East Midlands Development Agency (emda), has announced additional funding of £22 million to help regional businesses to develop and exploit innovative ideas.

The new funding was announced today by emda Chairman Bryan Jackson and Phil Hope MP, Minister for the East Midlands, at BIS (Department for Business Innovation and Skills).

The announcement was made during an event hosted by Lord Mandelson, to highlight the impact of England’s Regional Development Agencies (RDAs).

It is anticipated that emda’s investment will enable a further £20m of finance to be leveraged, helping hundreds of businesses to develop and grow and creating a significant number of new jobs across the region. The investment in the iNets will also form part of the second Regional Innovation Strategy (RIS2), which emda will launch next month, as part of the annual celebration of innovation, the East Midlands iFestival.

Speaking about the new investment in innovation, emda Chairman, Bryan Jackson, said: “We recognise that it is vitally important to support innovation in the region. The East Midlands has long been a region of innovators. The jet engine, DNA fingerprinting, ibuprofen and the MRI scanner were all invented here.

“This investment will serve to further support those key technology areas identified in the Government’s New Industry New Jobs strategy, such as Advanced Manufacturing and Low Carbon. It demonstrates the kind of large scale, strategic business support activity that can only be delivered at a regional level. The new funding combined with the exciting vision of the new innovation strategy, will help to support a new generation of innovators, further establishing the East Midlands’ reputation as an innovative region at the cutting edge of technology.”

For more details about support for innovation in the East Midlands, visit www.eminnovation.org.uk