We at Buckinghamshire Business First work tirelessly to promote a range of funding schemes to our members, but we are happy that in the Entrepreneurial Heart of Britain we are surrounded by businesses that can seek out and grab their own funding opportunities.
One such Buckinghamshire Business First member is Meteor Power, a technology company specialising in innovative solutions in electric vehicle development. Managing Director Mike Edwards was on the lookout for funding that would help him advance Meteor Power’s R&D and deliver on their long term goals, including to develop a new standard of electric motorcycle.
Soon, Innovate UK, who we work with closely at Buckinghamshire Business First, appeared on Mike’s radar and he read about available funding from the UK’s innovation agency, specifically through its IDP12 competition. This scheme match-funds technical feasibility studies and collaborative R&D projects to encourage technologies for road vehicles that will deliver significant reductions in CO2 and other emissions. Mike set about applying for funding with great success; Meteor Power was awarded more than £1.6million towards a project to develop a compact hybrid engine for motorcycle and lightweight vehicles.
Funding schemes are only as good as their take-up and despite it being one of many excellent sources of funding available not enough businesses, especially small businesses, are taking up the funding on offer from Innovate UK.
Mike proves that with perseverance and patience applying for Innovate UK funding can pay off. “It can take some time to benefit from the funding as the IDP grant is awarded on a yearly basis, but we were accepted on our second application for funding after taking heed of the feedback from the assessors.”
£1.6million later and Meteor Power’s goals are closer than ever. “We are expanding rapidly and are currently looking for larger premises,” Mike says. “Our first prototype electric motorcycle will be ready towards the end of August.”
Get in touch with our Business Support team who can let you know all about the latest funding opportunities available: 01494 568941 / BusinessSupport@bbf.uk.com.