The North East has secured up to six times as much government innovation funding as some other areas and more than any other region of the UK.
Research from corporate tax specialists Catax suggests the North West, Yorkshire & Humber and the East Midlands all lag behind the national average of £2,563 per business. Meanwhile the North East secured the equivalent of £6,504 of Innovate UK funding for every business, or £860m in total.
In the North West, an average of £1,039 per business was awarded; in Yorkshire & Humber £2,204 per business, and in the East Midlands £2,084 per business. After the North East, the West Midlands came second with £3,941 per business granted, followed by London at £3,131.
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The research - which looks at total amounts distributed by Innovate UK - pointed to three of the largest grants awarded in the North East, including £106.5m given to the Centre for Process Innovation to create a high value manufacturing catapult and another £49.7m grant for a separate project, along with £74m for the Offshore Renewable Energy Catapult.
Catax said the results of the study provide a wake-up call to firms across the country who need to take greater advantage of the funding opportunities on offer, saying lack of awareness continues to hinder grant applications.
Karen Taylor, group head of grants at innovation funding specialist Catax, said: "When it comes to grant funding, the North East comes out on top and by a big distance, with businesses claiming the equivalent of two and a half times the UK average. It suggests that the message about the availability of grant funding has really cut through in the North East.
"The result is that businesses here are ensuring they get far more than their fair share. The North East should be hailed as an example for the rest of the UK. Levelling up will only come through mass adoption of this kind of innovation funding.”
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