A pioneering fund has awarded £275,000 to a range of projects aiming to spark innovation in Greater Manchester’s “foundational economy”.
Twenty-five businesses and organisations have been awarded grants of up to £11,000 from Greater Manchester Combined Authority’s Foundational Economy Innovation Fund.
The foundational economy – also known as the “everyday economy” – refers to the parts of the economy people depend on for their daily needs, including adult social care, early education and childcare, retail, and leisure and hospitality sectors.
Funding has been awarded to projects that drive innovation and improve productivity and working conditions in these sectors. Recipients have put forward a broad range of creative ideas to improve ways of working, support their workforce and make their sector more resilient.
Greater Manchester has the UK’s fastest-growing economy. By ensuring that technology and innovation benefit every part of that economy, the Fund is supporting the city region’s ambition for another decade of sustainable and inclusive growth.
Grants of up to £11,000 are being awarded in the fund’s first phase. A second phase will provide the most impactful projects with up to £60,000 to further develop their ideas.
Find out more about the projects being funded through the Foundational Economy Innovation Fund.
Cllr Bev Craig, Leader of Manchester City Council and Greater Manchester Lead for Economy, Business, and Inclusive Growth, said:
“Our groundbreaking Foundational Economy Innovation Fund is supporting the sectors that underpin our communities and provide the essential products and services we use every day. We received lots of applications and we were really impressed by the ambition and creativity on show.”
“The projects awarded funding are tackling the full range of challenges the foundational economy faces, and we look forward to seeing them turn their ideas into impact.”
The Foundational Economy Innovation Fund was shortlisted for an award by the Institute for Economic Development in 2024. This latest round of funding is the second awarded by the Fund.
So far it has supported a broad range of businesses, social enterprises and voluntary organisations. Participants have reported an increased confidence and capacity to innovate, with knowledge and skills gained from the programme shared widely by participants with their staff, customers and service users.
Among the projects receiving funding is Yonder People CIC’s Social Care Academy. A collaboration with HMP Styal, the initiative is aiming to equip low-risk female offenders with the skills and qualifications needed for social care employment post-release.
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