How are we funded?
As well as client fees, MidTECH will benefit from funding from the Department for Business, Innovation and Skills, through the Public Sector Research Exploitation (PSRE) Fund up until 31st March 2012.
We have also received support from the West Midlands Strategic Health Authority (NHS West Midlands) (“SHA”) as part of The Regional Innovation Fund 2009-2010 and historically from the regional development agency, Advantage West Midlands, as part of the regional medical technologies cluster programme 2006-2008 and the West Midlands Device Evaluation Network (“WM-DEN”).
Having the support of these organisations has enabled MidTECH to provide a first class innovation management service to our clients and commercial partners.
However, the change of government in May 2010 brought about NHS organisational and funding changes. Further, government funding has all but ceased and cannot be relied upon to provide any income for the next two or three years at least. Despite these changes, the maintenance of sound strategic relationships with NHS and other public sector stakeholders across the wider innovation ‘landscape’, at both regional and national level, remain critical to our overall success. The changes do, however, help MidTECH to focus on putting significant resources into securing, as far as possible, alternative income streams from private industry.
MidTECH needs good relations with relevant government departments, universities, agencies, venture capital and industry associations to ensure the innovations we manage have access to industrial and public sector partners and financial support. In addition, MidTECH needs to initiate and grow relationships with potential clients in the industrial, commerce and service sectors.
