York and North Yorkshire has launched a £5 million Business Innovation Fund to support local businesses over the next two years, the York Press reports. It is the final piece of the region’s Mayoral Challenge Funds, developed by the York and North Yorkshire Combined Authority together with local businesses and innovation experts. Mayor David Skaith said the fund was designed to build on the region’s history of innovation.
The fund is split into five programmes. Sector Activity and Spin-Out and Start-Ups launched first, backed by a combined £800,000, with the latter aimed at nurturing new businesses and spin-outs from local universities. Get Exporting follows in May with more than £600,000 in grants to help businesses expand into international markets, and Get Funded starts in October, offering financial training to help companies attract investment. Great Ideas, the largest and final programme, will run a Dragon’s Den-style application process offering coaching and investment training.
Officials say the fund is intended to encourage entrepreneurship, support start-ups and established firms looking to expand, and help businesses secure funding, with the wider goal of reinforcing York and North Yorkshire’s reputation as a hub of innovation and job creation.
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