£8.2 million available for local businesses to unlock development potential

A new fund has been set up to help York businesses tap into the skills and knowledge of local universities to develop new and improved products, services and processes.

The Yorkshire Innovation Fund (YIF) is a joint initiative between 11 universities in Yorkshire and the Humber, part-financed by the European Regional Development Fund (ERDF). It has been established to help small to medium sized businesses across Yorkshire and the Humber grow through research, development and innovation.

York St John University is one of the project partners. Jenny Hall, creative business development manager at the university, says the project provides crucial support that will help businesses in the city and the wider region speed up the product development process and get new ideas to market more quickly:

“We see first hand the barriers that small to medium sized businesses face in getting new products to market,” she said. “Research and development and prototyping costs can be prohibitive, and the lack of resources can significantly slow down the process.

“By giving these businesses access to the skills and facilities housed in the region’s universities, new products can come to market more quickly, ideas can become reality and opportunities for employment can be realised.”

To access the fund, SMEs and universities must collaborate to develop an application that is based on a real business need. Applications for support are competitive, and successful applicants will secure the time and expertise of the partnering university to work with the business on a research and development or innovation-led project.

The University of Bradford is leading on the YIF project. Dr Suzanne Emmett, Director of the Yorkshire Innovation Fund at the University of Bradford, believes that providing funding for academic expertise could be transformative for many businesses.

“We’re looking to help companies realise their ideas and grow their business. Collaborating with universities has long been an excellent way to tap into the skills and resources firms need to innovate. The Yorkshire Innovation Fund builds upon this and provides a route to accessing much-needed funding to make things happen.”

The YIF will be looking to support projects at a variety of levels, from small projects up to £10,000 in value - such as proof of concept or technical feasibility studies, or prototyping new digital services - to larger projects up to £30,000, for example developing a new formulation, product design or business model.

Companies that can place graduates to undertake projects could access funding up to £30,000 for help with recruitment and mentoring by university experts.  Funding can also be awarded to one or more universities to work with several companies with similar research and development needs, for example an industry network or supply chain.

The YIF will prioritise applications from sectors identified as crucial to the growth of the regional economy, which include advanced manufacturing, engineering and materials; bio-renewables; bioscience; chemicals; creative and digital; financial and business services; food and drink; and low carbon energy.

For further information visit the Yorkshire Innovation Fund website.