Proof of Concept
This project is part funded by ERDF
This project aims to help determine and shape the commercial potential and routes to market of innovative new ideas through proof of concept activity to increase the number of innovative new products and processes that make it to market.
It will provide support through grants to SMEs and university staff to enable structured proof of concept activity to be carried out covering external costs relating to IP due diligence and protection, market research / analysis / assessment, business plan and prototype development related to an innovative new product or process.
The project will cover SMEs based in the Coventry & Warwickshire LEP area as well projects based within Coventry University and the University of Warwick.
The project will provide grants to 50 SMEs including 15 new enterprises, enabling them to further develop their innovative product or process resulting in at least 45 SMEs introducing products that are new to the firm and 35 that are new to the market. The project will also provide 118 grants to projects based within the two universities.