A NEW £8.2 million fund has been set up to help York businesses grow by tapping into the skills and knowledge of local universities.

York St John University joins ten universities in Yorkshire and the Humber to launch the Yorkshire Innovation Fund (YIF), part-financed by the European Regional Development Fund.

The initiative has been established to help small to medium-sized businesses across the county grow through research, development and innovation.

Jenny Hall, creative business development manager at York St John, said the project provides “crucial support” that will help businesses in the city speed up the product development process and get new ideas to market more quickly.

She said: “We see first-hand the barriers that small to medium-sized businesses face in getting new products to market.

“Research and development and prototyping costs can be prohibitive, and the lack of resources can significantly slow down the process.

“By giving these businesses access to the skills and facilities housed in the region’s universities, new products can come to market more quickly, ideas can become reality and opportunities for employment can be realised.”

To access the fund, SMEs and universities must collaborate to develop an application that is based on a real business need.

The fund will be looking to support projects at a variety of levels, from small projects up to £10,000 in value – such as proof of concept or technical feasibility studies, or prototyping new digital services – to larger projects up to £30,000, for example developing a new formulation, product design or business model.

The University of Bradford is leading on the YIF project.

Dr Suzanne Emmett, director of the Yorkshire Innovation Fund at the University of Bradford, believes that providing funding for academic expertise could be transformative for many businesses. She said: “We’re looking to help companies realise their ideas and grow their business.

“Collaborating with universities has long been an excellent way to tap into the skills and resources firms need to innovate.

“The Yorkshire Innovation Fund builds upon this and provides a route to accessing much-needed funding to make things happen.”

The YIF will prioritise applications from sectors identified as crucial to the growth of the regional economy, which include advanced manufacturing, engineering and materials, bio-renewables, bioscience, chemicals, creative and digital, financial and business services, food and drink and low carbon energy.