Business Basics: boosting SME productivity (proof of concept strand)
The Department for Business, Energy and Industrial Strategy (BEIS) has up to £2 million to invest in trials of innovative ways to improve productivity for micro, small and medium-sized businesses (SMEs).
The funding is part of the government’s Business Basics Programme, announced as part of the modern Industrial Strategy.
The Business Basics Programme aims to test innovative ways of encouraging SMEs to adopt existing technologies and business practices that boost productivity.
The competition will fund 2 types of project, proof of concept or feasibility studies and full-scale trials. If a proof of concept is successful, there is potential to access further funding to move the project into a full-scale trial in the future.
Projects should look at how to increase the adoption of technology and business practices to improve the productivity of SMEs. This could include:
- adopting existing technology, such as accountancy, CRM or HR software, cloud computing or payment systems
- adopting modern business practices, such as leadership and management capabilities or developing an innovation culture
- a combination of the 2 approaches above
Ideas could include increasing awareness about the benefits of technology, how to create interest in adopting new technology and business practices, making the benefits of new technology clearer and providing advice and support.
The funding will be used to develop and trial ideas for increasing the adoption of productivity-boosting technology and business practices among SMEs. It will also be used to evaluate the effectiveness of these ideas in the short, medium and long term.
This strand of funding is for undertaking proof of concept (PoC) or feasibility projects. At the same time they are running another strand for full scale trials.