UK SME innovation programme looks to boost their businesses potential

posted by 7 years ago in News

A brand new programme featured at the North East Business and Innovation Centre (BIC) has been created to assist just over 60 SMEs in that region discover their potential. This will not only benefit them but it will also produce new products and services into the market.

The BIC has just received £820,439 funding from the England European Regional Development Fund this a part of the European Structural and Investment Funds Growth Programme (2014-2020) – this a relaunch of the innovation Programme which lasted until August last year.

The fund was given so that businesses in the North East can become even more innovative and become confident when increasing their competition and whilst exploring other opportunities.

During the next three years small and medium-sized businesses in the North East will be provided with advice and direction from innovation experts this will allow them to concentrate on producing new products and services in their specific industry.

Elizabeth Shaw, Innovation manager has commented;

“Each SME will receive access to third party expertise in the innovation process and as a result, they will gain an understanding of the knowledge and skills required to undertake further projects within the business.

“In order to prosper, businesses must innovate and whilst most would agree with the sentiment, it can be difficult to know where to begin.

“This project will enable us to work with individual businesses to diagnose potential development opportunities and make vital connections.”

Head of, Philip Brennan has said;

“With schemes like this popping up across the country it is giving businesses like a chance to be confident for the foreseeable future.

“SMEs are the spine of the UK economy, we produce half of all private sector turnovers and we employ approximately 60% of the UK workforce. So innovation schemes like this are huge eye openers within SMEs across the country, not just the North East.

“It is very important to help support industries based outside of London where support and skills tend not to be readily available.”