Fully funded programme of support for borough businesses launched

21st May 2024

Invest Telford is excited to announce the launch of a new programme aimed at empowering businesses to harness innovation for growth. The new council fund called Innovate Telford offers a unique opportunity for over 100 Telford businesses to benefit from funding to help them transform over the course of 6 months.

The initiative is part of a £460,000 investment to boost innovation levels in local businesses and represents the latest council scheme to launch utilising part of its £5.8 million UK Shared Prosperity Fund allocation.

Innovate Telford is split into two elements. Part one aims to help up to 60 businesses kick start their innovation journey and focuses on fostering a culture of innovation within local Small and Medium Enterprises and start-ups; equipping them with the necessary tools to embrace the possibilities of doing things differently.

Each business will benefit from a comprehensive assessment of their innovation capabilities, leading to the production of a clear plan for growth. A cutting-edge tool, developed in partnership with Cranfield University, will provide insights into innovation culture, process efficiency, technology utilisation, market position, R&D capability, and financial health.

Following this, support will be given to develop an innovation strategy allowing the business to access opportunities with potential Research and Development partners and investors.

Part two, called the Telford Innovation Accelerator, will give 50 local businesses, a programme that is focused on accelerating innovation potential and securing investment for growth. Participants will receive dedicated support to enhance their capabilities, navigate commercial investment opportunities, and access funding sources.

Benefits include understanding commercialisation strategies, enhancing digital transformation, exploring revenue models, and undertaking product development.

"We are thrilled to launch these innovative programs in Telford, a place that’s been built on innovation" said Tim Luft, Director of European Innovation. "Through tailored support, expert mentoring, and access to cutting-edge tools, we are committed to empowering businesses to unlock their full innovation potential and achieve sustainable growth. Our aim is to push each business we work with to achieve tangible outcomes that will take their business to the next level."
 

Councillor Lee Carter (Lab) Telford & Wrekin Council Cabinet Member for Place (The Economy & Neighbourhood Services) said:  "As a council, we are dedicated to supporting businesses of all sizes to innovate and growth within our local business community with the aim of them providing more jobs for residents and more investment to help support our growing Borough. Innovate Telford represents a significant investment in the future success of the borough, providing valuable resources and support to businesses looking to innovate and thrive. We are proud to work with partners on this initiative, and it would be fantastic to see as many eligible businesses as possible in Telford take advantage of this fully funded opportunity."

To find out how this fully funded support can help your business, visit www.innovationtelford.co.uk

Join the Invest Telford team and European Innovation on Wednesday 5 June, 3-5:30pm at Hadley Park Hotel for the launch of the new fund. Attendees will learn how the team can support their businesses. Registration is open now, sign up here. 

Find out more about the UKSPF fund here.

For regular updates, you can sign up to the Invest Telford newsletter here.

For more information on our business support here .