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North-east SMEs receive research boost

Feb 16 2009

Funding from the European Union will encourage small and medium-sized enterprises (SMEs) in the north-east to compete in international sectors.

A £1 million initiative, financed by the European Regional Development Fund and UK Trade & Investment, will assist 150 research and development (R&D) focused companies in entering the global market.

The scheme will allow consultancy RTC North to provide support to regional businesses in areas such as licensing, technology transfer and product development collaboration.

SMEs will also have access to advice in drafting agreements and contracts in foreign countries and how to achieve legal compliance in international issues.

Lesley Calder, head of European and skills strategy at regional development agency One North East, says: 'We're keen to support this type of programme, which is designed to increase regional productivity by helping R&D based companies to accelerate sales turnover and bring in foreign income.'

A report from the Confederation of British Industry recently drew attention to the importance of the R&D tax credit system and called for it to be expanded to allow more businesses to apply.

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