A new Mayoral fund worth £5 million will give businesses across York and North Yorkshire a major boost for the next two years.
The Business Innovation Fund is the last of four schemes to launch as part of the Mayoral Challenge Funds, and it comes after several months of collaboration between York and North Yorkshire Combined Authority, businesses and innovation experts.
As a result, the Business Innovation Fund will come in five programmes focussing on ‘Sector Activity’, ‘Spin-Out and Start-Ups', ‘Get Exporting’, ‘Great Ideas’ and ‘Get Funded’.
David Skaith, Mayor of York and North Yorkshire, said:
“York and North Yorkshire has always been a place of innovation. From building the first railways and social houses, to transforming farming with new technologies.
“That pioneering spirit makes this region special, and it’s why many of our businesses have made their mark, not just here in the UK but also right across the world.
“Our businesses drive so much growth in the region, but with the right support we know they can drive greater innovation and create an even larger impact.
“That potential is why I am excited to see what we can achieve together with the Business Innovation Fund.”
The ‘Sector Activity’, ‘Spin-Out and Start-Up' programmes, backed by more than £800,000, will be the first to launch this week.
These programmes are designed to drive forward York and North Yorkshire’s key sectors and identify barriers and opportunities for our three universities to nurture companies respectively.
‘Get Exporting’ launches in May with more than £600,000 in grants available. This follows in the footsteps of a similar programme in 2024 which provided grants totalling £200,000 and resulted in millions of pounds in sales.
From October, the £200,000 ‘Get Funded’ programme will provide businesses with financial training so they can attract investment and grow.
The largest of the funds worth £2.5 million, ‘Great Ideas’ will launch in January next year and will involve a ‘dragon’s den’ style application process.
Successful businesses will benefit from wrap around coaching and investment training to turn innovative ideas into reality.
Earlier this year, Mayor David Skaith launched three other funds including the £10 million Vibrant and Sustainable High Streets Fund, the £7 million Carbon Negative Challenge Fund and the £2.3 million Skills Innovation Fund.
The full prospectus for the new fund can be found at https://yorknorthyorks-ca.gov.uk/project/business-innovation-fund/
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