This year, Innovate UK has been transforming its products and services portfolio to provide innovators with the best possible range of funding and support options for their scaling journeys. As part of this, Innovate UK EDGE has changed its name to Innovate UK Business Growth.
The new name provides more clarity on the purpose of the service and what it is there to support UK innovators with. Business West is proud to continue delivering the service across the South West, providing game-changing, bespoke support to our region’s most ambitious businesses.
The 1-2-1 guidance enables innovators to become investment-ready, revamp their business strategies, internationalise, boost sales through new marketing initiatives, introduce customer-centric design principles and much more.
In 2023, Innovate UK Business Growth enabled South West innovators to raise over £24m in equity investments, and more than £21m in grant funding.
In total, 691 businesses have accessed this support in 2023, with 230 entering new markets and 48 bringing new products and services to market – all following interventions from Innovate UK Business Growth.
The subsequent growth enabled these regional innovators to create 557 extra jobs in 2023.
“Under our new name, we are continuing to deliver this game-changing growth support that’s tailored to the needs of individual businesses across all areas of the economy,” says Tara Gillam, Manager of Innovate UK Business Growth operations in the South West.
“Our specialist-led, practical guidance helps innovators to create tangible market value, overcome barriers to growth and go further, faster.”
In Gloucestershire, Innovate UK Business Growth has helped design agency, Duku, to develop and launch the UK’s first accessible EV charger.
Working with Innovation and Growth Specialists, Duku developed a robust commercialisation roadmap, revamped its marketing strategy and secured a £50,000 Innovate UK inclusivity award.
“The support from Innovate UK Business Growth was instrumental in helping us to transition from a design company with a nice idea, to a business prospect that is investor and customer ready,” says Andrew Aylesbury, Director, Duku. Read the full case study here.
In Portishead, Q5D has worked with Innovate UK Business Growth to launch a new product that automates the manufacture of wire harnessing for specialist industries.
The company also secured a £15,000 grant to access the resources and facilities of the Catapult Network as well as an IP Audit grant, helping it to strategically map out its IP goals.
“Overall, our Innovation and Growth Specialist, was brilliant at understanding our challenges and identifying the specialist support we need,” says Rachel Eggington, COO, Q5D.
“They were able to build an extended team around us that can help deliver expert knowledge and skills.”
“It’s given us a huge amount of confidence and a clear direction of travel as we develop new technologies and re-approach our investment community.”
Watch our interview with Rachel here.
Looking to the future, Tara concludes: “Under our new name, Innovate UK Business Growth will continue to provide game-changing growth support to all innovation-led businesses, helping them to scale rapidly and improve our region’s standing in the global economy.”
To find out how Innovate UK Business Growth can support your business with bespoke, funded growth support, contact us.
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Strategic support to help your business grow
If you are an ambitious company looking to grow, Innovate UK Business Growth can help you reach your goals.