Innovate UK’s South West Wales Launchpad has announced a new pot of up to £1 million for innovative projects in parts of the South Wales Industrial Cluster.
Innovate UK, as part of UK Research and Innovation (UKRI), has announced that it is working with Net Zero Industry Wales (NZIW) and Welsh Government to invest up to £1 million in innovation projects in South West Wales.
The funding, which represents a third round following the success of MFA Round 1 and New Innovators Round 2, is being provided by Innovate UK’s Launchpad programme. The Launchpad programme is aimed at supporting clusters of small and medium sized enterprises (SMEs) and innovative businesses to progress their ideas toward commercialisation whilst also contributing to the UK Government’s goals for local economic growth and industrial decarbonisation. Projects that can demonstrate high levels of regional impact will be prioritised.
This new round of funding will support projects that target the net zero industry innovation cluster in South West Wales and will be made available to businesses growing their innovation activities in Carmarthenshire, Neath-Port Talbot, Pembrokeshire or the City and County of Swansea, and have a demonstrable ambition for business growth.
To be eligible, projects must last between 6 and 12 months. Those organisations that have already been awarded funding from the MFA Round 1 are not eligible.
This marks a continuing and successful relationship between Innovate UK and Net Zero Industry Wales since the not-for-profit body was established in 2022. In May of this year, NZIW won the Launchpad Cluster Management Office competition to support the growth of business-led innovation in the cluster.
A key part of NZIW’s focus includes guidance and support for Welsh businesses to build greener futures — including alleviating funding pressures and tackling challenges to project development.
Ben Burggraaf, CEO of Net Zero Industry Wales, said: “I am delighted to see a further round of funding to support dynamic businesses in South West Wales. NZIW’s mission is to make Wales the country of choice for the production of sustainable goods and services, and one of the ways we make this a reality is by offering financial support to those projects that can really make a difference in the region.”
For proposals to be considered by Innovate UK, they must align to the scope criteria for this competition. The competition details can be found here. (https://iuk-business-connect.org.uk/programme/launchpads/)
This competition closes at 11am UK time on Wednesday 11 December 2024.
