Support on CUE for innovative businesses
A new source of funding support is open to SMEs and micro-businesses in Warwickshire with various grants available through Coventry University Enterprises (CUE) Business Solutions, a subsidiary of Coventry University.
One such award, the Proof of Concept grant, funded by the European Regional Development Fund, targets small businesses which are developing innovative new products or processes.
More than a dozen companies in Coventry and Warwickshire have already benefited from the grants, which cover 40% of project cost (for projects from £5,000 to £25,000). Further applications are welcome before the deadline in 2019.
Applications are assessed on a monthly basis, or more frequently if necessary, so the process can move quite quickly.
Proof of Concept grants will fund external expenditure for:
- Intellectual Property (IP) due diligence & protection
- Market research/analysis/assessment
- Prototype development
- Business Plan development
- Other PoC/Feasibility activities.
Among businesses already supported by the grants is Medherant Ltd, based at the University of Warwick Science Park. Specialists in drug-in-adhesive patch technology (TEPI patches), Medherant will use the PoC grant to commission an in-depth commercial analysis to identify the next TEPI patch product from a range of candidate drugs.
Dr Phil Green, CUE Business Solutions business delivery manager for Proof of Concept, said: "The Proof of Concept scheme is open to Coventry and Warwickshire-based SMEs as well as staff within Coventry University and the University of Warwick. We aim to support over 150 projects in the next two years and will provide all the necessary support in securing successful applications.”
The grants form just one of many strands of support available from CUE Business Solutions which works closely with both public and private sectors to help companies innovate, grow and internationalise. To date, the organisation has interacted with 48,917 SMEs, provided detailed support to 4,095 and distributed almost 300 innovation grants - a package of business support which has earned the Queen’s Award for Enterprise: International Trade
For more information about the Proof of Concept grants, please visit https://www.cuebusinesssolutions.com/proof-of-concept/
For more information about all support available from CUE Business Solutions please visit https://www.cuebusinesssolutions.com/