Support to Bring Innovation to Your Business
For over 300 years Shropshire has been at the heart of England’s spirit of innovation, enterprise and achievement. Today, Shropshire businesses use these key qualities to their competitive advantage in the global market place.
Government has long recognised that investment in research and development (R&D) is a key indicator of growth, but being innovative does not have to mean spending hundreds of thousands of pounds on new product development. Innovation can be quite simply defined as introducing something new into your business. It could be a single, major break though or a series of small, incremental changes.
The idea for change might come from inside the business, through employees, in-house research or externally through suppliers, customers, or universities and other sources of new technologies.
Knowledge Transfer Partnership Scheme
A number of Shropshire businesses employ graduates through the Knowledge Transfer Scheme (KTP’s). This programme is run to help businesses improved their competitiveness and productivity through the use of knowledge, technology and skills that reside within the UK knowledge base.
Businesses contact the specialist advisor within their area – details are available on www.ktponline.org.uk, to identify the right university, college or research organisation that has the right expertise to help their business. Together a project (usually over 2 years) is defined and agreed that will enable you to draw on their expertise and apply it to your business.
The business has a graduate employed full time for the period of the project, the expertise of an academic working alongside the graduate for a minimum of 4 hours per week and support towards technology costs. As the project is subsidised by the Technology Board the actual cost to the Businesses is similar to employing a graduate through the normal means.
INDEX Vouchers
INovation Delivers Expansion vouchers invite small to medium businesses (SME’s) to apply for a voucher to purchase academic support form one of the 13 universities in the West Midlands. Vouchers have a value of £3,000 and can be applied for on-line during bidding rounds. They effectively purchase an academics time (nominally 5 days) to develop innovation and enhance your business.
For further information visit www.indexvouchers.org
Advantage Proof of Concept Fund
Launching in September 2008 and providing grants of up to £30,000, representing 75% of external project costs to support market assessment, Intellectual Property Rights protection (IPR) and basic prototyping. For more information on the scheme visit www.warwicksciencepark.co.uk/support_services
These schemes are useful to bear in mind if substantial development works is to be undertaken. There are a number if reasons to apply including easing the financial burden of the development on the business, providing a catalyst for change which can revitalise the culture within a business as well as providing substantial improvement to the bottom line of your business.