Two funding calls worth nearly £12 million have been opened to support the growth of Cornwall and the Isles of Scilly.
The funding comes from the European Regional Development Fund and is a part of the Growth Programme. The funding will focus on research and innovation and a shift towards a local carbon economy.
The larger of the two funding calls, the research and innovation call is worth up to £10 million and will seek to grow the economy through research and innovation and support for small and medium size enterprises.
Cornwall and the Isles of Scilly have low levels of productivity, reflected in low levels of research and development. This is in part due to the predominance of small and medium-sized enterprises and the lack of large businesses with the propensity and resources to invest in research and development.
There are, however, numerous opportunities for investment in the area’s Smart Specialisation priorities that could create and attract high growth. These key areas are; Agritech, Digitaltech, Healthtech, Marinetech and, Aerospace.
For full details of the funding call, click here.
The second of the two funding opportunities supports the shift towards a low carbon economy in Cornwall and the Isles of Scilly and is worth up to £1.95 million. It seeks to invest in activities with growth potential that develop Cornwall and the Isles of Scilly as a ‘green and marine’ region.
A major contributing factor to greenhouse gas emissions in Cornwall and the Isles of Scilly is the existing built environment, and improving the energy efficiency of housing and public buildings provides a means to reduce these emissions.
Applicants are encouraged to submit proposals that deliver innovative energy efficiency solutions and interventions that target existing housing stock and/or public buildings in Cornwall and the Isles of Scilly. For full details, click here.
Cornwall and Isles of Scilly LEP chief executive, Sandra Rothwell, said: “These two opportunities open the door for investment in key economic priorities for our region. I would encourage all businesses within our identified smart clusters to engage with the European funding to accelerate their growth in these emerging and competitive markets.
“In parallel, the investment into creative and innovative approaches to tackle the low carbon issue will ensure that Cornwall and Isles of Scilly continues to be the natural place to grow great business.”