EEDA has launched a new round of Proof of Market grants. This allows local businesses and budding entrepreneurs in the East of England to apply for up to £20,000 to help test the commercial potential of a new idea for a product or process.
Local businesses have until 5pm on Friday 10 September to apply for a grant, which can be used to carry-out in-depth market research, helping the business to identify the demand for new products and allowing them to hone their ideas to conquer those markets.
How InCrops can help your business
InCrops offers up to 14 hours of free consultancy to SMEs in the EEDA region. These hours can be used to assist SMEs in their application of this grant.
To discuss this opportunity please contact InCrops on 01603 591765 or by email info@incropsproject.co.uk. If you wish to speak to a sector specialist you can contact them here.
What is the Proof of Market grant?
The Proof of Market grant is part of the Grant for Research and Development (GRaD) programme and is designed to help entrepreneurs and businesses undertake market assessment and test the commercial viability of their innovative business ideas for new technology development. Innovative business ideas may be products, processes or services, but must have been developed through scientific or technical research to a degree that the idea’s market potential can be properly assessed.
Funding of between £5,000 and £20,000 for a maximum of 60% of eligible costs is available for innovative business ideas that have genuine commercial potential, who present a detailed and coherent “Proof of Market” project plan and have the relevant Intellectual property to fully exploit the technology.
The Proof of Market grant is open to entrepreneurs or businesses (excluding universities and research organisations) and those with a university and research organisation background who are planning to start, or grow, a business. All businesses applying must have the ability to fully exploit/commercialise the technology in question, i.e. they must own or have a licence to exploit the intellectual property.
Full details of the scheme along with how to apply can be found on the Business Map