REGIONAL FOCUS > East of England Businesses Scoop Share of £460,000
Published: Monday, 10 Mar, 2008
Twenty entrepreneurs have been awarded a share of £460,000 through the East of England Development Agency's (EEDA) 'proof of concept fund'
East of England Businesses Scoop Share of £460,000
10 July 2007
Article from East of England Development Agency (EEDA)
Twenty entrepreneurs have been awarded a share of GBP460,000 through the East of England Development Agency's (EEDA) 'proof of concept fund'. And this support is set to continue, with over GBP1 million still available this year to help the region's innovators assess the market potential for their business ideas.
One business to receive such support is Zettlex Printed Technologies Ltd. Based in Cambridgeshire, Zettlex will use a grant of £35,000 to consider viable routes to market for their innovative touch-sensor technology.
Zettlex general manager, Mark Howard said: "EEDA's funding will help us discover how to turn a lab proven technology into a lucrative commercial prospect. We have always recognised the magnitude of potential routes to market for our product, and proof of concept funding will enable us to receive independent, expert advice to validate the best way forward. It is an excellent opportunity for an organisation like us, and I would recommend others take advantage of this scheme in the future."
The proof of concept fund is designed to help entrepreneurs in small businesses, universities and research organisations test the commercial viability of fledgling business ideas. Up to £40,000 is available to finance 75 per cent of the project's cost.
Mark Aspinall, head of innovation at EEDA, is confident that proof of concept award winners will further enhance the East of England's identity as the UK's 'ideas region': "At the launch of this year's proof of concept fund back in February, former Secretary of State for Trade and Industry, Alistair Darling, labelled the East of England as an 'innovation powerhouse'. The announcement of these award winners is testament to this statement. The proof of concept fund continues to help our region's entrepreneurs to flourish by funding detailed market analysis for new products and processes. In doing so, the region can reap the rewards of their success and truly maintain its proud status as the UK's 'ideas region."
With over GBP1 million remaining, entrepreneurs with innovative business ideas have until 5pm on Friday 20 July to apply for a share in the proof of concept fund. Visit www.eeda.org.uk/financeforinnovation for further details of the scheme, as well as links to the application form, guidance notes and case studies of some past winners.
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