If you’re fortunate enough to be in the South East and have a business which you think is both innovative, and has the potential for growth, then you might like to try your luck at landing an ‘Innovation Voucher.’ Up to 55 of these vouchers are available, at a combined total of £220,000, in random packets of Walker’s crisps distributed to businesses in the area.

Okay that last bit isn’t true. Instead you have to apply through the South East Health Technology Alliance (SETHA), who will tirelessly work through all the applications in order to find the most worthy. It’s particularly targeted at SMEs with high growth potential, social enterprises or not-for-profit organisations from any sector in the South East.

The vouchers will enable successful applicants to access the tools they need to cultivate their business. So whether it’s required to develop technology, start research, access equipment or advice; the vouchers will help cover the cost.

There are two different types of voucher available:

  • A voucher to the value of £8,000 which requires you to top up with £4,000 of your own money. This creates a pool of £12,000 with which to create or fully realise a project. Applicants have to pay VAT on the 8k.
  • A voucher to the value of £4,000. This requires no added extras on your behalf – but again you do have to pay VAT.

Applications have been welcome since February 1. The idea seems particularly useful for those companies who can visualise the path to growth but just lack the tools to get there.

Funding has been provided by the South East England Development Agency (SEEDA) who have appointed SETHA to run the scheme.

Dr David Parry, CEO of SEHTA, said: “These vouchers can act as a very important catalyst for businesses demonstrating innovation and high growth potential in their specific sector. If successful with their application, they can easily get access to expertise and technical capabilities that would normally be beyond their reach, which also means they can develop and deliver products and services to market faster.”

This initiative comes alongside several other Government schemes designed to stimulate new business, notably the New Enterprise Allowance and newly-opened Enterprise Clubs. The deadline for applications is March 9, and you can apply by visiting the SETHA website.