EEDA - Proof of Concept - assessing the market for innovative business ideas

Proof of Concept - assessing the market for innovative business ideas

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Proof of Concept - assessing the market for innovative business ideas

Do you need to assess the market for your innovative business idea? EEDA's Proof of Concept fund has supported 110 companies with over £2 million in funding since 2006.

But time is running out if you want to take part in the 2008 round - with a deadline of 25 July for entries.

What is it?

The Proof of Concept fund is a scheme designed to help entrepreneurs in the East of England test the commercial viability of innovative business ideas. It is specifically aimed at helping define the market and assess customers' needs. Grants of between £5,000 and £40,000 are available - but funding is limited to 75 per cent of the project's total cost.

What can the grant be used for?

Grants should be used to obtain independent validation of the market for your business idea. This could be achieved by accessing existing market research reports, commissioning new research, undertaking detailed analysis of the market and competitive position or by conducting customer trials.

The work should be undertaken by an independent expert or consultant and will help to ensure that the development of your concept is aligned with the customer needs. A small proportion of the grant may be used to support the development of demonstration models and to secure intellectual property advice and protection.

Am I eligible?

You can apply for the grant if you are an entrepreneur, a small to medium-sized business or working in an academic or research institution and have developed a concept that now needs funding to test its market potential prior to launch.

Innovative business ideas at different stages of development will be considered, from those at an early stage, to those that have been under development for a number of years.

You must be based in the East of England.

What are the assessment criteria?

EEDA appraises applications against a range of criteria with the process culminating in the opportunity for you to present your concept to a panel of technical and business assessment experts.

The principal criteria are:

an assessment of research and development undertaken to date
a clear plan of what is to be undertaken with the funding
the commercial potential and market need
the level of innovation demonstrated by the concept and the associated intellectual property position
the abilities and experience of the management team
the impact that the product will have on the region.

Your project must be completed within six months of the grant award being made.

Please note that recipients of Proof of Concept funding will now be required to produce an independent accountant's report to accompany their final claim for funds.