The Economic Recovery Innovation Grant – Supporting small and micro businesses to innovate successfully

Northern Ireland has a history of successfully founding and growing innovative businesses.

There is a perception, however, that innovation is only for large businesses, it isn’t.

Whether you are a micro-businesses, an SME or a large corporation, innovation should be at the heart of your business.

There are different levels of innovation support available too, depending on your scale, and where you are on your innovation path.

The Economic Recovery Innovation Grant (ERIG) is specifically aimed at micro businesses and SME.

Open to applications up to March 13, ERIG provides funding to help you develop new or improve existing products, services, processes or business models.

Up to £5,000 (taxable) grant support is available for the validation, testing and development stages of an innovative project.

Innovation is a novel idea that creates value - it does not always have to include a radical change to a product or service, indeed the vast majority of innovation in business is incremental, making small consistent improvements to ensure you stay relevant and competitive.

Partners in the delivery of ERIG, Innovate NI describe innovation as “an idea that is new to both the business and the wider market. This novel idea will lead to the development of a new or improved product, service, business model or process which will create value in the business, producing new profits or business growth.”

How ERIG works

Successful innovation can only be achieved when an idea is validated and tested to make sure it will create value in your business, that customers will pay for it or it will provide a solution to a particular problem.

However, despite generating hundreds of novel ideas, micro, small and medium sized businesses often fail to reach the commercialisation or implementation stages due to a gap in resources or funding. The Economic Recovery Innovation Grant addresses this gap by providing up-front assistance which enables businesses to take the actions they need to test, develop and validate their ideas immediately.

ERIG can help address specific business costs associated with your planned

innovation activities such as:

• Developing new or improved products, processes and services.

• Testing and validating your idea.

• Accessing information and expertise.

• Exploring new technologies.

• Developing and evaluating new business models.

• Market research.

This is a one off up-front grant which will be paid directly into your business bank account after your ERIG application has been successfully processed and you have met all the scheme eligibility criteria.

What type of business can apply?

With only four weeks until the ERIG application window closes we are urging any micro, small or medium sized business to visit www.investni.com/erig to find out if you are eligible to apply.

To date, over 60% of successful ERIG applications received by Invest NI have been from SMEs and micro businesses and almost one-quarter of these from sole traders and partnerships – demonstrating the appetite for innovation that exist in the businesses community in Northern Ireland.

Businesses from all sectors can apply for ERIG - grant funding has been awarded to advanced manufacturing, construction and engineering businesses, financial, professional and business service providers. Companies in the digital & creative technologies and life & health sciences sectors have also secured funding to develop novel ideas further. ERIG can also be used within wholesale and retail trade businesses to develop and implement new innovative ways of trading.

If you are part of a micro, small or medium sized business and have an innovative idea that you would like to develop further, but are unsure if it is suitable for ERIG support we’ve outlined some examples of eligible ideas below.

How to apply: ERIG Application 3-step process

Before you begin the application process, please www.investni.com/erig and read the Economic Recovery Innovation Grant Guidance Notes and FAQs thoroughly to ensure your business meets the eligibility criteria.

 A manufacturing business may wish to develop and implement a new internal process involving AI or even robotics, a completely novel way of doing something that leads to improved efficiencies in the manufacturing process.

 Your business may have a novel idea for a new or improved business model that will enable your business to successfully compete in a new market segment.

 An IT company might be developing a novel innovative software product, platform or technology, or a sole trader might have some novel idea that involves the development of a completely new service to help mental health.

 A small food businesses could bring to market a completely novel food product not available in Northern Ireland or they might differentiate themselves through developing an exciting new business model to reach new customers.

1. Complete the Eligibility Checker on InvestNI.com

2. Complete and submit your Innovation Assessment. If your business is assessed as a Silver Level Innovator (or equivalent) we will notify you and provide access to the ERIG application.

3. Apply for ERIG on the Invest NI customer portal (MyINI). Projects will be appraised on a first-come first served basis. Invest NI reserves the right to close the grant applications early, either when the available budget is fully allocated, or on the planned closing date of March 13 at 5pm, whichever comes first.

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