Local businesses and budding entrepreneurs from across the East of England can secure up to £20,000 to help test the commercial potential of new products or processes, thanks to the East of England Development Agency (EEDA) opening a new and final round of its Proof of Market funding today.

Local businesses have until 5pm on Friday 10 September to apply for a grant and this funding can be used to carry-out in-depth market research, helping the business to identify the demand for new products and allowing them to hone their ideas to conquer those markets. Projects must be completed by March 2011.

Since EEDA introduced Proof of Market (formerly Proof of Concept) funding back in 2006, 250 projects have shared a total of nearly £5 million. Everything from waterproof socks, next generation wind turbine technology and superconducting magnets have received funding to take them to the next stage of development.

Paul May, executive director of innovation at EEDA, said: “As the economy continues to recover, businesses are looking to stay that one step ahead of their competitors by bringing new products to market. EEDA’s grants are designed to give local businesses a head-start, by helping them to identify and target lucrative gaps in the market.”

Businesses looking to apply for a Proof of Market grant can visit – http://www.bizmapeast.co.uk/finance/grants/proof_of_concept.aspx for more information and to download the application form.