Approximately 4.8m businesses across the UK will be applicable for the fund. However, over 1m SME manufacturers who are likely to be the most successful at securing funding, according to?Pera Technology.
If we are going to have an effective economic recovery in this country and across Europe, the SME manufacturing sector is key. It is particularly important for an economy like the UK’s where SMEs have been pinpointed as an engine for growth. Some 1,659 UK business and counting have successfully applied for the £1.2bn that was previously available under Framework Programme 7, which runs until the end of this year. Our intelligence suggests that the funding pot will be even bigger this time.
For SME manufacturers the time to act is now. Whether they have ideas sitting on the shelf gathering dust, or they are already undergoing feasibility testing – with new product development programmes lasting anywhere from two to 15 years in sectors such as aerospace and medical – the chance to secure up to 100 per cent funding for research and development cannot be missed.
One of the big changes this year is that the funding criteria and stages are a lot closer to the market. It’s likely that research programmes that don’t demonstrate clear commercial potential will prove unsuccessful. With Pera Technology’s proven track record of delivering commercially viable new product development programmes we re the perfect partner for SMEs trying to access this fund.
Paul Tranter is CEO of Pera Technology