New £4m innovation grant for Northern Ireland SMEs

New grant to support local Northern Ireland businesses to develop and implement innovative projects.

The £4m Economic Recovery Innovation Grant (ERIG) will provide up to £5,000 of support to SMEs develop new, or improve existing, products, services or processes through innovation.

ERIG is a new scheme developed by Invest Northern Ireland to support businesses to recover from the economic impact of the Covid-19 pandemic.

“Innovation is how we adapt to change; it is how businesses continue to meet the needs of customers; it is how we drive our economy forward”

It is part funded by the Department’s Economic Recovery Action Plan.

10X Economic Vision

“There is a reason why innovation is at the heart of my Department’s 10X Economic Vision,” said Gordon Lyons, Economy Minister for Northern Ireland.

“Innovation is how we adapt to change; it is how businesses continue to meet the needs of customers; it is how we drive our economy forward.

“This new grant is aimed at those businesses that have an innovative idea and are testing, validating, and developing it, getting it ready to commercialise or implement. It will provide grants of up to £5,000 towards eligible costs for the development, testing and introduction of an innovative idea into a business.”

Businesses can access up to a maximum grant of £5,000 to support eligible costs to progress their innovative idea/project. Such costs may include: 

  • Testing and developing new products or processes;
  • Equipment;
  • Skills Development; 
  • Marketing; 
  •  

Full details on the scheme, eligibility criteria and how to apply are available at www.investni.com/erig

“Innovation demands both creativity and process – a structured managed process,” said Kevin Holland, CEO of Invest Northern Ireland.

“The right idea, which has been tested and developed, and commercialised or implemented can create the best value. This process can seem intimidating to smaller businesses. We want to provide as much support as we can to help them move from innovative ideas to commercialisation, and add value to their business.

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.

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