UMIC Drives the Success of the Innovation Voucher Scheme

To date UMIC is assisting over 40 small businesses in the Northwest with the NWDA Innovation Voucher Scheme.

Introduced by the NWDA as part of their business support package to local firms in the downturn, each innovation voucher is worth £3k with a number of £7k vouchers recently becoming available. Companies can use this money for consultancy services or for pump-priming new projects and product development.

UMIC, the Knowledge Provider for The University of Manchester, facilitates relationships between small businesses and experts within The University of Manchester. As a result we have successfully driven 19 companies through the process and out the other side.

Priority sectors are; digital and creative industries, business and professional services and food and drink. If you are a biomedical company don’t let this put you off, plenty of biomedical companies are being helped through the process by UMIC.

Firms are not restricted to just one voucher – up to two vouchers can be granted in the lifetime of the scheme. What’s more, the Innovation Voucher Scheme opens doors to further funding such as the NWDA’s Proof of market grant of £5-20K for market research, Micro Project grant-GRAND grants of up to 20k for development and Research Development grants of between £50-250k for product development and research.

December 7th sees the next funding round open for innovation voucher applications.

Call UMIC for advice on what to do next or come along to the Showcase Event on 18th November 09 here at the Core Technology Facility (CTF), Grafton Street Manchester to hear from firms and academics that have successfully used the scheme and to meet the NWDA business finance team.

For further information visit, http://www.nwdabusinessfinance.co.uk/innovation-vouchers or contact Laura Etchells on 0161 606 7264 or by email laura.etchells@umic.co.uk

Business Incubation Manager, Hi-Tech, Tony Walker: