Applications for funding are being sought from West Midlands-based SMEs developing digital solutions to meet current and future health and care challenges.
The SME Innovation Fund is provided and managed by Mercia Asset Management (MAM) and the West Midlands Academic Health Science Network (WMAHSN), the innovation arm of the NHS that supports the spread and adoption of innovation to transform health and social care services.
The funding is available to businesses that are looking to grow and move from the research to implementation stage.
Successful applicants will become part of a network made up of NHS providers, the investment, and academic community – with the aim of leading the adoption of new digital innovation across the NHS to drive efficiencies, improve patient outcomes, and support economic growth.
Peter Dines, chief operating officer at Mercia Asset Management, said: “We have a track record of financially supporting and building life science businesses across the UK, all of which provide a scalable and innovative way of streamlining services, improving patient safety, and releasing the burden of cost on the NHS.”
Tammy Holmes, head of delivery, innovation, and commercial at West Midlands Academic Health Science Network, added: “The life sciences sector can provide answers to some of the biggest health and care challenges of our era.
“Our network, along with regional talent and funding for innovation, is strengthening the West Midlands as a central hub for innovation in the UK.
“This fund is an opportunity to build on the success we have already achieved and we are pleased to be able to play our part in bringing economic growth to the region and improving the health of our communities.”
SMEs applying for the funding should aim to meet regional and national health and care strategic priorities, including:
- Mental health resilience
- Medicines optimisation and management
- Cardiovascular disease prevention and management
- Patient safety and improvement
- Driving digital transformation
Successful applicants will receive:
- Convertible loans from £50,000-£100,000
- Unparalleled access to future investment capital
- Regular mentor workshops from industry experts including experienced life sciences entrepreneurs
- Key contacts in the NHS and healthcare sectors
To find out more about the fund and how to apply, click here.