A grant scheme designed to help firms transform innovative ideas for products or processes into a business reality has made its landmark 100th offer, providing a total of £8m of grant assistance for projects across the region costing over £18m.
One NorthEast has been responsible for delivering The Department for Business Enterprise & Regulatory Reform’s Research and Development Grant scheme across the north east since April 2005.
The latest company, Sedgefield-based Kromek, is also the hundredth project to secure funding with a £250,000 R&D grant.
This will be used to develop groundbreaking x-ray technology that will transform traditional x-ray images into digital high definition, 3D, colour images to vastly improve industrial process line inspection and quality assurance procedures.
One NorthEast senior R&D finance manager Will Adams said: ‘This is exactly the type of innovative project the grant was designed to support and I am pleased that One NorthEast has been able to assist the firm at such a critical time in its development.’
The funding has been provided across all sectors including the agency’s three pillars of economic activity for the region: healthcare and health sciences, energy and the environment and process innovation. Each of these areas has been challenged to generate £2bn worth of economic growth over the next ten to 15 years.
Adams added: ‘The R&D grant has been a tremendous success to date, providing support to some extremely innovative projects across the north east and accelerating the development of high technology businesses while assisting the commercialisation of the region’s ideas pool.
‘The grant works alongside other funding mechanisms to grow businesses and fits in with the Regional Economic Strategy’s aim of raising the region’s productivity rate to 90% of the national average over the next decade.’