Business grants are allowing Cornish business to innovate, according to a business support company.

In spite of the global pandemic, Innovate UK EDGE has helped South West regional innovators raise over £32m in equity investments and loans, and more than £24m in grant funding, during the time since the first national lockdown.

Bespoke 1-2-1 support from Innovate UK EDGE Finance Specialists has helped South West innovators to become investment ready, identify appropriate funding sources, and submit high-quality grant applications.

In Cornwall, Falmouth-based TouchByte, a facial recognition technology provider, raised £50,000 in Innovate UK grants following support from Innovate UK EDGE.

The funds enabled TouchByte to pivot into the construction sector, providing contactless site entry for workers.

Across the South West, Innovate UK EDGE has supported more than 300 companies in the last year, helping them to create 214 new jobs and maintain 163 existing roles.

With Innovate UK EDGE support, over 40 businesses have accessed new markets, while 129 have reported benefit through improved innovation management, strategy development, or the adoption of new technologies, processes or culture.

Read Next:

One such benefactor is Launceston-based TFP Hydrogen Products, which accessed a broad range of support from Innovate UK EDGE:

Dr David Hodgson, Managing Director, TFP Hydrogen Products: "Innovate UK EDGE’s Marketing Specialist helped us develop a tangible strategy that’s now generating leads through website development, SEO and other digital channels.

"We also benefited from Innovation Process support, which gave us the freedom and confidence to grow efficiently and sustainably."

Paul O’Collins, Manager of Innovate UK EDGE operations in the South West, said: "Innovate UK EDGE is here to help drive the economic prosperity of the South West and improve our standing in the global economy.

"We do this by providing the practical support necessary to help high potential innovators overcome barriers to growth and turn their ideas, projects and research into tangible market value."

With access to this specialist-led support, regional innovators have been able to redefine their business strategies, introduce customer centric designs to help target new markets, develop new sales and marketing initiatives, and identify international partners.

"The South West is a hotbed of ideas and Innovate UK EDGE will continue to provide game-changing growth support to all innovation led businesses.

"We want to help our most forward thinking, high growth companies to scale rapidly and benefit us all."