2kT launches new Innovation Fund

Scottish small and medium sized enterprises (SME’s) now have access to a new fund to innovate their way to increased sales and profits by tapping into the academic expertise at two of Scotland’s leading Universities.

2kT, a partnership between Napier and Queen Margaret Universities which aims to stimulate collaborative projects with Scottish business and industry are now offering awards of up to £5,000 to help small businesses innovate; improving processes or solving problems. Critically, the innovation is at a company level and is not necessarily high tech.

Unlike most funding mechanisms for business, the 2kT Innovation Fund will support a wide range of engagement spanning market assessments and feasibility studies. Each company will receive feedback and business development support regardless of any award being made.

Both Napier and Queen Margaret believe that by helping companies with innovation potential the Scottish economy will benefit through the creation of new products, processes and services.

Dr Brendan McGuckin, Napier’s Director of 2kT, said: “Innovation is the lifeblood of any successful economy. The university partnership is focused on making the skills of our academics available to business in a fast, responsive and economical way. The 2kT Innovation Fund will help them access our patents and the expertise of our extensive academic base at Napier and Queen Margaret, tailoring our offering to suit the company need.”          
                                               
Ilona Mair, Queen Margaret’s Director of 2kT, said: “It is often the case that many small companies have the potential and ambition to grow and develop through strategic innovation but just don’t have the resource or access to the expertise to help them achieve their goals. The aim of the 2kT Innovation Fund is to help them in that respect.”

Find out more about the Innovation Fund