Find out how funding from CWLEP Innovation Test-Bed Programme has helped Induction Technology Group to diversify using alternative materials.
Summary
- Support Received: Financial
- Grant awarded: £5,025 Cap, £6,609 Rev
- Private Match: £18,335.15 Total
- Outputs Achieved: 2 new jobs; New product to the market.
Background
The business was awarded an Innovation capital grant of £5,026 and revenue grant of £6,609 in April 2020 from Coventry & Warwickshire Innovation Test-Bed Programme, which is part funded by European Development Regional Fund (ERDF). The ERDF grant was given to ITG to expand their range by using new innovative materials – world first filter shapes. The investment has helped ITG to succeed in their quest to capture the American market’s attention.
The Innovation
As a leading manufacturer of foam air filters, ITG have now been able to diversify using alternative materials which were missing from their range. The new product features a cotton filtration medium, as opposed to their previous model made from foam.
The financial support has allowed the business to assess their preproduction parts before they made the next step. The 3 layered pleated cotton gauze filter, which incorporates their previous model, is the first of its kind for ITG. It offers a distinct competitive advantage in the market and will remove the current need for the existing filter box to be sold without the filter.
The ERDF grant has allowed ITG to create a new IP for the design and work with a specialist agency to develop an end cap that is aesthetically pleasing and technically accurate. This innovative redesign of air filters will also extend the product’s lifecycle, generating larger revenues in the years to come. The product is already out in the market, and currently 2000 units have been sold to 40 distributors worldwide.
Richard Clews, General Manager at ITG Ltd has commented, ‘the ERDF scheme has allowed us, and would allow future applicants, to accelerate business growth and success rate by going in new and alternative directions. Without the funding, this move would have been delayed. The support from the staff, as well as the financial help, has given us the confidence that we are making the right decisions for our business’.
If you are aiming to grow your company and launch your innovation, we want to hear from you. To find out more about how we can help your business please contact us by email at innovation@coventry.gov.uk and one of our Business Advisors will be in touch.
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