The Technology Strategy Board (TSB) is to invest in small businesses working on innovative R&D projects in the North East’s manufacturing sector. The organisation is seeking expressions of interest in its Process Industries North East Launchpad competition, which will see it invest up to £1 million.

The TSB will cover up to 60% of project costs. Eligible projects must cost between £50,000 and £200,000 and last for 12-24 months. A spokesman said: “An integral part of Launchpad is the offer of support to help applicants raise additional external finance that we expect will be needed to fully fund the project and its subsequent commercialisation.

"In addition to receiving project funding, successful applicants will participate in a programme of business support and growth activities that will run in parallel to projects.”

The competition will open for applications on 1 September and close on 15 October.