Funded by the UK European Regional Development Fund (ERDF), CPI announced the launch of the PROSPECT program to assist small and medium-sized enterprises (SMEs) in the North East across a wide range of sectors.
The program will offer local SMEs product and process development support to fast-track the – otherwise lengthy and underfunded – journey of introducing new, innovative products to market.
This fully-funded program is designed to support SMEs within – or seeking to access – the health and personal care, consumer goods, chemicals, materials, and food and drink sectors to enhance prototyping, scale-up, and applications of their technology.
Accessing expert services such as the ones through the PROSPECT program help to overcome technical and financial barriers, enabling these regional sectors to compete in an international market and drive future economic growth in the North East.
SMEs will be able to access the PROSPECT suite of equipment and knowledge at NETpark in Sedgefield, County Durham. This includes highly skilled scientists and access to liquid mixing test rigs and scale-up facilities, complex powder processing facilities and a stability testing rig.
These can help SMEs to significantly reduce product and process development timelines.
Supported by ERDF funding and equipment, CPI will also provide relevant business expertise, in-depth understanding and tailored advice to accelerate product performance, manufacturability and ultimately, commercialization.
With an end date of November 2022, the program will run over the next two years, helping SMEs with less than 250 staff and an annual turnover of under €50 million.
An online launch event will be taking place on Jan. 28, 2021, to celebrate the PROSPECT program.
“The PROSPECT program will provide some of the country’s most inventive SMEs with the crucial funding, expertise and equipment to develop their innovative products. I am looking forward to seeing how this program can unlock the bright potential of SMEs, in the North East, over the coming years," said Tony Jackson, formulation director at CPI.
