The LCCA has established a steering group to lead the bid preparation.
It will involve representatives from all five universities connected to the county, major businesses such as BAE Systems, the Westinghouse nuclear power company near Preston, and small and medium sized supply-chain companies.
At a meeting of the LCCA last month, Blackburn with Darwen Council Labour leader Phil Riley said the pitch “plays to Lancashire’s strengths” and felt like “exactly the right thing that we should be getting started with”.
A total of £500m is available from the fund nationwide, but £360m has already been earmarked as uncontested “direct awards” that will be made to mayor-led combined authorities, leaving areas like Lancashire to make a case for a share of the remaining £140m.
Expressions of interest have to be lodged by mid-February and any completed bids by late June.