Do you have a business concept that could become a major commercial success? Have you developed your business concept, but now need support to take it to the next level? Would you welcome the injection of funds that will help you better understand the market for your product?

What is it?

The proof of concept fund is a £1.5 million grant scheme designed to help entrepreneurs from all backgrounds in the East of England undertake market assessment and test the commercial viability of their business concept

The grant scheme is specifically aimed at supporting market research including market testing and competitor analysis

Grants of between £5,000 and £40,000 are available but limited to 75 per cent of the projects total costs.

Am I eligible?

You can apply for the grant if you are an entrepreneur, a small to medium-sized business or working in an academic or research institution, and have developed a concept that now needs funding to test its market potential prior to launch.

Innovative business ideas at different stages of development will be considered, from those at an early stage, to those that have been under development for a number of years.

You must be based in the East of England (Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk).

What are the assessment criteria?

EEDA appraises applications against a range of criteria with the process culminating in the opportunity for you to present your concept to a panel of technical and business assessment experts. The principal criteria are:

• An assessment of research and development undertaken to date

• A clear plan of what is to be undertaken with the funding

• The commercial potential/market need

• The level of innovation demonstrated by the concept and the associated intellectual property position

• The abilities and experience of the management team associated with the project

• The impact that the product will have on the region.

Your project must be completed within six months of the grant award being made

This grant is run by the Regional Development Agency - East of England Development Agency (EEDA).

For further information and application details, please visit the EEDA website