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09
Apr
Mayor launches £5 million business innovation fund
The Mayor of York and North Yorkshire has launched a £5 million fund aimed at improving business in the county.
The Business Innovation Fund will be the final scheme of the Mayoral Challenge Fund, which was introduced in February and includes four grant projects designed to support businesses.
The innovation fund will include five programmes titled sector activity, spin-out and start-ups, get exporting, great ideas and get funded.
It aims to enable “businesses to achieve greater growth, faster”, according to York and North Yorkshire Combine Authority.
David Skaith, the Labour Mayor of York and North Yorkshire, said:
York and North Yorkshire has always been a place of innovation. From building the first railways and social houses, to transforming farming with new technologies.
That pioneering spirit makes this region special, and it’s why many of our businesses have made their mark, not just here in the UK but also right across the world.
Our businesses drive so much growth in the region, but with the right support we know they can drive greater innovation and create an even larger impact.
That potential is why I am excited to see what we can achieve together with the Business Innovation Fund.
The sector activity, spin-out and start-up programmes, backed by more than £800,000, will be the first to launch this week.
The programmes are designed to help York and North Yorkshire’s key sectors and identify barriers and opportunities for its three universities to nurture companies respectively.
Meanwhile, the get exporting programme will be launched in May with more than £600,000 in grants available. This follows in the footsteps of a similar programme in 2024 which provided grants totalling £200,000 and resulted in millions of pounds in sales.
From October, the £200,000 get funded programme will provide businesses with financial training so they can attract investment and grow.
The largest of the funds worth £2.5 million, great ideas, will launch in January next year and will involve a dragon’s den-style application process. Successful businesses will benefit from coaching and investment training to turn innovative ideas into reality.
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