Grant Funding Scheme for companies developing new products
October 24, 2018
The Smart Concept Fund (SCF) part funded by European Regional Development Fund (ERDF), offers SME’s based in the Black Country, Marches or Stoke on Trent & Staffordshire areas the opportunity to apply for a proof of concept grant designed to support the commercialisation of new technologies.
At SCF, we award successful applicants with grants of up to £30,000 at an intervention rate of up to 60% to help fund an approved product development project (subject to eligibility). The grant supports companies to carry out a programme of development work where third-party suppliers are contracted to provide expert services, such as market research, user trials, design modelling and preparation of intellectual property agreements.
We are currently working closely with DHC, paying a grant to support initial prototyping of the Lens Slip Optishield, a long-lasting silicone product that fits a range of spectacles. Poor vision is often aided by partial occlusion; covering one eye can help treat double visions and other ophthalmic conditions, helping with tasks such as reading, watching television and using computers.
The SCF has been crucial in advancing the product, enhanced by collaborations with other regional development opportunities. Once the trials have been concluded, DHC can improve their product based on feedback and work towards commercialisation.
When DHC Informatics Ltd contacted the SCF, we were only too happy to work with them – they are exactly the type of company we are looking to support. Rebecca Harrison, DHC Informatics Ltd, says: “DHC recognise that innovation is often created out of necessity; with the Lens Slip Optishield it was essential to create a product that would offer greater convenience and flexibility to a particular health care sector. This is something that has always been the core value of DHC’s aspirations and will continue to be.”
Rebecca acknowledges the support offered by SCF, as well as the vast amount of support available throughout the region for SME’s: “Our experience with the Smart Concept Fund has been that it is incredibly useful in identifying the strategy required for our progression, and then supporting its facilitation. The West Midlands has great opportunities for SME’s. There is a huge local knowledge base, and those involved are enthusiastic in their efforts to engage with new businesses. The variety of support offered appears to be particularly well placed to help regional businesses advance new innovations. Don’t be afraid to ask.”
Smart Concept Fund works with SME’s who have innovative developments – so why not see if we can help you?
01902 323 911