Business Innovation Programme
Business Innovation Programme
What is the Business Innovation Programme?
BIP is an £8.7 million package of support, part funded by European Regional Development Fund (ERDF).
BIP aims to stimulate innovation within SMEs to encourage and enable existing businesses to invest for the future, to lever private sector investment, create new and safeguard existing jobs across the West Midlands.
The programme offers grant based financial assistance to support existing SMEs which have been trading for 6 months or more and are ready to undertake investment in innovative production processes. This must lead to new products, which are “close to market”.
Grant support of between, £10k to £30,000 is available to SMEs ready to undertake investment in innovative production processes. This must lead to new products, which are “close to market”.
Applications will be assessed against the Financial Assistance Grant Application Criteria provided on the BIP webpage and will be based upon the information provided.
Applications received after the closing date will not be taken into account in the Round 5 assessment process, but may instead. be carried over into the next funding round, should sufficient funds still be available.
Applicants are encouraged to incorporate a combination of one or more of the following:-
Capital Expenditure
New Product Development
New Marketing Development
Business Innovation Mentoring
Each application will be required to demonstrate viability, need, job creation, sustainability and new investment being linked directly to the creation of new jobs and safeguarding of existing jobs.
Funding Rounds
Round 6 of the Business Innovation Programme will launch on Monday 24th November 2014 and will close until Friday 2nd January 2015.
Application details are available at www.birmingham.gov.uk/bip
Download the Business Innovation Programme leaflet here
