14 May 2009

Innovation Vouchers scheme hits half-way point

The Northwest Regional Development Agency (NWDA) and the Northwest ERDF Programme have today awarded the 500th Innovation Voucher to help support and grow the Northwest economy, marking the mid-point of the programme.

In October 2008, with the support and investment of the Northwest ERDF programme, the NWDA launched the £4.1m scheme. The funding consists of £2m ERDF and £2.1 from the NWDA.

The 500th Voucher was awarded to 'Burbush's of Penrith Ltd – a bespoke pie making company, with a successful 20 year history. The voucher will be used to streamline their systems through innovation, creating a more efficient, effective and hygienic working environment.

Innovation Vouchers are designed to encourage business owners, entrepreneurs and social enterprises to proactively engage with the Northwest knowledge base, including colleges and universities, to develop innovation and enhance business.

The Vouchers address the lack of interaction between businesses and the knowledge base by intervening to encourage SMEs, to work with the knowledge base by reducing the costs, and by brokering the contact between SMEs and the experts in our region.

Each Voucher, valued at up to £3,000 includes the support to help ensure that many SMEs will continue to work with the knowledge base; in particular universities and further education.

The scheme aims to encourage 1,000 businesses to interact with the knowledge base; in particular universities and further education colleges across the Northwest over the next 2 years.

Steven Broomhead, Chief Executive of the NWDA said:

“Like all regions of the UK, the Northwest is facing its share of economic challenges at present. The NWDA’s top priority it to ensure the region is able to cope efficiently with the current economic condition, maintaining business success and offering increased assistance.

“The Innovation Voucher scheme has proved to be a huge success, engaging SMEs with the region’s reliable knowledge base to improve their competitiveness and productivity. Partnerships formed during difficult economic times will inevitably create a stronger knowledge transfer base for future years.”

Martyn Reynolds, owner of Burbush's, said:

“We are delighted to be awarded the 500th Innovation Voucher from the NWDA. We have always worked closely with local suppliers, making sure we have the very best ingredients in all our products. In order to progress and continue with our reputation for excellence, we are keen to work closely with the region’s experts, making the most of the wealth of experience and knowledge on our doorstep.

“I would also like to thank the staff at Food Northwest for their continued support, which is helping many aspects of business.”

Innovation Vouchers are released in rounds - the latest round attracted 302 applications for 200 Vouchers. Of these 170 belonged to the 3 priority sectors – Food & Drink, Creative & Digital Industries and Professional & Business Services.

The next rounds will take place -

• 1 August 2009 - 28 August 2009
• 7 December 2009 - 4 January 2010
• 5 April 2010 - 30 April 2010
• 2 August 2010 - 27 August 2010

Innovation Vouchers are part of Solutions for Business, the Government’s package of publicly funded business support designed to help companies start and grow.

Access to the Northwest scheme is available via Business Link Northwest, the primary gateway for business support in the region. To apply direct for a voucher
more information.

The NWDA is playing a crucial role in response to the current economic downturn, with a number of actions being taken to meet the needs of businesses during these challenging times.

To keep updated on the range of support being offered by the NWDA go to www.nwda.co.uk/supportingbusiness  or for more information on business support visit www.businesslink.gov.uk/northwest

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Notes to editors

Innovation Voucher case studies are available on request for the five sub-regions.

For further information please contact Shelley Tattersall, Press Officer on 01925 400256 or mobile 07500 128482 or shelley.tattersall@nwda.co.uk

For urgent out of hours press enquiries please call 01925 400259.

Business Support

The NWDA supports businesses in the Northwest to help them start-up, grow and compete effectively. To do this we fund a number of business support activities:

• The launch of a £10m High Growth business support programme 
• A new £4m Innovation Voucher Scheme to help 1,000 businesses work with our knowledge base 
• Dedicated Access to Finance support within Business Link Northwest – now available
• £140m Venture Capital Loan Fund (VCLF) - to be launched in 2009
• £40m package of support to stimulate investment in priority skills development - to commence in 2009
• 10 day prompt-payment pledge to our suppliers to help with cash-flow
 
For more information, see www.nwda.co.uk/business

European Regional Development Fund (ERDF)

Between 2007 and 2013 the Northwest of England will receive a total of £521million (dependent on exchange rate) from the European Regional Development Fund (ERDF).

Managed by the Northwest Regional Development Agency (NWDA), this funding will enhance the competitiveness of the region’s economy by supporting growth in employment and enterprise.

Key targets for the NWOP include:
• Creating 26,700 net additional jobs by 2015
• Generating £1.17bn additional annual GVA by 2015
• Supporting a 25% reduction in addition CO2 emissions generated by the ERDF Programme.

For further information visit www.erdfnw.co.uk

Northwest Regional Development Agency (NWDA)

The Northwest Regional Development Agency (NWDA) leads the economic development and regeneration of England's Northwest and is responsible for:

• Supporting business growth and encouraging investment
• Matching skills provision to employer needs
• Creating the conditions for economic growth
• Connecting the region through effective transport and communication infrastructure
• Promoting the region’s outstanding quality of life