, the criteria and the peculiarities of each funding stream, which I can now use to benefit North East businesses.

All three partners can offer advice and support through the EEN programme, while Newcastle Science City will also focus specifically on enquiries and applications relating to the creation and protection of intellectual property.

As the UK economy moves out of the downturn and businesses start to look at investment again, EU funding offers real potential to assist growth and job creation. This is a chance for North East businesses to access their share of funding that runs into hundreds of millions of pounds.“

For an informal chat or to arrange an introductory meeting, call my team at Newcastle Science City on 0191 211 3024 or visit

www.newcastlesciencecity.com.

Stuart Jackson is Enterprise Europe Network Project Manager at Newcastle Science City.

This was posted in Bdaily's Members' News section by Laura White .