June 13, 2024

£460,000 investment to boost innovation levels for Telford businesses

Telford and Wrekin Council’s business and investment team, Invest Telford, has launched the initiative, part of a £460,000 investment.

The new council fund is called Innovate Telford and will offer an opportunity for more than 100 Telford businesses to benefit from funding to help them transform over the course of six months.

Councillor Lee Carter, 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.”

Innovate Telford is split into two elements, with the first part aiming to help up to 60 businesses kickstart their innovation journey.

It 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 program 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.

To find out more, visit innovationtelford.co.uk.

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