The aim is to encourage R&D projects that may be too risky for companies to take forward without any support, and where the majority of the project activities are carried out in North Wales.
Funding for individual projects will range from £50,000 to £90,000. Projects can last up to 12 months and must be led by a micro, small or medium-sized company that is judged to be in the early stages of its development; businesses can work alone or in collaboration.
Micro and small businesses will receive up to 70% of eligible costs, medium-sized businesses 60%.
The ultimate aim of the initiative is to create commercial projects with market potential, and a programme of business support and growth activities that will run in parallel to projects.
The deadline for video submissions is at noon on 6 April 2016.