Tips on tapping regional funding
Finance South East recently launched its Commercialisation Fund to facilitate the progress to market of business ideas (products or services) with clear potential for high growth.
The funding should allow a new business idea or innovation to sufficiently develop so that it can gain market entry or market traction. This may include first revenues or contracts, market-validation, or putting operational processes in place.
The Commercialisation Fund operates in two 'phases' with up to £30,000 available for each phase. An application for funding that involves activities across both phases may apply for a maximum of £60,000. An application may be made for either one of the phases.
Isle of Wight-based marine company Hybrid-Marine LTD was last month awarded funding through this programme. MD, Graeme Hawksley, was impressed with the funding process and has been working with Finance South East for some time. "It can be quite frustrating applying for funding streams from different organisations" he commented "we initially contacted Finance South East 18 months ago, and went through an investment readiness programme which included lots of useful actions and pointers on developing our business plan.
"The great thing about the Commercialisation Fund is that it was a fast track process to analyse the application. By getting feedback at the start of the process we have been able to proceed with developing the product and setting up a database of customers waiting for delivery.
"The funding we won has enabled us to finish the product development and go into production. We have previously found that the step from initial funding to analyse a business idea to support available to take the product to market was enormous - the commercialisation fund has gone some way to fill this gap."
If you would like to find out more on the Commercialisation Fund and other funding streams through Finance South East go to http://www.financesoutheast.co.uk or if you would like to find out more about Hybrid marine go to http://www.hybrid-marine.co.uk
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