Businesses across West Northamptonshire are being encouraged to explore an exciting new grant opportunity designed to drive innovation and support growth.

West Northamptonshire Council (WNC) is set to launch its new Driving Innovation Grants in the coming weeks, with £340,000 allocated from the UK Shared Prosperity Fund to help local enterprises unlock their innovation potential.

The grants will officially launch on Tuesday, 25 June, at the University of Northampton’s event exploring their Innovation Ecosystem Study. This event will include full details on how local businesses can benefit from the new funding. Those interested can find out more and book tickets via Eventbrite.

For those unable to attend, information about the grant programme and how to apply will be published on West Northamptonshire Council’s website on the same day.

The Driving Innovation Grant is open to Small and Medium Enterprises (SMEs) based in West Northamptonshire and offers both capital and revenue funding. The aim is to support growth, address global challenges, and maintain competitiveness in a fast-evolving economy.

Grant amounts range from £1,000 to £25,000, with up to 50% of eligible costs funded. Businesses may apply for capital funding, revenue funding, or a combination of both. However, 50% of the total grant fund must be allocated to capital expenditure, so capital projects will be prioritised.

To be eligible, applications must demonstrate how their project aligns with the four priorities of the Business Theme in the West Northamptonshire Economic Growth Strategy.

Cllr James Petter, Deputy Leader & Cabinet Member for Local Economy, Culture & Tourism, said:

“It is great news that we’re able to launch these Driving Innovation Grants to support our businesses to innovate, to grow and to thrive in West Northamptonshire. We are dedicated to establishing an ecosystem of support to increase productivity, skills, and business survival.

“We recognise that local enterprises are the lifeblood of the economy; our ambitious Economic Growth Strategy focuses on harnessing the existing strengths of the area and enhancing capabilities and competitiveness to benefit UK plc. These grants build on a robust offer of business support including the Northamptonshire Business & Intellectual Property Centre, the Vulcan Works, the South Midlands Growth Hub’s extensive offer and more. I would encourage all local businesses to attend the Innovation Ecosystem Launch on 25 June or find out more on our website.”

Helen Miller, Head of Knowledge Exchange Partnerships at the University of Northampton, added:

“Northamptonshire boasts a rich tapestry of industries, from high-performance technology and advanced manufacturing to logistics and creative sectors. West Northamptonshire is home to some of the most dynamic and forward-thinking businesses in the UK, and their success stories highlight the transformative power of innovation. However, while we excel in fostering start-ups, we must address the challenges of scaling these businesses to ensure long-term growth and stability.

“During 2023/24 the University of Northampton (UON) supported over 5,000 jobs in Northamptonshire and contributed £7 million GVA to the economy, part of which is attributable to the collaboration with businesses by sharing the research and expertise at UON through Knowledge Transfer, work placements, and other services for business. The University remains committed to supporting economic growth and innovation within our industrial base. That is why we commissioned this report into the local ecosystem. We recognise the importance of working with all partner organisations to support businesses in seizing these opportunities. By prioritising innovation, we can build a resilient, inclusive, and prosperous economy that benefits all residents and businesses in Northamptonshire.”