Member Article

North East companies urged to seize new £5000 voucher scheme

The North East LEP’s new heavyweight board driving business innovation has called on local companies to seize the opportunity to get Government-backed financial help to fund new growth ideas.

The local enterprise partnership’s North East Innovation Board is leading the drive to encourage firms to apply for a £5,000 innovation voucher scheme towards expert innovation advice.

Successful micro businesses and SMEs will be able to claim up to £5,000 towards the cost of advice from experts at universities, further education colleges and research and technology organisations.

The vouchers can be used by businesses across all sectors to gain access to independent and expert advice on developing ideas and bringing new products to market, making the most of intellectual property or learning more about how to use design in business.

The £5,000 voucher scheme is being offered by InnovateUK, formerly the Technology Strategy Board.

Supporting more businesses to grow through innovation is a priority of the North East Local Enterprise Partnership and a key theme of its North East Strategic Economic Plan.

Chair of the North East Innovation Board, Professor Roy Sandbach, said: “While big flagship innovation hub projects, like those announced for Newcastle University and CPI last week, are important, we really want to find creative ways to support smaller innovation-centric businesses as they grow and deliver more and better jobs.

“Through this voucher scheme, small and medium-sized businesses can focus their innovation work and add momentum to their growth plans.”