A new grant has been launched for Swansea businesses looking to develop new products, commercialise ideas or develop processes which support innovation and growth.
Funding of up to £10,000 can now be applied for, thanks to the Innovation Grant scheme now available from Swansea Council through the UK Government’s Shared Prosperity Fund.
Examples of eligible projects include:
- Support for developing and testing new products or services, including prototyping.
- Patent drafting and filing costs.
- Research and development of processes, products or services.
- Testing of innovation ideas.
- Market research, scoping projects or competitor analysis to test and identify gaps in the market.
Applications must show innovation and aim to introduce either a new product or a new or enhanced process. There must also be demonstration of collaboration with a UK-based research partner.
Businesses must also demonstrate commercial viability of their proposals. This could include business growth or job creation, an increased market share, improved productivity or greater efficiency.
Applications should also show that the proposed innovation would not go ahead without grant support.
All funding must be match-funded at 50% by the business applying.
Cllr Robert Francis-Davies, Swansea Council’s Cabinet Member for Enterprise, Investment and Tourism, said: “A large number of grant schemes are now available for Swansea businesses, but our discussions with the business community show there’s a demand for a grant of this kind so we’re catering for a gap in the market.
“Swansea has a proud history for innovation and entrepreneurship and so many of our businesses have fantastic ideas that they need funding support with to help commercialise.
“This innovation grant will help successful applicants take the next step to either grow, take on more staff or become more productive and efficient.
“The success of our businesses is key to the strength of Swansea’s economy, so we’re determined to provide assistance in as many ways as possible.”
Businesses are asked to email [email protected] to request an application form.
