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EEDA Press Release 22/06/2006 - [22-06-2006]

FUNDING YOUR IDEA INTO A REALITY

Have you got an idea which you just know is going to work? Have you tinkered away for years in your garden shed creating the product which will change the world? Do you need help with testing what the market thinks of your idea?

If the answer is yes to any of these questions then you can apply for support from the new ‘proof of concept fund’ from the East of England Development Agency (EEDA). One million pounds is being made available from today to help test the commercial viability of innovative ideas, whether products or services, coming from individual entrepreneurs, small businesses or higher education.

EEDA will be working to evaluate which ideas are the most innovative and are ready to be market tested. The open and accessible scheme will look at new and old ideas and will be allocated funding from September this year.

David Marlow, chief executive of EEDA, said: “We all know the East of England is bursting with ideas and innovation but these ideas are often lost for want of a little investment to see whether a product would work. At the East of England Development Agency, we have a number of initiatives to help new businesses start up and grow – this funding is just one way to help those who have a burning ambition to see their idea reach the light of day.

“The proof of concept fund is the chance for any entrepreneur in a small or medium business or anyone in higher education to come forward with a product or service and test whether there is a market for their concept. We only ask that your ideas are truly innovative and ready to be market tested. I wish you all the best of luck and I hope we can help you become a success.”

The proof of concept fund is a one year pilot scheme which will offer between £5,000 and £40,000 of grant funding. The closing date for entries is 11th August 2006 and to apply for funding please visit the EEDA website, www.eeda.org.uk.

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