Essex entrepreneurs awarded share of £470,000

Press release issued: 19 October 2007



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Six Essex-based entrepreneurs have been awarded a share of £470,000 through the East of England Development Agency's (EEDA) latest 'proof of concept' funding round.

This means a total of 43 entrepreneurs have been supported this year to the tune of nearly £1 million and funds are still available to help the region's innovators assess the market potential for their business ideas.

One business to receive such support is AV Niche Ltd, based in Basildon, who will use a grant of £26,130 to consider viable routes to market their innovative tamper-proof digital recording system.
Neil Holmes, managing director of AV Niche Ltd said:

"Our technology can digitally revolutionise the criminal justice system's methods of securely recording interviews. EEDA's 'proof of concept' funding was a logical next-step in our concept's progression. It will enable us to work with Anglia Ruskin University's Ashcroft International Business School to conduct detailed market research, looking specifically at end-user requirements, potential market sizes and competitor products. This will shape our future development work and move our product one step closer to commercial fulfilment."

EEDA's 'proof of concept' fund is designed to help entrepreneurs in the region's small businesses, universities and research organisations to test the commercial viability of fledgling business ideas. Up to £40,000 is available to finance 75 per cent of the project's cost.
Mark Aspinall, head of innovation at EEDA, has been impressed with the calibre of applicants to date and commented:

"The drive and innovative verve displayed by the latest round of proof of concept award winners, further underlines the East of England's status as the UK's ideas region. By funding detailed market analysis, we are providing entrepreneurs with clear routes to exploit their product, ultimately enabling them to take that first step towards commercial fulfilment."

The next 'proof of concept' funding round closes at 5pm on Friday 19 October.
Visit www.eeda.org.uk/financeforinnovation for further details of the scheme, as well as links to the application form, guidance notes and case studies of some past winners.
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