JANUARY is traditionally a time when we look to new ideas, challenges and targets for the year ahead.

While last year was one of the toughest for the economy, it is widely accepted that hard times can stimulate innovation. But simply having the idea is not enough.

The Grant for Research & Development scheme offered by the South West RDA has already helped dozens of companies across the region get new ideas and innovations into production. The grant could do the same for your business in 2010.

For almost all recipients, the grant for R&D has been the deciding factor in getting these projects off the ground. If a company has a great idea and can demonstrate potential demand, the grant can provide the financial support necessary to transform it into reality.

The South West is a hot bed for innovation, particularly in areas like marine technology, aerospace and the creative and digital industries.

In Teignmouth, we are supporting diving technology specialists Grim Sea, with a £20,000 Grant for R&D. This will enable the company to complete prototype development and testing of its new diver's breathing system.

In Exeter, Attomarker Ltd, a spin-out company from Exeter University, now based in the university's Innovation Centre, has received £62,000 for innovative research into developing a medical instrument to allow GP surgeries and other medical staff to profile the immune system of patients with a single rapid test.

The grants for R&D – for between £5,000 and £50,000 — are available to individuals and small and medium-sized businesses.

Since 2005, more than 80 businesses across the South West have accepted grants for research and development with funding totalling more than £6 million. Whatever the invention, almost all of those companies have told us they couldn't have done it without the grant. To find out more visit: www.southwestrda.org.uk/grd