North East SMEs will have new opportunities to access finance to support innovation alongside EU counterparts.

North East SMEs will soon have the chance to partner with European companies and solve problems posed by multinationals like Nissan, Komatsu and Caterpillar.

The region is set to pilot the Open Innovation 2.0 Lab programme, which encourages cross-border collaboration and aims to give SMEs the opportunity to create solutions to the problems faced by big manufacturers.

Participating firms will be given a real-world challenge and invited to submit an idea for a solution. Those selected will be paired with a European SME and receive a €5,000 voucher to further develop their idea.

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