Economic Development Team services

Economic Development is concerned with growing the economy through the creation of more businesses, jobs and improved skills. Funding is provided to drive growth and productivity through investment in economic infrastructure, business innovation, employability and skills.

Funding applications are made on behalf of the institution rather than individual or groups of academic staff. The Team may disperse won funds to academic and external partnerships where a partnership can demonstrate the potential for economic growth and meets the requirements of the funding application.

Horizon scanning

Provide staff with insight and advice around emerging and existing economic development funding opportunities.

Project Scoping

Assess projects to identify their suitability for funding. This activity includes understanding how the proposed activity will benefit businesses and the University and ensuring the business case for the proposal is robust.

Development of funding applications

Write and develop funding applications, in conjunction with staff, in response to funding opportunities. These applications need to focus on the benefit to businesses and the regional economy. This is fundamentally different from research funding where the focus is the creation of knowledge.

Identifying and Engaging partners

Identify and engage suitable partner organisations to collaborate with the University on projects relating to regional growth activities. Economic development funding has a greater emphasis on partnership working with funders, other delivery organisations and the businesses themselves.

Contractual and audit compliance

Provide expert advice and guidance to ensure projects are developed and delivered in a way that minimises the risk of potential financial penalties due to non-compliance with legal and contractual requirements e.g. suitable completion of timesheets. Economic development funding is subject to a stricter audit regime than for research funding, especially around procurement and state aid.

Initiating project policies and procedures

Provide advice and expert guidance on suitable policies, processes and procedures for management of funded activity e.g. the creation of an eligibility form for SMEs that is compliant with data protection legislation.

Financial claims

Prepare and manage the submission of reporting and claims to funders that correctly evidence expenditure and outputs. Unlike research funding economic development funding is almost always paid in arrears. This means the University is covering costs in advance and spending at risk pending successful claims.