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NEC, Birmingham(B40 1NT)

04/11/2020 - 05/11/2020

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Government must do more to back British innovation

Following the UK launch of Horizon 2020, leading research organisation Pera Technology is calling on the Government and leading business organisations to do more to make engineering and manufacturing businesses aware of the significant opportunity it presents.
According to Pera Technology Chief Executive, Paul Tranter, while there are lots of opportunities for businesses to collaborate with research institutions and universities as part of Horizon 2020 what will be of most interest to small and mediums sized businesses will be a new €3.3 billion new product development fund.
Paul says: "The new €79 billion Horizon 2020 fund is no doubt fantastic news for the UK's science, research and education sectors, which have been inordinately successful in securing funding from the European Union. However, more needs to be done to communicate the benefits to UK businesses and address what David Willetts referred to in his speech on Friday as a 'lag' in 'UK business participation'.
"What has so far been largely overlooked during many of the official UK announcements on Horizon 2020 is a new €2.8 billion (€3.3 billion in real terms over the life of the fund) fund specifically set aside for SME new product development. This fund marks one of the most commercially aware public finance devices ever devised and fulfils a significant demand that is not currently being met by the private sector while banks look to bolster their balance sheets in the wake of the financial crisis.
"With up to €3 million available for individual SMEs to spend as they see fit, and no limit on the amount of money that can be claimed by an individual country, this is going to be one of the most competitive funding sources available from the EU. Because of this the UK Government and business support organisations must do everything they can to make businesses aware of this new fund and the significant opportunity it presents to develop new products and ultimately benefit the UK economy."

The €3.3 billion Dedicated SME Instrument is part of the €79 billion research and innovation programme Horizon 2020. It allows individual British businesses to claim up to €3 million to spend on new product development.
Split across three phases the main requirement of the fund is a clear demonstration of market demand and there is a further €50,000 lump sum available to business for this purpose.
Pera Technology is a new product development contractor that specialises in securing funding from public and private sources. The company also offers concept generation, new customers and market identification, full research and development services and commercialisation support.
Use he link below to find out more about Horizon 2020 and applying for funding from the Dedicated SME Instrument,
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