York and North Yorkshire Launches £5 Million Business Innovation Fund

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April 10, 2025

A new initiative aimed at boosting local businesses in York and North Yorkshire has been launched, with a £5 million Business Innovation Fund set to support various sectors over the next two years. This fund is part of a broader strategy to enhance innovation and economic growth in the region.

Key takeaways

The Business Innovation Fund is worth £5 million and will support businesses for two years.
It includes five key programmes: Sector Activity, Spin-Out and Start-Ups, Get Exporting, Great Ideas, and Get Funded.
The first two programmes will launch this week, with a total of £800,000 in funding.
The Get Exporting programme will provide over £600,000 in grants starting in May.
The largest fund, Great Ideas, will launch in January 2024, featuring a dragon’s den-style application process.

Overview of the Business Innovation Fund

The Business Innovation Fund is the final component of the Mayoral Challenge Funds, which have been developed through collaboration between the York and North Yorkshire Combined Authority, local businesses, and innovation experts. Mayor David Skaith emphasised the region’s historical significance in innovation and expressed excitement about the potential impact of this fund on local businesses.

Programmes under the fund

The fund will be divided into five distinct programmes, each targeting specific areas of business development:

Sector Activity: Focuses on enhancing key sectors in York and North Yorkshire.
Spin-Out and Start-Ups: Aims to nurture new businesses and spin-outs from local universities.
Get Exporting: Launching in May, this programme will provide grants to help businesses expand into international markets.
Great Ideas: Set to launch in January 2024, this programme will feature a competitive application process, offering coaching and investment training.
Get Funded: Starting in October, this initiative will provide financial training to help businesses attract investment.

Expected outcomes

The Business Innovation Fund is expected to drive significant growth in the local economy by:

Encouraging innovation and entrepreneurship among local businesses.
Providing essential support for start-ups and established companies looking to expand.
Facilitating international trade through the Get Exporting programme.
Offering training and resources to help businesses secure funding and investment.

Mayor Skaith noted that the fund is designed to harness the region’s innovative spirit, which has historically contributed to its economic success. He believes that with the right support, local businesses can achieve even greater heights and make a substantial impact both locally and globally.

Conclusion

The launch of the Business Innovation Fund marks a significant step forward for York and North Yorkshire, providing vital resources and support to local businesses. As the programmes roll out, the region anticipates a surge in innovation, economic growth, and job creation, reinforcing its reputation as a hub of entrepreneurial activity.