Enterprise M3 has launched a £20million Growth Fund to back innovators and entrepreneurs who can deliver projects which will drive clean growth and enhance productivity and create jobs across the digital, aerospace, defence, space, transport and med-tech industries.

‘The Capital Funding to Support the Enterprise M3 Economy Prospectus for 2019-2021’, which includes Enterprise M3’s dedicated Clean Growth Enterprise Fund, will support projects that can propel the region’s economy forward.

Enterprise M3 chair Dave Axam said: “Enterprise M3 is investing in big ideas. This is an invitation to innovators and entrepreneurs with energy and vision, to join us in the delivery of our ambitions to make our high performing economy even more competitive.

“We are looking for collaborators, who can play to the outstanding strengths of our economy: our digital and design technologies, our world-class knowledge and research base and our high value, high tech businesses, to come forward with their most creative, innovative and high impact ideas. Funds are available for the most promising and deliverable plans to turn our shared aspirations into a joint success.”

The Growth Fund will help deliver the LEP’s priorities set in its Strategic Economic Plan and drive forward its emerging Local Industrial Strategy.

The region’s core strengths of innovation, enterprise and international accessibility will be harnessed to support the delivery of solutions to the government’s Grand Challenges of Clean Growth, Artificial Intelligence & Big Data, our Ageing Society and the Future of Mobility.

Projects should require capital funding only and be deliverable by 31 March 2021, with legal and planning consents in place now or within six months. Projects should incorporate digital and data technologies, and clean growth, have at least 50 per cent match funding, support the Government Industrial Strategy and link to the Enterprise M3 Strategic Economic Plan and the Innovation South Science & Innovation audit.

Expressions of interest must be submitted by 21st February 2019.

Enterprise M3 has drawn in some £218million of capital funds and invested in transformational projects since 2012. This has enabled 1,600 new jobs, 600 new homes, over 24,000 sqm of floor space and 900+ new apprenticeships in urban and rural locations.

The prospectus can be viewed here.