Applications are being sought from small and medium enterprises (SMEs) in the West Midlands' healthcare and life sciences sector for support from the SME Innovation Fund.
The fund is the result of a collaboration between Mercia Fund Management, a leading investment business in UK innovation and a wholly-owned subsidiary of Mercia Technologies PLC, and the WMAHSN.
The SME Innovation Fund aims to grow spin-outs to improve healthcare services across the NHS, particularly those in line with the WMAHSN’s core strategic priorities; advanced diagnostics, genomics and precision medicine; mental health: recovery, crisis and prevention; long term conditions; and wellness and the prevention of illness.
The fund will help to provide repayable grants of up to £50,000 to at least ten new innovations each year. In so doing, the fund will support innovations that have the potential to deliver a high impact for society, grow the reputation of healthcare delivery within the West Midlands, both in the UK and abroad, and support the spread and adoption of patient-focused innovation across the region.
Peter Dines, Mercia’s Head of Life Sciences, said: “The NHS is constantly looking to improve patient care and deliver more for less. Given the current cost constraints, it is more important than ever that we build and fund businesses that can improve patient care in a cost effective and sustainable way.
“Mercia has already lent its support to start-ups and spin-outs across the spectrum of medical services, and we look forward to discovering further investment opportunities within the diverse healthcare sector.”
Tony Davis, Commercial Director of WMAHSN, said: “The fund is a sign of our continued commitment to SMEs in the West Midlands’ life sciences sector, helping to create wealth in the local economy through industry collaboration and attracting inward investment, as well as delivering improvements in healthcare across the region.
“The SME Innovation Fund is available to support the West Midlands’ healthcare challenges - as identified across the WMAHSN’s priorities and enabling themes – and aid the spread of innovative diagnostics, devices and services at scale and pace.”
For more information on how to invest in the fund, or to apply for funding, please email Peter Dines at firstname.lastname@example.org or Lucy Chatwin at email@example.com.