They (NESTA) believe that creative industries can significantly improve the performance of other businesses helping them to, for example, develop new products, or devise platforms aimed at reaching new audiences.
SME's interested in the funding will be given £4,000 to spend with creative companies on the condition that they contribute a further £1,000 of their own money towards the given project.
Hasan Bakhshi, director for creative industries in
NESTA’s policy and research unit said: “We will be tracking the development of all the businesses taking part so that we can measure conclusively the additional impact this has on stimulating innovation and growth”.
This will provide an additional boost to the region's creative sector and will hopefully lead to a requirement for additional permanent and freelance jobs over the next 12 months.
Manchester was chosen due to it's profile as a leading hub in the creative sector, and a total of 150 companies will be chosen to take part in the scheme. Businesses will need to fill in a short questionnaire to assess eligibilty, from there they will be entered into a draw. Successful applicants will be able to spend the credits with a creative business from Greater Manchester, a list of which will be registered as a list on the NESTA website.
Andy Chesters.