Combined authority prepares to launch innovation accelerator
The West Midlands Combined Authority (WMCA) is gearing up to launch the West Midlands Innovation Accelerator to bolster the region’s innovation and R&D capability and capacity to spark commercial growth and investment.
First announced in the Government’s 2022 Levelling up White Paper, the West Midlands Innovation Accelerator will start in May, funded through a share of a £100m fund from Innovate UK, to be divided by three regional Innovation Accelerators over the next two years.
Aims of the Innovation Accelerator include accelerating the region’s engineering research & development, boosting inward investment, and reinforcing the region’s position at the frontier of the UK innovation revolution by enabling businesses to develop new products, processes and services.
The West Midlands Innovation Board has targeted investment on projects enabling new solutions around Medical and Clean Technologies, following initial expressions of interest in June 2022.
Andy Street, Mayor of the West Midlands, and chair of the WMCA, said: “I’m delighted to see the Innovation Accelerator fund finally land in our region which will unlock a further £150m of private sector co-investment. The funding will inject momentum into the delivery of the West Midlands Plan for Growth which sets out how we will unlock hundreds of thousands of new jobs and be home to major global companies in this decade.
“One of my key mayoral missions is to restore our status as the fastest growing region outside of London – just as we were pre-pandemic. Innovation is central to achieving that mission.
“We’re already a leading region for UK innovation when it comes to automotive and aerospace – with every £1 of Government spending for Research & Development translating in to £4 of business investment. This latest news will help us to build on our progress to date – with Government’s forthcoming Trailblazer Devolution Deal and proposed programme of Investment Zones set to usher in exciting times ahead.”
Mike Wright, chair of the West Midlands Innovation Board said: “The Innovation Accelerator is set to turbo-growth of our regional economy, including practical support to innovative clean-tech and med-tech firms, as well as driving cross-sector innovation.
“The close working with Innovate UK and the West Midlands Innovation Board on this is a great example of partnership work benefiting the region, based on input last summer from over 200 innovation leaders from business, academia, and Government.
“The Innovation Board now has a significant challenge, following the submission of a number of high-quality projects right across the region, to both back the five projects, and seek investment for further projects in the pipeline.”
