£13m including cash from the European Regional Development Funds (ERDF) has been allocated to create opportunities for businesses and researchers in the South West, through the creation of 'iNets'.
Five iNets will run for three years, with the intention of developing networks to support job creation and product development in microelectronics; biomedicine; the environment; advanced engineering and aerospace; and the creative industries.
"iNets are networks that bring together academic researchers with regional industry, businesses and public sector organisations to spark innovation and create spin outs, start-ups, knowledge transfer partnerships and collaborative projects that share a common aim to bring about economic growth in the South West region," said the University of the West of England (UWE) which will run the microelectronics, biomedicine, and environment iNets. "iNets are part of a wider government support for business called Solutions for Business."
The Microelectronics iNet has £1.15m from ERDF, which is being matched by a combination of cash and effort from its members which are: UWE's Institute of Bio-Sensing Technology, the University of Bristol, STMicroelectronics, the National Microelectronics Institute and the Electronic, Sensors and Photonics KTN (knowledge transfer network).
It is offering support companies across the South West working in electronics, photonics and digital communications, plus associated system integrators and supply chains, said UWE, estimating this to be over 400 firm.
It will do this in many ways.
"We might connect a commercial company with a university research department," Rick Chapman, who heads the microelectronics iNet, told Electronics Weekly. "Sometimes they might need just a few days of time to talk to the university about a specific issue, and we will fund the university person's time."
Start-ups leaving a business incubator could benefit.
"The need for support does not end when companies graduate from an incubator, it changes and we can connect them to the next level of organisations," said Chapman. "We connect with existing networks, we do not replace them."
The average grant is "a few thousand pounds, we have helped with £500 and we have helped with £8,000", said Chapman. "We are not angel investors, we are here to help with proof-of-concept, consultation, market research or peer-review to increase the likelihood that a project will go through to implementation."
iNets have targets.
"My cash has to make a difference," said Chapman. "Our targets are centred around taking innovation to commercially practical exploitation - in job creation, new product introduction and bottom-line growth from companies."
The South West region that the iNets will cover includes Devon, Dorset, Somerset, the West of England, Gloucestershire and Wiltshire.