A £50 million fund has been launched to support high-growth businesses in the West Midlands, aiming to revive the region's status as the 'workshop of the world'. The initiative, announced by West Midlands Mayor Richard Parker, targets three key sectors: advanced manufacturing, health and life sciences, and creative technologies.
Three Projects Drive Innovation
The funding is distributed across three projects. The FORGE project, led by the University of Warwick, focuses on industrial transformation and supply chain agility for future mobility and clean energy. The Clinical Trials Catalyst, led by the University of Birmingham, strengthens clinical trials and biomanufacturing. The Creative Industries Scale-up Lab (CISL), also led by the University of Warwick, supports immersive, AI-enabled and design-led innovation.
These projects were prioritised based on clusters announced by Mayor Parker earlier this year. They are expected to unlock over £200 million in private capital and create a £700 million long-term economic legacy, supporting the West Midlands Growth Plan's ambition to grow GVA by £17 billion by 2035 and create 100,000 high-quality jobs.
Mayor and Minister Back the Plan
Mayor Richard Parker said: "Our track record of investing in the right ideas at the right time has already created hundreds of jobs and attracted millions in private investment. Government is now backing us to do even more through this record innovation funding deal. These research labs and tech studios are as important to our economy today as the factories of previous generations that made the West Midlands the 'workshop of the world'."
Lord Vallance, Minister for Science, Innovation, Research and Nuclear, attended the launch and said: "Innovation is fundamental to achieving economic growth, which is why we want to support the development of new tech right across the country, including here in the West Midlands. These projects will help secure the region's status as an engine for growth in advanced manufacturing, health and life sciences, and creative technologies – with the local partnership expecting to deliver more than 2,300 skilled jobs and helping unlock more than £180 million in private investment."
How Businesses Can Access Funding
Companies are invited to apply for a share of the £50 million through the three projects. The initiative is part of a broader effort to boost R&D and commercialise innovations, with a formal launch event held in Birmingham attended by Mayor Parker, Lord Vallance, and Mike Wright, Chair of the West Midlands Innovation Board.
