EEDA - East of England Development Agency

Bright business ideas put to the test

18 March 2010

Future business tycoons are being given the opportunity to test bright ideas for new products by the East of England Development Agency (EEDA), without a dragon in sight.

Budding entrepreneurs have until Friday 23 April to submit their application for EEDA’s Proof of Market funding at www.eeda.org.uk/finance. Small businesses can win up to £20,000 to carry out in-depth market research to identify demand for their new products or processes.

Trevor Conway, business finance manager at EEDA, said:

“As we move out of recession, it’s those innovative businesses that bring new products and processes to the market that will stay one step ahead of their competitors. To help companies in this region – the UK’s ‘ideas region’ – EEDA’s Proof of Market funding offers businesses an invaluable insight on how to target and crack lucrative markets.”

Since EEDA introduced Proof of Market (formerly Proof of Concept) funding back in 2006, 230 projects have shared a total of over £4.7 million. Everything from waterproof socks to next generation wind turbine technology, superconducting magnets to luminous walking sticks for the visually-impaired have received funding to take them to the next stage of development.

“EEDA’s support offers much more than just a financial boost,” Trevor Conway explains. “Previous recipients have found that it’s given them the stamp of approval they needed to go on and secure further investment. And, with any of EEDA’s funding options – whether that’s Proof of Market or Grants for Research and Development projects – companies do not have to give up a single per cent of their equity.”

“EEDA’s funding for innovative businesses also has a track record of delivering significant bang for the taxpayers’ buck, with independent reports showing that for every £1 we invest in a company, over £12 is generated for the region’s economy – whether that’s business growth through increased turnover or creating new jobs.”

David Burch, East of England policy manager for the Federation of Small Businesses, said:

“Our region has a rich heritage in developing cutting-edge, exciting, new technologies – everything from Dyson’s ground-breaking vacuum to the very first pregnancy test. For businesses to remain globally competitive, it’s important that they continue to meet changing consumers’ needs by adapting and bringing new products to market. EEDA’s ongoing support for local innovative businesses is essential, if they are to flourish in the East of England.”

Businesses with a bright idea for a new product or process can visit www.eeda.org.uk/finance to find out more about Proof of Market funding, download a short and simple application form and find out more about EEDA’s financial support for innovative businesses.  

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