Funding awarded for new ideas to improve Greater Manchester’s foundational economy

40 projects to improve ways of working in Greater Manchester’s foundational economy have been awarded a combined total of £400,000 from Greater Manchester Combined Authority (GMCA).

Each project has been awarded a £10,000 grant from GMCA’s Foundational Economy Innovation Fund, launched in Autumn 2022, to develop ideas for innovations within their sector or business, alongside tailored support and advice to boost their chances of success. Ten of the projects will go on to be awarded a further £60,000 grant to develop ideas further in early 2024.

The foundational economy refers to parts of the economy necessary for people’s daily needs, including adult social care, early education, childcare, retail, and leisure and hospitality. The funding aims to support these sectors become more resilient and profitable while improving the quality of jobs in Greater Manchester.

Successful applicants include a range of small- and medium-sized businesses and organisations from the voluntary, community and social enterprise sector.

Cllr Bev Craig, Leader of Manchester City Council and GMCA Portfolio Lead for Economy and Business, said:

“These projects have been selected because of their outstanding potential as we look for creative ways to improve Greater Manchester’s foundational economy. After launching the fund last year we received a fantastic response, with more than 300 expressions of interest.

“The Foundational Economy Innovation Fund is here to support sectors which are too often overlooked, and ensure innovation is harnessed to help them work better. In Greater Manchester a high proportion of our people are employed in these sectors, so any improvements could boost prosperity for many thousands of people.”

Lou Cordwell OBE, Chair of Greater Manchester Business Board, said:

“By supporting innovation across Greater Manchester’s foundational economy we can deliver increased productivity in the sectors we rely on for our daily needs.

“These businesses were among the hardest hit by the pandemic and now face further challenges from energy costs and inflation. This fund complements the wide range of business support already in place while backing ideas that could increase the resilience of these sectors in the future.”