LUMS launches £3.8m innovation scheme

Lancaster University Management School (LUMS) has launched a new programme designed to strengthen innovation in small and medium enterprises across the North West.

The £3.8m Innovation for Growth (IFG) initiative, funded by the European Regional Development Fund (ERDF) Northwest and LUMS, aims to offer advice and support to 300 companies.

Helen Fogg, the project manager from LUMS, said the programme would focus on priority sectors to drive sustainable innovation. “IFG will develop a network of like minded SMEs who have a desire to share ideas and knowledge and mobilise resources,” she said.

“Through doing this SMEs will be better equipped to embrace innovation within their companies, leading to product and process development, diversification and ultimately business growth.”

The project will also aim to develop networks of likeminded businesses. Through these networks, small businesses will be able to share resources and ideas with the hope of creating new business development opportunities. IFG will also support the business over a period of up to nine months.

Peter Watson, managing director of Business Link Northwest and a member of the ERDF programme monitoring committee, said the programme would not be a quick fix, but should help to “embed innovation” into the culture of participating businesses. For further details please click here