Government funding for West Midlands innovation projects set to be extended
Two multi-million pound funds designed to kick-start industrial innovation are set to be extended by a year, a regional authority has announced.
The region’s flagship Innovation Accelerator and the Made Smarter programmes, created to promote innovation in manufacturing, will both benefit from fresh central Government funding following the autumn budget statement.
An announcement from the UK Government made in the wake of the autumn statement confirmed that the Innovation Accelerator programme would be extended for a further year, focusing on what the Government says are "high potential" clusters in the West Midlands, Manchester and Glasgow.
Meanwhile the Made Smarter manufacturing digitisation programme is also set to be extended, with the government saying it would provide up to £37million of support to manufacturers to adopt hi-tech processes.
The funds will continue to be overseen by the West Midlands Combined Authority (WMCA).
The authority says the two programmes have already helped local SMEs to create or upskill almost 5,000 jobs and secure more than £70 million of public and private sector investment.
Richard Parker, Mayor of the West Midlands and WMCA chair, said: “Our region has been a leader in innovation for more than two centuries and now in the 21st century we’re pioneering new 5G-powered technologies, health and medical tech and life sciences.
“The Government is backing West Midlands innovation as well as my 'Growth for Everyone' plans to help businesses grow, support further innovation and creativity and make sure everyone benefits from that growth.
“With this new funding we can continue to invest in the brightest minds in businesses and our universities as they look for new and innovative ways to solve real-world challenges, improve lives, create jobs, and boost our economy on the global stage.”
Combined, the programmes have offered support to more than 700 businesses, researchers and entrepreneurs getting expert advice and funding to commercialise new and emerging products and technologies through the region's flagship Innovation Accelerator.
Manufacturing focussed 'Made Smarter' has provided technical support or grants to almost 450 manufacturing firms to help them adopt new digital machinery and processes to increase productivity and drive growth.
"The Autumn Budget is clear recognition of this government’s view that driving economic growth and improving people’s lives cannot be done without investing in science and technology," said Science and Technology Secretary Peter Kyle.
"That’s why we are taking R&D investment to record levels and matching our words with action by empowering researchers and businesses to solve real-world problems, grow emerging new industries and create high-quality jobs."
