EEDA - East of England Development Agency

Two weeks remain for East of England entrepreneurs to access funding

11 July 2008

East of England entrepreneurs with innovative business ideas have until 5pm on Friday 25 July to apply for a share in the East of England Development Agency's (EEDA) Proof of Concept Fund.

This will be the final round of Proof of Concept funding available this year - so EEDA are urging people not to miss out.

The Proof of Concept fund is designed to help entrepreneurs in small businesses, universities and research organisations test the commercial viability of their fledgling business idea by carrying out market assessments.

In the latest round of funding which took place in June, twenty-one organisations from the region received a share of over £300,000.

Alan Pain, head of business and enterprise at EEDA, said:

"Allowing entrepreneurs to test the commercial environment that confronts their business prior to launch is an essential step in turning an innovative idea into a profitable business. Since its launch in 2006 the Proof of Concept fund has helped over 140 companies from across the region and awarded over £3 million in funding".

The Proof of Concept fund is specifically designed to help entrepreneurs define their market and assess their customer's needs. Eligible costs include undertaking market research and assessment, securing Intellectual Property rights and building demonstration models. Grants of between £5,000 and £40,000 are available to finance up to 75 per cent of the projects total costs.

Visit www.eeda.org.uk/proofofconcept for further details of the scheme, as well as links to an application form, guidance notes and case studies on some past winners.

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