News just in, Channel 4 is to axe the Birmingham-based 4iP fund, which had its main offices located in Birmingham following a £5 million sweetener of public money via Advantage West Midlands.

“the restructure would mean the 4iP brand would “disappear”, coinciding with the end of its two-year pilot and that the fund’s remaining budget will be invested in alternative technology projects. Channel 4 will continue to fund 4iP projects to which it has already committed, he said.”

The fund launched at Millennium Point and opened for proposals in Oct 2008, so it had a two-year run. Presumably, in that time it wasn’t able to see a sustainable return on its investments. Part of the remit was to support digital content development in the regions of the UK.