Greater Manchester awards grants to support the city-region’s foundational economy

15 projects across Greater Manchester have secured grants of up to £60,000 from the city-region’s Foundational Economy Innovation Fund.

An online platform that helps carers manage their work and a cargo bike delivery service for high street businesses are among the projects to be backed backed by the second phase of support from the fund.

The foundational economy – also known as the “everyday economy” – refers to the parts of the economy people depend on for their daily needs, including the adult social care, early education and childcare, retail, and leisure and hospitality sectors. It accounts for about 40 per cent of jobs in Greater Manchester, a higher proportion than most other places in the UK. The fund aims to help these sectors become more productive, sustainable and resilient by investing in and supporting innovation. It recognises that policy and investment has not tended to focus on foundational economy sectors, which are made up of lots of social enterprises, micro-businesses and self-employed people, and they face barriers and challenges to developing innovative ideas.  

In the fund’s first phase in 2023, 40 projects received grants of up to £10,000 to develop their ideas for innovations in their sector or business, with recipients also receiving tailored support and advice. This latest funding round provides support for 15 of those projects to expand on their impact.

Mayor of Greater Manchester, Andy Burnham, said:

“Increasing productivity is key to growth, but this needs to happen right across our economy – not just sectors usually considered as high-tech.

“We saw in the first phase of this fund the breadth of creative thinking on show across our foundational economy sectors, and it’s great to see some of those ideas receive further support and investment to help them expand. Our fund is doing pioneering work, providing a model for other places to follow.”

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

“When we talk about growing the economy, increasing productivity and improving people’s working lives, sectors like social care, childcare, retail and hospitality should be part of the conversation just as much as any other. People who work or run businesses in these sectors can feel that the economy doesn’t work well enough for them, and that’s why our support of the foundational economy in Greater Manchester is so important.

“By establishing the Foundational Economy Innovation Fund we have bridged a gap in investment and innovation support, while also shifting perceptions and recognising the true value of these sectors. We backed a wide range of enterprising, creative ideas in the fund’s first phase. The additional funding and support is to help the projects expand on their impact, and we’re excited to see the progress they make.”

The Foundational Economy Innovation Fund is led by the Greater Manchester Combined Authority, with the Growth Company commissioned to deliver advice and business support to the projects.