The Midlands Engine will drive up business innovation and improve productivity and competitiveness. Our universities and businesses will work together to bring forward innovations that support our key sectors and their supply chains.
The aim will be to address gaps in national capability, drive business retention and inward investment, safeguard and increase employment, and equip UK businesses to lead globally in response to the rapidly evolving demands of customers.
The science and innovation audit has helped to identify sector strengths and highlight where opportunities exist to further our innovation activity across the region.
The Innovation and Enterprise group have a planned work stream designed to deliver a pipeline of projects over the next five years. Our four key sectors of focus are:
- Next generation transport
- Medical Technologies and pharmaceuticals
- Future food processing
- Energy and low carbon
Another programme of work ‘The Cross Industry Technology Exploitation in Clusters’ (CITEC) is designed to complement these work packages. CITEC aims to connect supply chain companies, and advance innovation by cross sector knowledge transfer.
The programme group will add value by supporting the leads of our existing initiatives, identify and shape new opportunities and maintain close links with our other strands of work. This will ensure a cohesive approach of programme delivery of our Vision for Growth.
Funding for SMEs
The Midlands Engine Investment Fund (MEIF) provides over £250million of investment to boost small and medium business (SME) growth in the Midlands, with access to small business loans, equity and debt finance.
Working with the region’s nine Local Enterprise Partnerships, fund managers, and the business community, the new funding will broaden the funding options and opportunities available to Midlands businesses. Find out more