SMEs in need of a cash injection to drive innovation and growth could be eligible for up to £2,500 in this year’s Innovation Vouchers scheme. For every £1 a company can put up towards innovation and growth will be matched with a £1 contribution from the project. The typical Innovation Voucher is £2,500 which means eligible businesses can unlock a total business innovation fund of £5,000 to access external expertise with knowledge base organisations (research institutes). Applications must be for future projects, which can be complete within a three month period on being approved. The EU funded initiative, managed by Aston University in partnership with Birmingham City University, was set up to help smaller businesses pay for new processes and systems that will improve efficiency and help bring new products to market. The money can be spent on various activities, which can be found on their eligible activities section
