Basis of Innovation Networks

1
Basis of Innovation Networks

• Recognition of the need for innovation
• Recognition of the benefits of collaboration and
  networking
• knowledge and technology transfer
• sharing best practice
• sharing of resources, reducing overheads

2
Eligibility Criteria

• Network must include at least three West Midlands
  SMEs
• Project must be developing an innovative product,
  process or service
• Project must contribute to the regional economy
• Projects should relate to one of the ten clusters
  identified in AWMs Agenda for Action

3
The 10 clusters

• Transport technologies
• Building technologies
• Medical technologies
• Food and drink
• Tourism and leisure
• Environmental technologies
• High value-added consumer goods
• Interactive media for education or entertainment
• Information and communication technologies
• Specialist business professional support

4
Funding

• Total project cost must be at least 26,000
• Grant of 10,000 towards costs - 5k paid at
  start, 5k at end of project
• Each partner must contribute at least 500 to the
  network

5
Supplementary funding

• Supplementary funding available as follows
• 3,000 grant for the provision of specialist
  knowledge or skills.
• OR
• 1,000 grant towards the cost of exhibiting at an
  appropriate trade show to promote the new product
  or service. Total costs must be at least 2,500.

6
Progress to date

• Funded 104 networks 66 of which have now
  completed
• New sales of nearly 1.5 million to date
• 150 jobs created or safeguarded
• 140 new products, processes or services
  introduced

7
Examples of successful projects
Portable dog bowl
Mobile road block
8
Examples of successful projects
Flexible work space for offices, shops,
waiting areas etc
9
Examples of successful projects
Multi purpose life jacket inflatable and bullet
proof
10
Benefits experienced from participating

• Interim evaluation showed
• The programme has delivered significant benefits
  through introduction of new products and services
• Participation in the Programme has fostered
  positive longer-term attitudinal and behavioural
  changes in participant firms, making them more
  likely to invest in RD in the future
• Whilst most networks were attracted to the
  project by the funding, the major benefit was
  felt to be the collaboration with new partners

11
Lessons learned

• An idea might be innovative, but is there a
  market for it?
• Companies need support to get goods to market
• Many small companies do not have adequate
  resources to manage projects well
• Early difficulties in promoting programme
• Should have encouraged collaboration with
  Universities

12
Reasons for success

• Quick and simple application and approval process
• Simple application form
• Support offered throughout application process
• Uncomplicated assessment procedure
• 50 of funding available up front
• Support and advice offered throughout
• Relatively few rules and regulations
• Good networking with other support agencies

13
Contact details

• For further information
• Contact Gill Roberts 02476 236391 or e-mail
  gillroberts_at_advantagewm.co.uk