Derby Innovation Accelerator

The UK Shared Prosperity Fund was launched in April 2022 to replace EU funding. The fund aims to boost communities, support local businesses and improve skills as a key part of the Government's "levelling up" agenda.

The Derby Innovation Accelerator will provide:

• Innovation Workshops - to support companies to achieve innovation-led growth through research and development
• Challenge-led Workshops - for launching challenges and drawing together potential collaborators.  The challenges will focus on strengthening the identified key sectors for Derby whilst inspiring innovation
• Decarbonisation Workshops - to support companies who are seeking to grow sustainably and respond to opportunities in the low carbon and circular economies
• Innovation Vouchers - to support access to University of Derby innovation assets, facilities, knowledge and expertise
• Capital Grants - to stimulate private sector investment in capital assets that support research and development
• Access to Angel and Investor Networks - to support, coach and facilitate companies to understand, prepare and secure 'Angel Investment'

Eligibility

The Derby Innovation Accelerator will provide innovation support to:

• Companies within Derby city only
• Established businesses and third sector organisations with high growth* potential 
• Pre-start and newly founded organisations with high growth* potential

(* high growth defined as evidence of, or ambition to grow, by at least 20% staff and/or turnover)

Target Sectors

1. Rail and the sub-sectors of planning design and project delivery, rail infrastructure and equipment, rolling stock, asset management, safety and security, operations, ticketing
2. Nuclear across activities including new build, nuclear infrastructure, waste management and decommissioning
3. Aerospace across activities including design, manufacture, maintenance, modelling, simulation, materials, acoustics, guidance and control systems
4. Life sciences and the sub-sectors of pharmaceuticals, biotechnology, medical devices, biomedical technologies, nutraceuticals, cosmeceuticals, food processing and environmental science
5. Creative industries including these sub-sectors: Advertising and Marketing; Architecture; Crafts; Design (Product, Graphic, Fashion); Film, TV, Video, Radio and Photography; IT; Software and Computer Services; Publishing; Museums, Galleries and Libraries; Music, Performing and Visual Arts; Animation and VFX/SFX (visual and special effects); Video Games; Heritage.
6. Digital across manufacturing and service industries that capture, transmit and display data and information electronically and as an underpinning enabler of growth and innovation across all sectors.

The UK Shared Prosperity Fund is a central pillar of the UK Government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK by investing in communities and places, supporting local businesses, and people and skills. For more information, visit UK Shared Prosperity Fund: prospectus.

Each part of the UK receives an allocation from this fund to cover three years until the end of the 2024-25 financial year. Following government approval of its investment plan, Derby City Council was awarded a total of £6.1m from the core fund. Each authority is encouraged to use the money to meet the unique needs of their community and location. 

The UK Government funds this project through the UK Shared Prosperity Fund.