Regional Innovation Accelerator Receives £33 Million Boost to Support UK’s Innovation Revolution
The West Midlands Innovation Accelerator has been granted a significant cash injection of £33 million to further enhance the region’s research and development capabilities. This funding boost, delivered as part of a larger £100 million fund established by the Department for Science, Innovation and Technology and delivered by Innovate UK in collaboration with the West Midlands leadership, aims to drive forward innovation and cement the region’s position at the forefront of the UK’s innovation revolution.
Businesses with forward-thinking ideas are now invited to take advantage of the extensive support and funding available through the Innovation Accelerator. This initiative offers a portfolio of resources designed to help businesses develop their ideas and contribute to the growth and investment of the region. The scheme will have a particular focus on health and medical technology, clean technology, and other sector specialisms.
The official launch, hosted by Birmingham City University’s STEAMhouse innovation, revealed two funding streams that are now actively seeking businesses to collaborate with. The first is the Clean Futures Accelerator, offering grants of up to £50,000 along with expert support to businesses aiming to develop innovative solutions to make transport more environmentally friendly. Connected Places Catapult leads this funding stream in partnership with the Black Country Innovative Manufacturing Organisation and Coventry University. It aims to leverage the region’s rich transport manufacturing heritage and align with the West Midlands Plan for Growth, solidifying the area as a hub for the Green Industrial Revolution.
The second funding stream is the Biochar CleanTech Accelerator, established by Aston University and local industry partners. This accelerator aims to develop technology that can transform organic waste materials, such as sawdust, diseased trees, and dried chicken litter, into commercially valuable products. By championing sustainable bioproducts, this initiative aims to tackle waste management challenges effectively.
In addition, the West Midlands Innovation Programme has launched the AI and Future Tech Forum in partnership with Tech WM. This forum seeks to educate local businesses on adopting and benefiting from emerging and disruptive technologies, ensuring they stay competitive in a rapidly evolving landscape.
By providing this substantial funding boost, the West Midlands Innovation Accelerator aims to foster innovation and support businesses in developing new products, processes, and services that drive commercial growth and investment. Through its targeted focus on specific sectors and its partnership with various organizations, the accelerator aims to create a conducive environment for groundbreaking ideas that will propel the region forward in the innovation revolution.
As businesses embrace this opportunity, the West Midlands is poised to become a hotbed of innovation and a pioneer in sectors like health and medical technology, clean technology, and beyond. With the combined efforts of the public and private sectors, the region is primed to lead the charge in the transformation and growth of the UK’s innovation landscape.
