Run by the University of the West of England, Bristol, the Innovation 4 Growth programme will part fund development projects and research with grants of between 25,000 and 150,000.
Professor Martin Boddy, the pro-vice chancellor responsible for research and business engagement said: “We are delighted to offer support to promising enterprises across the South West.
“Not only in the Bristol area, but right across the region from Truro to Tewkesbury, Bideford to Bournemouth the fund will enable us to help businesses innovate and grow.
“Any company with plans for research and development, or thinking about an innovative project, should consider applying.
“We would typically fund 35 per cent of project costs for SMEs, and a bit less for larger companies so a significant portion of expenditure can be claimed.”
The scheme set to help businesses improve or develop new products, services or technology is open for applications until March 10.