West Midlands Academic Health Science Network (WMAHSN) and Mercia Asset Management (MAM) have opened a new SME Innovation Fund for businesses developing digital solutions in health and social care.
Convertible loans of £50,000 to £100,000 are available to West Midlands-based SMEs that are seeking to move from the research to implementation stage. Successful applicants will become part of a network comprising NHS providers, the investment and academic community and will also have access to future investment capital.
The Fund is designed to support businesses whose products and services meet regional and national priorities on the adoption of digital solutions to drive efficiencies, improve patient outcomes and support economic growth. This includes mental health resilience, medicines optimisation and management, cardiovascular disease prevention and management, patient safety and improvement, and digital transformation.
Peter Dines, chief operating officer at Mercia Asset Management, said: ‘We have a track record of financially supporting and building life science businesses across the UK, all of which provide a scalable and innovative way of streamlining services, improving patient safety and releasing the burden of cost on the NHS.’
Alongside investment, successful applicants will receive regular mentoring workshops from industry experts.