The project is being part financed by the EU’s European Regional Development Fund (ERDF) Competitiveness Programme 2007-13, securing £805,000 ERDF investment through regional development agency One North East. The agency is contributing a further £915,000 from its Single Programme.
Within the framework of the Innovation, Advice and Guidance product, the Codeworks DEV programme is funded as part of Solutions for Business, the Government’s package of publicly funded business support designed to help companies start and grow.
As stated by the DEV Programme Leader, Fred Pernet, the target of the initiative is to develop 20 software prototypes worth around £30,000 each, typically with about £10,000 coming from the inventor which is then matched by £20,000 from Single Programme and European Union funding.
Entrepreneurs who go through the process will leave with a prototype or demonstrator to help them raise further investment or bring their concept to market.