Worcestershire Proof of Concept
About Worcestershire Proof of Concept
Worcestershire businesses looking to develop innovative new products or processes can utilise our ERDF funded Proof of Concept programme to benefit from a grant of up to £30,000.
Please note that currently this programme is fully committed, however there may be additional funding available in the future. If you are interested in the Proof of Concept programme, or need support to develop your business please do contact us today on 01905 677 888 as we may have other suitable initiatives that can help you.
If you want to be part of bringing new products to market and boosting the local economy but aren’t sure if you can fully fund the costs of your new developments, you’ve come to the right place.
Proof of Concept is here to support small and medium sized business in Worcestershire investigate, develop and protect their great ideas, so if you need funded assistance to get your early stage innovations off the ground, our team can help.
How can this programme help your business?
The Proof of Concept fund provides grants to eligible businesses of up to 50% of the total project cost (up to a maximum of £30,000), to cover:
Capital and revenue spend
Market research and assessment
Marketing - including events and demonstrations
Intellectual Property protection
Please note that only external expenditure is covered by the fund, so your internal costs such as salaries cannot be funded.
Is your business eligible?
There are some exceptions, but generally, your business will need to be:
Based in and trading from Worcestershire
With fewer than 250 employees
Turnover less than the equivalent of 50 million Euros per annum or a balance sheet of less than 43 million Euros
You will also need to demonstrate that you can match the remaining 50% of your overall project costs.
Contact our team to find out more
The Proof of Cocept fund will provide grants of up to 50% of the total cost of a project (to a maximum contribution of £30,000) for businesses to prove that their innovations have significant economic potential. The grant can fund:
- New machinery – Hardware and Equipment
- Market Research and Assessment
- IPR Protection
- Building works
Please note only external expenditure can be funded; internal costs such as staff salaries cannot be funded. The business would receive support from CTB Business Manager to get draft applications appraisal ready. Purpose: The grant encourages businesses to bring new products to market and introduce new products to the business, which will result in increased economic benefit and job creation in Worcestershire.
To qualify, your business must:
- Be situated in and trading from Worcestershire, and
- Employ fewer than 250 employees, and
- Have a turnover of less than the equivalent of 50 million Euros per annum or an balance sheet of less than 43 million Euros
- Applicants must demonstrate that they can match fund the remaining 50% of the project costs.
Please note some industries such as primary agriculture and retail are not eligible. Other activities excluded are social welfare and education facilities, banking and insurance.
For more information and details of how apply please contact the team on 01905 677 888 or email email@example.com.
Worcestershire Proof of Concept-
This project is receiving up to £1,537,394 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund.
Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
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Find out more about Worcestershire Proof of Concept
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