The East of England Development Agency (EEDA) announced that 29 companies across the region will receive a share of £400,000 Proof of Concept funding to develop ideas related to innovative new products and processes.
According to EEDA, funded projects include new techniques for art restoration, a pioneering new smoke alarm and a tracking system for missing persons at sea.
Commenting on the scheme, Trevor Conway, EEDA’s business finance manager, was reported as saying:
“We have actually seen a distinct rise in applications for EEDA Proof of Concept funding in this latest round – a real testament to the ambition and resilient nature of businesses across the East of England, the UK’s ‘ideas region’”.
The Regional Develpment Agency is now accepting proposals for the next round of Proof of Market funding (new name for the Proof of Concept fund). The deadline for applications is 5pm on Friday 8 January 2010.
Proof of Market grants, which are delivered under the Solutions for Business product Grants for Research and Development, enable entrepreneurs and small and medium size companies (SMEs) to test the commercial potential of an innovative idea for a new technology.
The contribution, between £5,000 and £20,000, covers up to 60% of project’s costs.
For more information and to download the application form, visit the website www.eeda.org.uk/finance