Twenty-three entrepreneurs have been awarded a share of £470,000 through the East of England Development Agency's (EEDA) latest ‘proof of concept' funding round.

This means a total of 43 entrepreneurs have been supported this year to the tune of nearly £1 million. And funds are still available this year to help the region's innovators assess the market potential for their business ideas.

The University of East Anglia will use a ‘proof of concept' grant of £38,540 to consider viable routes to market for their innovative fingerprint nanotechnology.

Professor David Russell said:

"‘Our technology can visualise an individual's fingerprints, while simultaneously revealing ‘lifestyle' information including whether they smoke or take drugs. EEDA's funding will be crucial in enabling us to conduct in-depth market research, identifying the most promising sectors for taking the application to market."

EEDA's ‘proof of concept' fund is designed to help entrepreneurs in the region's small businesses, universities and research organisations test the commercial viability of fledgling business ideas. Up to £40,000 is available to finance 75% of the project's cost.

Mark Aspinall, head of innovation at EEDA, has been impressed with the calibre of applicants to date:

"The drive and innovative verve displayed by the latest round of proof of concept award winners further underlines the East of England's status as the UK's ideas region. By funding detailed market analysis, we are providing entrepreneurs with clear routes to exploit their product, ultimately enabling them to take that first step towards commercial fulfilment."

The next ‘proof of concept' funding round closes at 5pm on Friday 19 October. Visit http://www.eeda.org.uk/financeforinnovation for further details of the scheme, as well as links to the application form, guidance notes and case studies of some past winners.

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1. For further information, application forms and guidelines please go to http://www.eeda.org.uk/proofofconcept

2. Proof of concept Fund 2007/2008 Timetable

About EEDA

The East of England Development Agency (EEDA) is the driving force behind sustainable economic regeneration in the East of England: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. The vision is for the East of England is to create a leading economy, founded on a world class knowledge base, creativity and enterprise to improve the quality of life for all who live and work here.

EEDA aims to do this by:

1. Setting and shaping the direction of economic development in the region

2. Persuading and influencing others to bring resources together, so that innovative ways of solving challenging economic issues are found

3. Investing in imaginative projects that challenge the norm and will have a significant impact on economic development in the region.

These aims are delivered through the four key areas of Business Support, Enterprise Hubs, Investing in Communities, and Regional Renaissance.

For further information visit http://www.eeda.org.uk/For further press information

Nick Benham, EEDA Press Office, tel: 01223 484536, email: nicholasbenham@eeda.org.uk