New funding backs region’s innovators and inventors
Two multi-million-pound funds set up to spark innovation, boost research and development, and harness new digital technologies are to be extended.
The region’s flagship Innovation Accelerator and the Made Smarter programme are to get fresh funding so they can continue to support businesses and drive growth across the West Midlands.
The two programmes have already helped local SMEs to create or upskill almost 5,000 jobs and secure more than £70m of public and private sector investment.
This includes more than 700 businesses, researchers and entrepreneurs getting expert advice and funding to commercialise new and emerging products and technologies through the region’s flagship Innovation Accelerator.
Made Smarter has provided technical support or grants to 450 manufacturing firms to help them adopt new digital machinery and processes to increase productivity and drive growth.
Both will now be extended thanks to new government funding announced in the recent budget to support local SMEs. The funds will continue to be overseen by the West Midlands Combined Authority (WMCA).
Richard Parker, mayor of the West Midlands and WMCA chair, said: “Our region has been a leader in innovation for more than two centuries and now in the 21st century we’re pioneering new 5G-powered technologies, health and medical tech and life sciences.
“The government is backing West Midlands innovation as well as my ‘Growth for Everyone’ plans to help businesses grow, support further innovation and creativity and make sure everyone benefits from that growth.
“With this new funding we can continue to invest in the brightest minds in businesses and our universities as they look for new and innovative ways to solve real-world challenges, improve lives, create jobs, and boost our economy on the global stage.”
The region’s flair for innovation was recognised at an awards ceremony in Lisbon yesterday, Wednesday November 13. The West Midlands was among the top three cities in the prestigious European Capital Innovation which was eventually won by Turin in Italy. The West Midlands will receive 100,000 euros in prize money.
Science and Technology secretary Peter Kyle said: “It is fantastic that the West Midlands has been recognised as one of Europe’s most innovative regions. It has brought entrepreneurial talent and academic excellence together in a way that will be pivotal to driving the economic growth and transformation Britain needs. I am proud that this government is supporting the cutting-edge work that’s happening here, through new funding announced at the Budget.
“This region is a great example of how regional mayors, leading businesses, and our world-class universities can boost their local communities and economies, when they work together and in partnership with government to reap the benefits of science and technology. This is only the start for the West Midlands.”
Dean Cook, executive director of place at Innovate UK, said: “Innovate UK on behalf of UKRI is proud to have supported the West Midland’s innovation journey through the Innovation Accelerator programme and our joint Local Action Plan.
“Working in partnership with the West Midlands Combined Authority, we have fostered groundbreaking ideas and technologies from business that will shape the future of the region and beyond. Being named a runner up in the European Capital of Innovation award is a testament to the region’s thriving innovation ecosystem.”
The European Capital of Innovation Awards are delivered as part of Horizon Europe, the world’s largest programme of research collaboration, to which the UK is associated. Horizon Europe is the largest research collaboration programme in the world, worth over £80 billion.
Researchers, innovators and businesses from across the West Midlands can apply for funding grants that will help researchers fund projects across all sectors from health, to clean energy, to digital infrastructure. £356m worth of grants were awarded to projects in the West Midlands under Horizon’s predecessor, Horizon 2020, so we know the opportunities are there.
