Worcestershire Proof of Concept
About Worcestershire Proof of Concept
Worcestershire ‘Proof of Concept’ (POC) is an ERDF grant fund that has been designed to support local businesses to develop innovative new products and processes. Support is offered to applicants that aim to investigate, advance, protect and commercialise early stage innovative business ideas. The principal objective of the Proof of Concept fund is to encourage SME investment in innovation, specifically; creating products and services that are new to the company or new to the market.
Worcestershire Proof of Concept is a popular programme that has been available for several years. The latest round of funding was launched on February 13th 2019. The programme offers grants of up to £30,000, representing 40% of the total project costs. All costs must be external to the company and are claimed retrospectively. Worcestershire County Council delivers the grant fund in partnership with Central Technology Belt.
If you would like more information on the Worcestershire Proof of Concept grant fund please contact Worcestershire Business Central. Eligible businesses will be referred to Jane Holmes at Central Technology Belt, who will contact you to discuss your proposed project in more detail.
How can this programme help your business?
The Proof of Concept fund provides grants to eligible businesses of up to 40% of the total project cost (up to a maximum of £30,000), to cover:
Capital and revenue spend
Prototyping
Building works
Market research and assessment
Accreditations
Marketing - including events and demonstrations
Intellectual Property protection
New machinery
Is your business eligible?
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 60% of your overall project costs.
GRANTS
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
- Accreditations
- Prototyping
- Marketing/Events/Demonstrations
- 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.
CRITERIA
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 info@business-central.co.uk.
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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