Innovation Vouchers

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A business Innovation Voucher is £1,500 of part-funding offered to eligible companies by the European Regional Development Fund (ERDF) to spend on business innovation and growth activities. They are distributed through a business Innovation Voucher scheme managed by a consortium comprising of Aston University, Birmingham City University and the University of Wolverhampton.

Benefits of a business Innovation Voucher

  • Receive £1,500 to part-fund your innovation and business growth activities
  • Fund collaborations with knowledge base organisations to support your business innovation and growth activity
  • Access free Business Innovation Workshops to help assess and identify your business growth potential
  • Workshops can help you create a business innovation strategy and connect you with new business contacts also looking for ways to innovate for business growth

Example Eligible Activities

  • New product/ process development
  • New business model development
  • Efficiency audits and process change
  • Supply chain management and logistics
  • New service delivery and customer interface
  • New service development
  • Product and service testing and economic impact assessment
  • Innovation/technology audit

How does a business Innovation Voucher work?

The aim of a business Innovation Voucher is to help your company develop new systems and processes to improve your business growth efficiency and drive the innovation needed to bring new products and services to market. A business Innovation Voucher enables you to:

Fund collaborations with external expertise within knowledge base organisations (research institutes) to deliver on your innovation and business growth project objectives

Access free support in the form of Business Innovation Workshops to make your company more competitive and able to manage business innovation and growth more effectively.

*What is the value of a business Innovation Voucher?

The typical value of a business Innovation Voucher is £1,500. The value can be increased and decreased to suit your business innovation requirements, along with your ability to match funds. The value of a business Innovation Voucher is decided on a case-by-case basis during the application stage.

What financial input will I need to provide?

The business Innovation Voucher is offered as part-funding only. To receive this part-funding you will be required to match the value of the business Innovation Voucher with a £1 contribution to every £1 received. With the typical value of a voucher being £1,500, you would be required to also contribute £1,500, creating a total business innovation fund of £3,000.

This project is part-funded by the ERDF. 

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