West Midlands flagship business programmes set to receive fresh funding
Two programmes in the West Midlands, which have already helped local SMEs to create or upskill almost 5,000 jobs and secure more than £70 million of investment, are to receive fresh government funding.
The region's Innovation Accelerator and the Made Smarter programme are set to continue to support businesses and drive growth, said the West Midlands Combined Authority.
Made Smarter has provided technical support or grants to almost 450 manufacturing firms to help them adopt new digital machinery and processes to increase productivity and growth.
The Innovation Accelerator has helped over 700 businesses, researchers and entrepreneurs receive expert advice and funding to commercialise new and emerging products and technologies.
Both will now be extended thanks to new government funding announced in the recent budget to support local SMEs.
"Our region has been a leader in innovation for more than two centuries and now in the 21st century we’re pioneering new 5G-powered technologies, health and medical tech and life sciences," said mayor of the West Midlands and WMCA chair Richard Parker.
"With this new funding we can continue to invest in the brightest minds in businesses and our universities as they look for new and innovative ways to solve real-world challenges, improve lives, create jobs, and boost our economy on the global stage," he added.
Indeed, the West Midland's flair for innovation was recognised at an awards ceremony in Lisbon on November 13.
The West Midlands was among the top three cities in the prestigious European Capital Innovation which was eventually won by Turin in Italy.
The West Midlands will receive €100,000 in prize money.
The European Capital of Innovation Awards are delivered as part of Horizon Europe, the world’s largest programme of research collaboration, to which the UK is associated.
Science and technology secretary Peter Kyle said: "It is fantastic that the West Midlands has been recognised as one of Europe’s most innovative regions.
"It has brought entrepreneurial talent and academic excellence together in a way that will be pivotal to driving the economic growth and transformation Britain needs."
