A small business from Cambridge has won a share of £400,000 to help test the commercial potential of a truly cutting-edge new business idea – a diamond-edged band saw which can cut through just about anything.
The East of England Development Agency (EEDA) has announced today that 29 companies across the region will receive Proof of Concept funding to hone all sorts of ideas for innovative new products and processes. Projects include new techniques for art restoration, a pioneering new smoke alarm and a tracking system for missing persons at sea.
Cambridge–based C4 Carbides received over £15,000 to test the commercial potential of their saw.
C4 Carbides chairman Pete Nicolson said: “We’re developing a cutting-edge solution that’s just looking for a problem – a saw that could cut through anything from carbon fibre to ceramics, and one that’s 3 or 4 times more durable than its alternatives. EEDA’s grant will really help us to identify lucrative gaps in the market, the low-hanging fruit which can kick-start this products growth.”
EEDA’s business finance manager Trevor Conway said: “Despite the recession, there are still ambitious entrepreneurs out there trying to bring new products to the market. EEDA’s Proof of Concept funding is there to give these people a head-start; to really identify gaps in the market and how they could adapt their projects to fill those gaps.”
“We have actually seen a distinct rise in applications for EEDA Proof of Concept funding in this latest round – a real testament to the ambition and resilient nature of businesses across the East of England, the UK’s ‘ideas region’.
EEDA are now accepting proposals for the next round of Proof of Market funding (new name for the Proof of Concept fund), with the deadline for applications at 5pm on Friday 8 January 2010.
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