£2m Proof of Market support goes live

Over £2m has been earmarked from the Northwest Regional Development Agency’s (NWDA), Grant for Research and Development (GRAND) programme over the next two years to help companies test the commercial potential of an idea a technology innovative new product, process or service.

The new funding stream has been approved by the NWDA and the European Regional Development Fund (ERDF), which has provided £1.1m for the programme.

GRAND Proof of Market is designed to help SME companies in the region assess the potential of new commercially viable products, process or service through market research, market testing and competitor analysis. The funding will help companies to decided if further proposed R&D spend would be worthwhile.

Projects may include: identification of target markets; market size;future direction of market; barriers to entry; related market research and testing of a Unique Selling Point (USP); competitor analysis; price points; potential market share; identification of any technical barriers; exploration of Intellectual Property (IP) protection routes; and, IP protection.

Projects will be limited to a duration of between 3-9 months and will provide grant support for up to 60% of project costs. Projects can receive between £5,000 and £20,000 support.

Steven Broomhead, Chief Executive of the NWDA, said: “The NWDA is committed to encouraging relationships between businesses and the knowledge base in the region. This early stage funding will encourage companies to work with the knowledge base to examine the market for new products and process ideas, specifically where barriers to accessing finance is preventing innovation.”

The NWDA is playing a crucial role in response to the current economic downturn, with a number of actions being taken to meet the needs of businesses during these financially challenging times. To keep updated on the range of support being offered by the NWDA go to www.nwda.co.uk/supportingbusiness

For more information on business support or to apply for GRAND Proof of Market funding contact Business Link Northwest or visit www.businesslink.gov.uk/northwest

For more information on Finance for Business please visit www.nwdabusinessfinance.co.uk