£5m fund launched for North Yorkshire businesses
A new £5m mayoral fund is launching in York and North Yorkshire to help boost business growth across the region.
The Business Innovation Fund is the final of four schemes as part of the mayoral challenge funds and is a collaboration between York and North Yorkshire Combined Authority, businesses and innovation experts.
As a result, the Business Innovation Fund will come in five programmes focussing on ‘sector activity’ ‘spin-out and start-ups’, ‘get exporting’, ‘great ideas’ and ‘get funded’.
David Skaith, mayor of York and North Yorkshire, said: “Pioneering spirit makes this region special, and it’s why many of our businesses have made their mark, not just here in the UK but also right across the world.
“Our businesses drive so much growth in the region, but with the right support we know they can drive greater innovation and create an even larger impact. That potential is why I am excited to see what we can achieve together with the Business Innovation Fund.”
The ‘sector activity’ ‘spin-out and start-up’ programmes, backed by more than £800,000, will be the first to launch this week.
These programmes are designed to drive forward York and North Yorkshire’s key sectors and identify barriers and opportunities for our three universities to nurture companies respectively.
From October, the £200,000 ‘get funded’ programme will provide businesses with financial training so they can attract investment and grow.
The largest of the funds worth £2.5m, ‘great ideas’ will launch in January next year and will involve a ‘dragon’s den’ style application process. Successful businesses will benefit from wrap around coaching and investment training to turn innovative ideas into reality.
