Mayor launches fund to fuel innovation

Businesses in York and North Yorkshire are set for a major boost thanks to a new £5 million mayoral fund aimed at boosting innovation, exports and start-ups across the region.

Launched by the York and North Yorkshire Combined Authority in collaboration with businesses and innovation experts, the Business Innovation Fund is the final scheme in a series of mayoral challenge funds introduced this year. 

The fund will support companies over the next two years through five dedicated programmes: Sector Activity; Spin-Out and Start-Ups; Get Exporting; Great Ideas; and Get Funded.

David Skaith, mayor of York and North Yorkshire, said: “York and North Yorkshire has always been a place of innovation. 

“From building the first railways and social houses, to transforming farming with new technologies.

“That pioneering spirit makes this region special, and it’s why many of our businesses have made their mark, not just here in the UK but also right across the world.

“Our businesses drive so much growth in the region, but with the right support we know they can drive greater innovation and create an even larger impact.

“That potential is why I am excited to see what we can achieve together with the Business Innovation Fund.”

The first two programmes, worth over £800,000, go live this week to support key sectors and university spinouts. 

A £600,000 export-focused grant scheme follows in May, while October sees the launch of Get Funded, offering financial training to help businesses secure investment.

The largest initiative – the £2.5 million Great Ideas fund – begins in January 2026 with a Dragons’ Den-style format to support high-potential innovators.

Earlier this year, Mayor Skaith launched three other funds: the £10 million Vibrant and Sustainable High Streets Fund; the £7 million Carbon Negative Challenge Fund; and the £2.3 million Skills Innovation Fund.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →