£2.3m fund launched to help Black Country and Marches science start-ups

BUDDING entrepreneurs are to receive funding help from the University of Wolverhampton to get their businesses off the ground.

Enterprise Action is a £2.3m three-year project designed to support businesses in the Black Country and the Marches areas.

It is hoped that the project, funded by the European Regional Development Fund (ERDF), will assist 480 entrepreneurs and lead to the creation of 250 new enterprises.

Beneficiaries will have the opportunity to apply for financial support, access to business facilities, business development workshops and consultancy over a six-month period.  

The project is primarily aimed at enterprises in the science, technology, engineering and maths (STEM) and creative sectors which are less than two years old.

It will deliver enterprise support to fledgling entrepreneurs and innovators, inward investors looking to locate in the Black Country area, students, graduates and university associates.

Deputy Vice-Chancellor, Professor Ian Oakes, said: “Enterprise Action will enable the University of Wolverhampton and regional partners to empower entrepreneurs and innovators to start and grow new sustainable businesses, creating jobs and prosperity.

“Promoting entrepreneurship in the Black Country and the Marches will enable the creation of a substantial number of local knowledge-led businesses, leading to new high growth starts and therefore supporting local economic plans.”

He said Enterprise Action would bridge the gap in support between graduate enterprises and established SMEs.

The programme will target potential higher growth businesses of less than two years old, which would benefit from targeted fast-track support and financial assistance to achieve product commercialisation.

It is envisaged that over the lifespan of the programme 120 enterprises will receive continued support to create new jobs.