Greater Manchester Combined Authority (GMCA)’s new Foundational Economy Innovation Fund will provide grants for businesses and organisations Greater Manchester’s foundational or 
everyday economy to trial innovative new ideas and improve ways of working.
The “everyday economy” or “foundational economy” refers to the parts of the economy people depend on for their daily needs, including adult social care, early education, childcare, retail, and leisure and hospitality, across the private, public and voluntary sectors. Many of these businesses were among the hardest hit by the pandemic and impacts of leaving the European Union and are now facing further pressure due to rising inflation and energy costs.
In Greater Manchester, about 40 per cent of the workforce are employed in the foundational economy. To become a more prosperous city-region, we want to increase
resilience and potential to grow profits in these sectors by directing investment to find new, innovative ways of working.
Businesses and organisations are being asked to come forward as part of an initial expression of interest phase, which aims to develop networks and “match” potential applicants with relevant partners. This could involve connecting an innovator with a suitable business or matching a business with a good idea to the relevant expertise.
There is also interest in taking technologies that work in other industries and applying them to foundational economy sectors.
After the initial expression of interest phase, 40 projects will be chosen to receive a £10,000 grant in the fund’s first stage. A second stage will provide 10 of those projects with £60,000 to further develop their ideas, with each funding recipient also receiving support and advice.
Ideas should focus on one of four sectors:
health and social care, early education and childcare, retail, or hospitality, leisure and tourism. Within those sectors, we are interested in ideas that respond to at least one of four areas where ideas could make an impact:
Keeping it local – Innovations that support local and sustainable supply chains within Greater Manchester, helping to create a regional economy that is more resilient to external shocks.
Greener, cheaper and more resilient – Innovations that reduce or manage energy consumption and costs for businesses, helping to decrease carbon emissions.
New ways of working – Innovations that help create or integrate new ways of delivering a high quality service for both workers and customers, including the adoption or development of technology.
Supporting the workforce – Innovations that help with the recruitment and retention of staff, including new ways of delivering in work training, upskilling the workforce, and engaging with freelancers and the self-employed.