INNOVATION
Opportunity – many local businesses attended the launch of the Tees Valley Innovation Challenge .
ARE YOU UP FOR THE
CHALLENGE ? Challenge
Firms urged to sign up for Tees Valley Innovation
It ’ s great to innovate – and even better to get expert help doing it .
And that ’ s exactly what ’ s available to forward-looking businesses through an exciting new “ challenge ” initiative .
The Tees Valley Innovation Challenge aims to enhance the innovation capabilities of local businesses through challenge-led collaboration opportunities , alongside specialist one-to-one support , training and events .
Funded by the UK government with nearly £ 500,000 from the UK Shared Prosperity Fund , it provides the platform , guidance and resources to help firms capitalise on investment opportunities within the region ’ s vibrant innovation ecosystem , as well as forging valuable connections and accelerating growth in new markets .
Launched in May at the Stockton Employability and Training Hub and running until March 2025 , it will see participating firms team up with larger organisations to find innovative solutions to challenges – and in doing so , they could even secure grants of up to £ 10,000 to help them .
The challenges will cover seven key sectors and themes : energy and net zero , social enterprise , healthcare , digital innovation and transformation , transport and logistics , creative industries and professional services .
But what does the programme entail ? Its four main elements are :
Innovation challenge : Take part in sector-based innovation challenges to connect with large organisations and co-create new products or services in response to their challenges . You could also be eligible to apply for grant funding between £ 1,000 and £ 10,000 to develop innovative solutions and put them into place .
Innovation support : Receive personalised one-to-one support from expert advisors and sector specialists to address your specific innovation challenges and opportunities . The scheme offers the resources and guidance to help firms develop innovative products and services , secure new business , and thrive in both new and existing markets .
Design thinking : Innovation training will equip participants with tools and mindsets to innovate your products , services and processes through design thinking . Training will explore each stage of the design process – discover , define , develop and deliver – providing insights and practical tools to deepen understanding of customers ’ needs and develop effective solutions .
Networking and events : Businesses can network with their peers and industry experts at regular peer networking events to forge connections that can open doors to innovation and collaboration opportunities . There will also be the opportunity to join an innovation showcase event next March to access invaluable advice , financing options , potential customers and collaborators .
The Tees Valley Innovation Challenge is delivered by Edge Innovation and Health Innovation North East and North Cumbria , on behalf of the Tees Valley Mayor and Combined Authority and the Tees Valley Business Board .
And according to Helen Lyne , partner at Knights and Tees Valley Business Board member for business growth , it ’ s a fantastic opportunity for businesses to access invaluable support .
She said : “ The idea is to develop growth opportunities for SMEs in the Tees Valley area and connect them with large businesses where they can potentially secure contracts and start to develop an innovation eco-system across the Tees Valley .
“ And even if firms aren ’ t awarded funds , the process they go through means they receive valuable support , getting to understand better how large businesses work and maybe even going on to win contracts with them .”
To access the support , firms must be a small or medium-sized business based in Tees Valley ( Darlington , Hartlepool , Middlesbrough , Redcar and Cleveland or Stockton-on-Tees ).
For more details and to sign up , visit teesvalley-ca . gov . uk / business / securing-investment
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