Manufacturing innovations have the potential to bring about global changes.
At the start of the 20th century, it took over half a day to build a car. Then one fine day, Henry Ford installed the first moving assembly line and laid the foundation of mass production that we rely so heavily on today. To everyone’s surprise – with this innovation the time required to build a car was almost 5 times less.
Today, manufacturing innovation is just as relevant, but we have added complexities resulting from a global pandemic. COVID-19 has uncovered inefficiencies and highlighted areas of improvement for many manufacturing businesses.
It has also shown us that investing in innovation is critical to ensure business resilience and success. Advanced manufacturing equipment and technologies can help in lowering operating costs, increasing product quality, and most importantly improving customer experience.
Right now, the main priority for many manufacturers is to determine what funds are available to sustain and potentially grow their business. Luckily, there are grants available from £10k to over £1m and tax credits with typical values of over £50k.
Recently, a UK engineering company was rewarded with £357,000 of government tax incentives. The reason? They revolutionised the way aircraft engines are cleaned. This tax incentive couldn’t have come at a better time for them and it is now helping the business continue their innovation journey.
Here is a quick breakdown of various funding available to manufacturers:
- R&D Tax Credits
- Capital Allowances on Commercial Property
For a deeper dive into the various grants available, qualifications, and types of projects manufacturers can fund, join SHEA Global and 123 Grants on Thursday, September 24, 2020, at 2:00 PM (BST) for our live webinar to learn more.
Click here for further details and to register for free.