£1.5 million fund released to stimulate supply chain productivity

By - World Infrastructure Journal

Some of Britain’s most innovative businesses are set for a funding boost after two funding competitions were launched by Made Smarter and UK Research and Innovation.

From Monday 6 July, businesses have been able to apply for project funds of up to £1.5 million. The aim is to encourage businesses to come together to develop world-leading digital technologies to boost supply chain productivity and resiliency to turbo-charge Britain’s Covid recovery.

The funding is made possible through the UK Government’s Industrial Strategy Challenge Fund, led by Innovate UK. This fund will allow business-led consortia to apply for funding for projects of up to £1.5 million to transform supply chains. It is hoped that this funding will help to build a more efficient, flexible and resilient manufacturing sector. In order to combat the fragility of supply chains, and the importance of supply chain visibility and resilience both now and in the future, highlighted by the Covid-19 crisis.

Companies of any size may apply, however, the consortia must include at least one SME (small or medium sized enterprise). Projects range in size from as little as £250,000 to £3 million. Specifically SME businesses which are technology developers or manufacturing companies can benefit from funding up to 70 per cent of their project costs.

Juergen Maier, Co-Chair of Made Smarter speaking on the post Covid business world said: “Creating resilient and efficient supply chains is a key component of that, where better data analytics, modelling and connectivity can help drill down into supply chains and improve efficiencies very significantly. ” 

The deadline for applications is midday on October 7 2020, companies can apply here.  

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