Member Article

UK SMEs encouraged to use €3 billion development pot

Up to €3 billion of product development money will be available to UK SMEs from January 1.

As part of the wider Horizon 2020 project reported in Bdaily earlier this year, the Dedicated SME Instrument will allow companies to draw down up to €3 million each.

Support organisation Pera Technology say the European Commission is obliged to respond to funding applications within six months.

Businesses must demonstrate market demand to qualify for the funding, and may also claim up to 15 days free coaching.

Paul Tranter, chief executive of Pera Technology, said: “Never before has this level of funding been made available to small and medium sized business for new product development purposes.

“One of the key differences between Horizon 2020, its predecessors and other public funding options is its commercial awareness. SMEs receive all of the money to spend as they see fit with a further 15 days of free coaching paid for directly by the European Commission.

“Only products that demonstrate a clear commercial demand will receive funding, meaning it’s those products closer to market that are likely to be most successful. However, for company’s earlier on in the development process there is additional funding available for initial research purposes.

“The UK is in an enviable position, having overtaken the two largest economies in Europe in terms of bidding success. However, we can’t rest on our laurels. The larger amount of funding and fewer restrictions associated with Horizon 2020 will see more businesses than ever before applying.”

This was posted in Bdaily's Members' News section by Tom Keighley .