Over £400k invested into local businesses to boost innovation levels
Telford and Wrekin Council’s business and investment team, Invest Telford has announced the launch of Innovate Telford, a new program designed to help businesses with innovation for growth.
The council fund offers over 100 Telford businesses the chance to benefit from six months of funding and support to drive transformation.
Part of a £460,000 investment to enhance innovation in local businesses, Innovate Telford is the latest initiative using the council’s £5.8m UK Shared Prosperity Fund allocation.
Councillor Lee Carter (Lab) Telford & Wrekin Council Cabinet Member for place (The Economy & Neighbourhood Services) said: “As a council, we are dedicated to supporting businesses of all sizes to innovate and growth within our local business community with the aim of them providing more jobs for residents and more investment to help support our growing Borough. Innovate Telford represents a significant investment in the future success of the borough, providing valuable resources and support to businesses looking to innovate and thrive.”
Innovate Telford consists of two main components. The first part aims to help up to 60 businesses kickstart their innovation journey by encouraging innovation within local SMEs and start-ups.
These businesses will undergo an assessment of their innovation capabilities, resulting in a clear growth plan.
Support will then be provided to develop an innovation strategy, enabling businesses to access opportunities with potential R&D partners and investors.
The second component, called the Telford Innovation Accelerator, will assist 50 local businesses in accelerating their innovation potential and securing growth investment.
Participants will receive support to improve their capabilities, navigate commercial investment opportunities, and access funding sources.
Benefits include understanding commercialisation strategies, improving digital transformation, exploring revenue models, and undertaking product development.
