The announcement comes ahead of the Government’s Autumn Statement, widely anticipated to prioritise continued investment in productivity through the development of the science and research in the UK.
Solent is set to lead this UK charge for further innovation, already home to nationally and internationally renowned Universities and research centres, with planned investments valued at over £100m in the areas of marine and maritime, photonics, digital, computer science and autonomous systems; forensics and cyber-security; advanced materials; life sciences immunology and intelligent infrastructure.
The £3million funding competition further reinforces the LEPs commitment to supporting innovation and follows previous investments to bring forward the UKs first dedicated Centre for Cancer Immunology, a £25m state of the art facility Southampton, and the £11m Future Technology Centre in Portsmouth, enabling the University to work more closely with business to develop creative answers to global challenges.
Both new centres are currently under construction and scheduled to open in 2017.
Steve Barber, Chairman of the Solent LEP Innovation and Business Support Panel, said:
“For the UK economy to thrive, investment in innovation will be critical and this fund represents a head-start for major projects in the Solent ahead of the Government’s Autumn Statement. The Solent region is at the heart of innovation in the South East, which has the highest percentage of innovative businesses, product innovations and investment in R&D of any UK region. We will be following up today’s launch with further funding opportunities for our world-leading innovative SME [small and medium sized] businesses in the coming months.”
The LEP is specifically seeking to invest between £250,000 and £3million, in the form of grant, loan or equity in capital projects which unlock further private sector investment in the area over the next year.
Applications from organisations of all sizes and sectors are welcome and the LEP is keen to encourage “smart manufacturing” projects, enabling production to increase through the use of digital technology, as well as projects that support development of new technology.
The Solent LEP is running a workshop for anyone interested in the competition at Cams Hall, Fareham, on Thursday 13th October to find out more and discuss their project with a member of the team.
The first of 2 closing dates for applications under this new round is 31st October 2016 and further information on the fund, and details on how to book a place at the workshop, is available at http://solentlep.org.uk/uploads/documents/Round_2_2016-17_Innovation_Fund_-_October_2016_FINAL.pdf.
Featured photo: Cancer Immunology Centre – Artist’s impression