A not for profit organisation that has helped businesses raise more than £100 million to innovate has been given a financial lifeline by Surrey County Council.

Surrey leader Dr Andrew Povey used a meeting of the Full Council to announce £45,000 of funding to help keep Connect 2 Innovation going.

Connect 2 Innovation was set up to help businesses grow and has been largely funded by the South East England Development Agency. With the development agency being wound up, that money ends in August.

It is hoped the financial support for Connect 2 Innovation will tide it over until new deals are won, with Surrey's planned local enterprise partnership (LEP) exploring the possibility of working with it to help drive economic growth.

The county council and Surrey Economic Partnership are about to submit an LEP proposal to the Government.

The investment in Guildford-based Connect 2 Innovation is part of Dr Povey's commitment to stimulating Surrey's economy.

Dr Povey said: "Connect 2 Innovation helps to create jobs and boost business growth in Surrey and the council has a greater role to play in economic development with the demise of organisations like development agencies.

"Innovation is a vital part of ensuring Surrey remains a powerhouse of the national economy and Connect 2 Innovation has the expertise our Surrey Connects LEP requires to help ensure the UK carries on benefiting from its success.

"It has a fantastic track record, helping businesses bring 300 products or services to the market and create 230 jobs over 18 months."

Connect 2 Innovation is based at the Surrey Research Park. It was set up in 2009.

Anne Crean, Connect 2 Innovation's CEO, said: "I'm delighted with Surrey County Council's funding. This pledge will directly help Surrey businesses thrive globally, competing at the forefront of innovation."