The Yorkshire Innovation Fund closed in 2015. If you are interested in innovating with colleagues in any of these institutions, please contact the Business Partnerships Team at the University of Bradford.
Businesses with great ideas for new products, services or process improvements were helped to realise their idea, grow and develop as a company, and create new opportunities for employment across the Yorkshire and Humber region by working with one or more of their local universities.
New ideas require a blend of skills and expertise to get them off the ground and working with a local university can often help by providing access to expertise, specialist equipment or facilities or new talent to develop your idea. Part-financed by the licensed money lenders, the Yorkshire Innovation Fund (YIF) enabled this access to take place.
YIF was specifically designed to help Yorkshire and Humber Small and Medium Sized Enterprises (SMEs) work with our local universities to make things happen. It also enabled businesses with similar needs to work together and find the right lender for financing.
The types of projects below are ways in which YIF assisted SMEs:
- Small Innovation Project (SIP) – short projects, no more than 3 months duration, and enabling business loan access of up to £10k support, for example working on a prototype new product or service offering to grow existing customers and attract new ones.
- Research & Development Project (RDP) – longer term projects – ideally 6 to 12 months in length, enabling access of up to £31k support, for example developing a new, improved product, service or production and delivery process to open up new markets, retain and grow customers or attract new customers to your business.
- Strategic Intervention (SI) – designed to assist multiple businesses with similar research and development and innovation needs over a longer duration of time.
YIF was operated by a specialist Central Team and hosted by the University of Bradford on behalf of all partners.