University of York awarded grant to boost bioeconomy of local SMEs

January 17, 2019 |

In the UK, University of York has been awarded GBP1.5 million to support the growth of Yorkshire businesses that deliver innovative products, processes or services related to renewable, biological resources.

The funding has been awarded to the Biorenewables Development Centre (BDC), a University of York subsidiary, from the European Regional Development Fund (ERDF).

The BDC is now able to offer 80 pre-funded projects for eligible businesses in selected Yorkshire regions by 2020.

The Yorkshire region has a large and thriving bioeconomy. A Government-commissioned Science and Innovation Audit (SIA) of the bioeconomy in the north of England revealed there are over 16,000 bioeconomy related companies in the north of England, with a total annual turnover of over GBP91 billion, employing around 415,000 people.

The UK’s bioeconomy is estimated to be worth GBP220 billion gross value added (GVA) and the Government’s recently published bioeconomy strategy has set ambitious targets to double its size by 2030.

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