West Midlands Secures New Funding to Boost Innovation and Support SMEs

By Anushka Malhotra

1 minute 54 seconds

Investment

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Quick Read: Two key innovation programmes, the Innovation Accelerator and Made Smarter, are set to receive extended funding to drive growth, support SMEs, and solidify the West Midlands’ position as a hub for cutting-edge technologies.

The West Midlands is set to further cement its reputation as a leader in technological innovation and SME development, with extended funding announced for two flagship programmes: the Innovation Accelerator and the Made Smarter initiative.

These multi-million-pound programmes have already played a transformative role in the region, fostering job creation, advancing technology, and driving economic growth. To date, they have helped local businesses create or up-skill nearly 5,000 jobs and secure more than £70 million in public and private sector investment.

Empowering Innovators and Manufacturers

The Innovation Accelerator has provided expert guidance and funding to over 700 businesses, researchers, and entrepreneurs, enabling the commercialisation of cutting-edge products and technologies. Meanwhile, Made Smarter has assisted nearly 450 manufacturing firms by helping them adopt digital tools and machinery to boost productivity.

Both initiatives are now poised to expand further, thanks to the new funding unveiled in the government’s recent budget. The funding will be overseen by the West Midlands Combined Authority (WMCA), ensuring targeted investment in the region’s burgeoning innovation ecosystem.

Leaders Speak Out

Richard Parker, Mayor of the West Midlands and WMCA chair, emphasised the region’s historical and ongoing leadership in innovation.

He said:

“Our region has been at the forefront of innovation for centuries. With this new funding, we can continue investing in businesses, universities, and the brightest minds to solve real-world challenges, create jobs, and boost our economy on the global stage.”

The success of the West Midlands was recently celebrated at the European Capital of Innovation Awards in Lisbon, where the region was named among the top three cities for innovation in Europe. While the top honour went to Turin, Italy, the West Midlands received €100,000 in prize money to further its innovation initiatives.

Science and Technology Secretary Peter Kyle praised the region, stating:

“The West Midlands exemplifies how regional collaboration between mayors, businesses, and universities can drive economic transformation. This new funding is a testament to the cutting-edge work happening here.”

Driving Innovation Across Sectors

The Innovation Accelerator will continue to foster groundbreaking projects in health, clean energy, and digital infrastructure, supported by funding through Horizon Europe, the world’s largest research collaboration programme. Horizon and its predecessor, Horizon 2020, have already contributed £356 million to West Midlands projects.

Looking Ahead

Dean Cook, executive director of place at Innovate UK, noted:

“Through the Innovation Accelerator, we have nurtured groundbreaking technologies that will shape the future of the West Midlands and beyond. Being a runner-up in the European Capital of Innovation award is a testament to the region’s thriving ecosystem.”

With these programmes extended and new grants available, the West Midlands stands ready to lead in innovation, bridging gaps in talent, technology, and industry needs.

Read full press release here.

What's new

Midven and FundingHero Launch £1m Partnership to Propel West Midlands High-Growth Businesses

Midven has unveiled a £1 million partnership with FundingHero, aimed at supporting the region’s most promising high-growth businesses. This collaboration is set to provide companies with the tools and funding they need to secure substantial equity investments and scale their operations.

The initiative will be spearheaded by FundingHero’s accelerator program, which equips businesses with the skills and strategies to navigate the equity investment landscape. The next cohort, starting in January 2025, promises to connect businesses with significant funding opportunities.

Investment Opportunities for Promising Startups

During the program’s demo day, participating businesses will pitch to investors, including Midven’s team. Companies may receive term sheets of up to £1 million from the West Midlands Co-Investment Fund, subject to approval, due diligence, and contractual agreements.

The program focuses on businesses with proven initial traction and high growth potential, seeking to raise between £250,000 and £3 million in angel or venture capital funding.

"This partnership reflects our commitment to discovering and nurturing innovative businesses in the West Midlands,"

said Rupert Lyle, Fund Principal for the West Midlands Co-Investment Fund, managed by Midven.

"FundingHero’s accelerator has an impressive track record in preparing companies for successful investment rounds."

Comprehensive Support for Entrepreneurs

Led by CFO and founder Jim Shirley, FundingHero offers a blend of workshops and tailored one-on-one support, ensuring businesses are well-prepared to attract and manage equity investments.

"Our program is designed to empower entrepreneurs with the knowledge and confidence to secure funding," said Shirley. "By partnering with Midven, we’re enhancing the opportunities for high-growth businesses to thrive in the West Midlands."

Driving Innovation and Growth in the Region

The partnership comes as part of a broader effort to bolster the region’s startup ecosystem, positioning the West Midlands as a hub for innovation and investment. With Midven and FundingHero’s combined expertise, the initiative seeks to unlock growth potential for companies across diverse industries.

By Anushka Malhotra

18 Nov