The second phase of Greater Manchester’s Foundational Economy Innovation Fund has awarded a total of 15 projects with grants of up to £60,000 each.
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, 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. The activities and impacts of these projects have been chronicled in a new “yearbook”, which has been published on the GMCA website (PDF, 5.2MB).
The second phase is providing funding and expert support for 15 of these projects to expand on their impact.
Among the projects receiving funding is Wisterias CMS, which will use the grant to develop its innovative care management software. Born from the challenges of working in the sector during the Covid pandemic, the platform is used by carers in nursing, care homes, and supported living services to enable them to manage their services and time much more efficiently.
Tsitsi Mtasa, Founder and CEO of Wisterias CMS, said:
“One of the biggest challenges in our sector is transitioning care providers from paper-based to digital systems – currently only 55% use digital records. By streamlining workflow processes, introducing innovative rostering and care planning tools, and facilitating real-time data sharing with authorities and multidisciplinary teams, we aspire to significantly improve healthcare outcomes and operational efficiency.
“The additional funding will help us build on the successes we have had to date. We plan to develop a mobile app and engage with artificial intelligence (AI) healthcare experts to improve preventative care practices.”
Altrincham Business Improvement District (BID) is using its funding to build a low-cost, flexible and low-carbon delivery option for businesses through the use of cargo bikes.
Mandy White, Director of Altrincham BID, said:
“Support from the Foundational Economy Innovation Fund has helped us build the business case for cargo bikes – they can help reduce carbon emissions and local air pollution, while improving road safety and providing cheaper operational solutions for businesses.
“Expanding the project will help us engage more businesses across the borough of Trafford and get more of them using cargo bikes.”
Mayor of Greater Manchester and member of the GM Business Board, 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, GMCA Portfolio Lead for Economy, Business and Inclusive Growth and member of the GM Business Board, 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.
