The fund can help smaller food and drink companies gain access to resources to help their businesses grow.
The aim of the programme, known as the Innovation Advisory Service, is to help companies identify growth opportunities and strengthen their own innovation and research capabilities, stated Treve Willis, project director.
"I would like to encourage South East food and drink firms to take advantage of this opportunity to have an independent, expert pair of eyes review their business potential," stated Willis. "By offering them greater access to both specialist advice and the UK's best resources in science and technology, we hope that they can achieve a substantial boost to their profitability and competitiveness."
Under the programme companies would receive help in applying for funding, securing new business opportunities, investigating new technologies and access to the latest research.
Firms will also be able to use a series of information tools, including technology assessment, marketing of innovation, process management, corporate venturing and project management. The service also intends to make it easier for the transfer of knowledge between the academic and business communities at both the regional and national level.
Eligible businesses should have an operating base in the South East and ideally have 30 or more employees in order to benefit fully from the service. They can call on up to 10 days of free advice from experienced innovation advisors who have access to the resources available in the region, Willis stated.
The programme is managed by Oxford Innovation, who will collaborate with the National Physical Laboratory, CLIK, the technology transfer arm of the CCLRC Rutherford Appleton Laboratory, and TTI, a wholly owned subsidiary of Serco.
The service was launched by the South East England Development Agency (SEEDA) with £2.5m in funding.
The service is available now, but will be officially launched on 4 April.