East of England businesses developing new products can take advantage of more than £8.5m-worth of grants, the East of England Development Agency (EEDA) has announced.
Grants for research and development of hi-tech products and Proof of Concept Funds – which help businesses to test the market for new business ideas – have benefited from a major cash injection by the European Regional Development Fund (ERDF). The new ERDF money aims to encourage more applications from companies developing low-carbon projects.
Deborah Cadman, chief executive of the EEDA, said: ‘There is no doubt that it remains a tough time for businesses and EEDA’s number-one priority is to make sure companies in this region are well-prepared to weather the storms. But despite the downturn, there are still businesses across the east of England developing new products and looking to conquer tomorrow’s markets. It is ambition like this that can help drive the UK out of recession.’
She added: ‘The importance and potential impact of our £8.5m investment in innovative businesses should not be underestimated. We know, from recently commissioned reports, that typically every £1 that EEDA invests delivers a return of between £3.70 and £5.80 for the region.’