27th April 2017
The North East Business and Innovation Centre (BIC) are delighted to have been recently...
Tel: +44 (0) 191 516 6200
Why do I have to be investment ready to access funds?
The funds are what we called defrayed which means the company pay their suppliers up front and claim the money back from the project. Therefore the need to be investment ready protects both the supplier and the business.
Can I use the Innovation Programme to buy equipment?
As an ERDF programme we are limited to revenue expenditure and not capital. Therefore, eligible costs would include external consultancy, prototyping and testing for example. Unfortunately any tangible items such as machinery, equipment and anything with a commercial value are not eligible.
I’ve only been trading 6 months, can I apply?
To be eligible for funds you need to be trading 12 months or more and will be required to provide audited or management accounts to prove financial status.
What’s the difference between a specialist and a supplier?
The easiest way to differentiate between the two roles is that a specialist is a mentor and has the responsibility to impart knowledge, expertise and guidance to help a company to shape and learn from their innovation.eg an innovation coach or project manager.
Whereas a supplier is a ‘doing’ role, they offer a broad range of services that will enable the company to implement their idea eg. engineering, design or software development.