The University is working alongside DigitalCity, the North East of England Process Industry Cluster (NEPIC) and the Materials Processing Institute to help grow the number of innovating, high-performing SMEs in the area.
Innovate Tees Valley has been made possible with a £3.8m grant from the European Regional Development Fund (ERDF). It aims to help SMEs overcome barriers to growth to bring in new products and services and reach new markets at home and abroad, by delivering tailor-made programmes of integrated, in-depth support.
Uniquely, qualifying companies will have access to the wide range of specialist expertise and the global networks of Innovate Tees Valley partners, making it possible to put together customised packages of support, part-funded by the ERDF grant.
Following an initial assessment of need, eligible businesses will be allocated a dedicated account manager who will put together the intensive support programme, which could include market intelligence, technical support and help with funding bids.
Laura Woods, director of the Forge, Teesside University’s business hub, said: "This is an exciting new approach to helping businesses to innovate.
"We wanted to get away from a one-size-fits-all formula, and make it as easy as possible for SMEs with ideas and ambitions to get exactly the help they need. That could be anything from support with a grant application to bringing in specialist technical expertise and talent to embed new techniques or deliver new processes or products.
"The beauty of this approach is that the partners are all working together on this. It means eligible SMEs have a straightforward route to the expertise and networks that can help them embed an innovation ethos, improve performance and productivity and compete in global markets.
"With a dedicated account manager, and the benefit of grant support, companies will be better supported than ever before to make the innovation leap."
Rob Earnshaw, Director of DigitalCity, added: "DigitalCity has a fantastic track record of helping companies implement the latest technological innovations to enable their businesses to grow.
"Through Innovate Tees Valley we can offer a package of interventions to SMEs which will help them improve their performance through digital innovation."
NEPIC chief executive, Dr Stan Higgins said: "NEPIC's industry leadership team are driven to support the development of innovative service and manufacturing SMEs.
"Our industry recognises that SME growth and supply chain diversity are key drivers of the local economy and vital for the sustainability of important clusters such as the chemical-process sector.
"By working across all industry and business sectors through the Innovate Tees Valley project we hope to help SMEs recognise that what they do is innovative, and assist them in developing products and services for sectors that they had potentially not yet considered."
Click below to sign up for daily rgeional business updates
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement