Small food businesses offered slice of £50k funding

Small food businesses offered slice of £50k funding
Credit: Shutterstock.com/ Jevanto Productions

A new competition aimed at supercharging innovation in the food industry is offering small food and drink companies a slice of £50,000 funding.

Defra has launched in voucher scheme through its Food Innovation network with the aim of connecting food and drink producers with world-class facilities – such as test-kitchens and laboratories – to help them create new and innovative products and production methods.

With global demand for food projected to grow 60% by 2050, the Government said it is committed to making sure Britain is in a “superb position to take advantage of this”.

Micro, small and medium sized food and drink businesses will be able to compete for one of 10 £5,000 FIN vouchers – with matched funding from industry – by pitching their innovative projects to a ‘dragons den’ panel of industry and technical experts.

The winners will be those who demonstrate their ideas are novel, achievable and support business growth.

The money will allow food producers to invest in a wide range of innovative projects, such as reducing the use of water in growing vegetables, and creating new business opportunities.

Food Minister George Eustice said: “Our thriving food and drink industry needs to be innovative in order to be resilient and globally competitive.

“Some of our most innovative food businesses are smaller companies and each has unique challenges, from prolonging the shelf life of their products to developing new sources of protein.

“This new fund is aimed at helping support small businesses with a bright idea to develop their concepts in partnership with researchers or academic institutions.”

The competition, run on behalf of Defra by the Knowledge Transfer Network (KTN), will support projects of three to six months.

Applicants will need to submit an initial two-minute video pitch and a short description setting out their innovative business opportunity.