£2m funding for GRAND ideas

A FUND of  more than £2m has been launched today to help small businesses test the commercial potential for bright ideas.

The cash is available via the North West Development Agency’s, Grant for Research and Development (GRAND) programme over the next two years.

It is supported by the European Regional Development Fund (ERDF), which has provided £1.1m for the programme.

The GRAND Proof of Market fund will help firms pay for market research, market testing and competitor analysis and asses whether their new products, processes or services warrant further investment.

Projects will be limited to a duration of between 3-9 months and will provide grant support for up to 60% of project costs. Funding of between £5,000 and £20,000 is available

Steven Broomhead, chief executive of the NWDA, said: “The NWDA is committed to encouraging relationships between businesses and the knowledge base in the region.

“This early stage funding will encourage companies to work with the knowledge base to examine the market for new products and process ideas, specifically where barriers to accessing finance is preventing innovation.”

For more information on business support or to apply for GRAND Proof of Market funding contact Business Link North West or visit www.businesslink.gov.uk/northwest