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Innovation Funding in Yorkshire

Posted in Insights by Jon on 9 Apr 2015 at 10:12 BST :353

 

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Lets face it, securing innovation funding is a big challenge for any business. Whether starting up or growing a business, securing funding will boost business growth initiatives and help in maximising the return on your potential innovation. Finding the right funding for your innovation / technology involves more than a little patience. At Khemeia Consulting we often advise our clients to stay focused and prepare for a...

 

“marathon not a sprint”

 

Innovation Funding Opportunities 

 

Last month the Khemeia Network was live at Venturefest Yorkshire 2015. Whilst at the show we caught up with Gaynor Dykes (Growth Accelerator) to talk about business funding for innovation and the various grants available in Yorkshire for thriving businesses.

 

Gaynor presented a great session on how Growth Accelerator (a government backed service) provides business growth consulting support services to help:

 

- build a successful growth strategy

- discover new routes to funding and investment

- unlock your capacity for innovation

- harness the power of your people

 

Funding Gap – Business Funding in Yorkshire 

 

There are some first rate national and regional innovation funding opportunities (either public bodies or private funding providers) for both startups and growing companies in Yorkshire (listed below). However, it is important to do your homework and make sure you target the right public or private innovation funding options.

 

- Key Fund

Is the the UK’s biggest regionally based social investor, operating across the northern half of England. Gary Brown has set an ambitious goal for his team “to invest £1m every month for the next five months across Yorkshire and the Humber.”

 

“Key Fund’s mission is to create and sustain jobs, invest in disadvantaged areas, and support and sustain social enterprises. It helps to shape new kinds of industry, from delivering public sector services to new IT and digital industry – all of which have social impact at their heart. To date Key Fund has helped over 2,300 organisations.”

 

- Regional Growth Fund

Since its inception in 2010 the regional growth fund (RGF) has invested £2.85 billion to help local businesses grow and take on more staff across England. RGF supports eligible projects and programmes that are raising private sector investment to create economic growth and life long employment. “For every £1 invested through the RGF, the private sector has put in £5.50. The total investment of private sector support is expected to be £16 billion. Over 100,000 jobs have already been created and a further 480,000 are expected by the mid-2020s”

 

Over the next twenty two months RGF will be expanded through £297 million extra funding to 63 projects and programmes in RGF Round 6. This is expected to unlock £1.5 billion extra private sector investment. Successful RGF bidders in Yorkshire and the Humber are:


- BE Group
- CS Wind UK Limited
- Finance Yorkshire Limited
- Kemira Chemicals UK Ltd

 

- Innovate UK
Innovate UK has recently re-branded and is the operating name of the Technology Strategy Board, the UK's innovation agency. It is a UK non-departmental public body operating at arm's length from the Government reporting to the Department for Business, Innovation and Skills (BIS). Their central objective is to accelerate UK economic growth by stimulating and supporting business-led innovation.

 

Innovate UK offers a mix of collaborative R&D, SBRI (the Small Business Research Initiative), Knowledge Transfer Partnerships, Launchpad competitions and overseas missions to pinpoint societal challenges to stimulate innovative solutions within UK businesses.

 

- Nesta Impact investments
NESTA, (National Endowment for Science, Technology and the Arts) “is an independent charity that works to increase the innovation capacity of the UK.” Nesta has a great platform promoting policy and research, How To practical programmes and is supported by key partnerships who help promote innovation across a broad range of sectors.

 

Three years ago, Nesta launched a £25 million impact investment fund, Nesta Impact Investments, run by its subsidiary Nesta Investment Management. An impact investment “aims to bring about positive outcomes for people, communities and society as a whole, as well as providing financial returns for investors”

 

- Business Growth Fund
Business Growth Fund (BGF) “our mission is to unlock the potential of fast-growing UK businesses that need long-term capital to drive their future success. BGF is an independent company with up to £2.5bn with which to make long-term equity investments.” Critically BGF is endorsed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered

 

BGF primary customer segments are both privately owned and AIM-listed profitable business with a regular turnover of £5m to £100m. They offer long term funding of up to 10 years and normally invest £2m–£10m of growth capital for a minority equity stake and place on the board. BGF has seven offices throughout out the UK including an office in Leeds.

 

- FW Capital
FW Capital is part of the Finance Wales Group, the largest investment group of its kind in the UK to invest in SMEs. The Group has funds approaching £400 million under management and is made up of fund managers Finance Wales and FW Capital, as well as Xénos, a business angel network.

 

“FW Capital is currently investing three funds in the North East and North West of England.
- The £20 million North East Growth Plus Fund launched in 2010.
- The £10 million Tees Valley Catalyst Fund launched in 2013.
- The £45 million North West Fund for Loans Plus launched in 2010, which replaced the North West Fund for Business Loans.”

 

 

 

Blog Image Cameron Almas Khemeia Consulting 

About the Author

Jon

This post was written by Jon Stephenson - our Head of Business Insights

SUPER POWERS: Business Modelling, Business Analysis, Business Intelligence, Market Research, Marketing Strategy, Bicycle Repair Man

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