Innovate UK Launch New Funding Competition
Innovate UK’s open competition aims to help overcome barriers to innovation by providing funding for innovation-based enterprises. Such enterprises should demonstrate their readiness to deliver a project leading to new, highly innovative processes, products or services. Ideally these would result in successful commercialisation and/or significant, sustainable growth.
The competition is open to the best business-led, innovative or disruptive ideas or concepts. These can be drawn from any technology, engineering or industrial area. This area can be one that fits into, or be outside of, any one or more of Innovate UK’s 4 priority sectors for growth.
To be in scope, a proposal must:
- demonstrate transformational or disruptive innovation leading to novel, new products, processes or services
- articulate a clear, anticipated growth and commercialisation impact for the business(es) with considerable, demonstrable (as you would set out in a pitch to any serious investor) potential to lead to a significant return on investment (ROI)
Priority will be given to proposals that are likely to lead to sustainable gains in productivity and/or access to new overseas markets through export-led business growth.
To lead a project you must:
- be a UK-based business
- be a business of any size
- carry out your project in the UK
- work alone or in collaboration with others (businesses, research base and third sector)
Innovate UK have allocated up to £15 million to fund innovation projects in this open competition. Successful applicants can attract grant funding towards their eligible project costs.
The percentage of costs that Innovate UK will pay through a grant varies. It depends on the type of research being carried out and size and type of organisation involved.
Projects can focus on:
- feasibility studies which may include a proof of market
- industrial research
- experimental development depending on the challenge identified and proposed solution
For technical feasibility studies (which may include a proof of market) and industrial research, you could get:
- up to 70% of your eligible project costs if you are a small business
- up to 60% if you are a medium-sized business
- up to 50% if you are a large business
For experimental development projects which are nearer to market, you could get:
- up to 45% of your eligible project costs if you are a small business
- up to 35% if you are a medium-sized business
- up to 25% if you are a large business
Find out if your business fits the EU definition of an SME.
Projects may last between 6 and 36 months. Total eligible project costs should range from £25,000 to £1 million depending on the type of R&D to be undertaken. It is important to note that any project with total costs outside this range will be deemed out of scope and ineligible.
An applicant can only submit one project application per competition round. If more than one application per round is submitted, only the first application will be considered for assessment.
To find out more please follow the link to: funding-competition-open-programme-round-2-2016
To explore collaboration opportunities with BU please email Mark Painter at: email@example.com
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