High-Impact Innovation Fund
The High-Impact Innovation Fund specifically helps SMEs who can demonstrate industry leading innovation that addresses key strategic opportunities around but not limited to Industrial Digitalisation, Health Technology and Greener Economy. Applications close 6 January 2022Register your interest
What is the High-Impact Innovation Fund?
The Leeds City Region Enterprise Partnership’s (the LEP) Connecting Innovation programme exists to promote, simplify, coordinate and communicate the innovation support landscape to SMEs in the City Region. Our team of Innovation Growth Managers provide businesses with dedicated time of business support and can also provide access to two different grants.
The High-Impact Innovation Fund specifically targets SMEs who can demonstrate industry leading innovation that addresses key strategic opportunities around but not limited to:
• Industrial digitalisation
• Health technology
• Greener economy
The grant must be used to part fund a collaborative innovation led project requiring specialist innovative expertise resulting in a new product or process.
Total project costs must be between £25,000 and £100,000. The grant value is determined by State Aid Regulations and is expected to be between 35% and 50% of the total project costs.
We’re looking for possible expressions of interest to be submitted in this fund no later than 6 January 2022, but we may well have other opportunities available to suit you at later dates, so please don’t hesitate to get in touch if you’d like to discuss further.
Am I eligible to apply?
To apply your business must:
- Be based or have a trading address where the support is needed within one of these Council areas: Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, Selby, Wakefield, York.
- Be an SME – defined by having fewer than 250 employees, a turnover of under €50m or a balance sheet of under €43m, and not being part of a larger group of companies that takes it over these thresholds.
- Trade in an eligible sector - this generally excludes primary agriculture and processing of primary agricultural products, banking and financial services, and activities related to education or social care. Your business must also be predominantly trading with other businesses (B2B) rather than directly with consumers (B2C). The programme will advise on this eligibility.
- Meet certain financial criteria; ensuring that match funding for your High-Impact project is in place should your application be successful and that you are not an Undertaking in Difficulty. Your Innovation Growth Manager can discuss this further with you.
To apply your project must:
- Demonstrate industry leading innovation.
- Show strong evidence of deliverability.
- Introduce a new product or process through a collaborative project requiring specialist innovative expertise.
- The project should demonstrate commercial justification and should include as a minimum: growth for the SME, diversification into a new market or lead to an increase in current market share, improve productivity.
- Demonstrate impact (jobs/productivity/social impact) within project lifetime.
- Demonstrate a clear, transparent process of procurement for the required expertise that can only start AFTER the project has been assessed and an award in principle has been received and agreed by the recipient business.
- Not have commenced delivery prior to the conclusion of a successful procurement process and a preferred supplier has been selected and contracted. Any support provided prior to the date of this agreement will not be eligible for reimbursement.
How do I get started?
If you'd like to find out more about applying for our High-Impact Innovation Fund and if your business is eligible, please fill out the form below and someone will be in touch.