Pera Technology Ltd has announced the second stage of its multi-million-pound innovation competition. The new-product development firm is looking for small and medium-size engineering and manufacturing business that are seeking finance to develop new product and process ideas.

The chosen companies will receive a fully funded application to the European Union’s Horizon 2020 science and innovation fund. Launched earlier this year, the fund provides grants of between £400,000 and £2 million to turn new product ideas into commercial prototypes.

A spokesman for Pera Technology said: “We’ve seen a huge response to the first round of the competition. There are a number of innovative new product ideas that we are now progressing to the next stage, and we are aiming to help even more local businesses increase product portfolios and generate new revenue.”

All of the submissions will be assessed on a range of criteria including feasibility, commercial potential and originality. The deadline for entries is 21 November.