Medilink East Midlands, the Life Science Support Organisation for the region, alongside partners, has launched a new project which will provide regional medical technology, pharmaceutical and bioscience organisations with funding and support to help develop their new innovative projects and products.
The project – entitled INSTILS: Inspiring Networking to Stimulate Technology Innovation in Life Sciences – is part-funded by the European Regional Development Fund (ERDF) and follows on from Medilink’s highly successful Healthcare and Bioscience iNet project. This ran from 2008-2015, supported over 1000 companies to develop innovative new products and services, and was also part funded by ERDF.
The INSTILS project will run until September 2018 at a total cost of £4.9 million with almost £2.5 million coming from the ERDF funding allocation of the D2N2 Local Enterprise Partnership (LEP). Partners in the project delivery consortium are to invest an additional sum of almost £2.5 million.
The project builds on collaborations that have been successfully established across the business, university and NHS communities bringing together all the local key players in the life science sector.
Through the project, Small and Medium-sized Enterprises (SMEs), in the D2N2 LEP region, across Derbyshire and Nottinghamshire, will be able to gain access to a raft of support. This will include grants for innovation development, sector relevant events and support and advice from highly skilled individuals within the life sciences, business, NHS and university community. Additionally, entrepreneurial support will be available via BioCity’s DEVELOP accelerator programme.
Darren Clark, Chief Executive of Medilink East Midlands, commented:
“The launch of the INSTILS project is a significant further development for Medilink and the Life Science sector, and we are extremely pleased that we can not only offer companies and entrepreneurs the sector-specific support they need, but can also once again provide them with access to vital funding. INSTILS will allow Medilink and its partners to continue to work with SMEs and individuals throughout their innovation processes, connecting them to relevant expertise and assisting them in taking their products and services from concept to market.”
Peter Richardson, Chair of D2N2 Local Enterprise Partnership, added:
“Life sciences are one of the D2N2 LEP’s eight key sectors. Our area has major employers such as Alliance Boots in Nottinghamshire and Pennine Healthcare in Derbyshire, and the sector here represents an attractive offer for prospective investors.
“We also need to provide space, opportunity and time for new companies to develop in this growing sector. D2N2 is making a major investment in the INSTILS project, to ensure companies have the opportunity and capacity to grow.”
Other partners in the INSTILS project include BioCity Nottingham, The University of Nottingham, Nottingham University Hospitals NHS Trust, Derby Teaching Hospitals Foundation NHS Trust, Nottingham City Council and the East Midlands Academic Health Science Network.
About INSTILS: Inspiring Networking to Stimulate Technology Innovation in Life Sciences
INSTILS is an initiative, which is part-financed by the European Regional Development Fund (ERDF) and delivered by Medilink East Midlands. The key aims of INSTILS are to deliver high quality innovation support, work alongside emerging Life Science technologies, enable transfer of technologies between sectors and increase Research & Development investment.
About the European Regional Development Fund
The project is receiving up to £2,496,550 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
About Medilink East Midlands
Medilink East Midlands is the region’s life science industry association, whose aim is to help companies establish, develop and grow. Its network of more than 4,400 contacts in over 1000 organisations represents all aspects of the sector, including private and public institutions; from multinationals to high potential start-ups, as well as the NHS and universities.
Medilink East Midlands is a founding member of Medilink UK; a national network supporting over 3,000 companies across the entire UK. Medilink provides specialist support to boost the region’s economic output from life sciences by overcoming barriers to growth. Medilink’s highly knowledgeable team is a proven and trusted source of expert assistance.