New £4.3m Grant To Boost Business Innovation

Economy Minister Conor Murphy has launched the Business Innovation Grant (BIG), a new £4.3 million initiative designed to stimulate innovation and enhance productivity among Northern Irish businesses.

The scheme, developed by Invest Northern Ireland and delivered in partnership with Innovate NI, is open to micro-businesses, sole traders, and SMEs. Grants ranging from £5,000 to £20,000 will be available to support businesses in adopting innovative practices.

Minister Murphy emphasised the importance of innovation in boosting productivity and efficiency. He highlighted the aim of making innovation accessible to a wider range of businesses, particularly those in sectors that have traditionally been less active in this area. By providing financial support, BIG seeks to remove barriers and encourage businesses to embrace innovation.

The Minister expressed his commitment to building a balanced and resilient economy, focusing on high-quality jobs, productivity, and sustainable growth across all regions of Northern Ireland.

Parliamentary Under-Secretary of State for Northern Ireland Fleur Anderson also said: "It was a privilege to attend the launch of this fantastic initiative that will accelerate innovation for many ambitious businesses across Northern Ireland. "Economic growth is this Government’s number one priority, and we are committed to working with all partners to ensure Northern Ireland continues to be a fantastic place to live, work and invest.

"It is through this commitment that this scheme has received £440,000 from the UK Government through the New Deal for Northern Ireland."

BIG is open to businesses who are not currently Invest NI clients or who have not received Invest NI grants in the past five years.

Alan McKeown, Executive Director of Regional Business at Invest NI, added: "BIG is designed to remove key barriers that have held many businesses back from innovating, providing targeted support at vital stages of their growth journey.  Today’s launch of BIG helps Invest NI diversify and broaden the types of businesses we work with. BIG demonstrates us taking tangible action on this, with the scheme specifically targeted to businesses which are not Invest NI clients. 

"'By working closely with local councils and enterprise agencies, BIG opens up new avenues to deepen regional partnerships, enabling us to reach and support businesses across Northern Ireland that can truly benefit from this programme."

More information on the Business Innovation Grant, including how to apply can be found at www.innovateni.com/big