TBAT Innovation launch the 2024 Innovation Challenge

TBAT Innovation is thrilled to announce the launch of The 2024 TBAT Innovation Challenge, an initiative aimed at supporting SMEs in their quest for innovation and growth. Crafted meticulously by the  TBAT team, this program brings together key partners to offer invaluable support and guidance to businesses striving to innovate.

The Innovation Challenge, powered by TBAT, with headline sponsor Shakespeare Martineau, will feature a series of four dynamic online workshops, all free to attend, aimed at addressing pivotal topics imperative for SMEs.

Innovation Challenge Workshops

• Workshop 1 – Finance
  20th March 2024
  Offering comprehensive insights into funding avenues essential for business growth and innovation.
• Workshop 2 – People & Recruitment
  17th April 2024
  Providing strategies for recruiting and retaining the best talent crucial for company success.
• Workshop 3 – Product Development & Protection
  22nd May 2024
  Equipping participants with strategies for designing and safeguarding innovations.
• Workshop 4 – Commercialisation
  26th June 2024
  Offering guidance on successfully bringing products to market and securing funding.

These online workshops are designed to tackle common barriers hindering innovation in businesses. They offer practical solutions to mitigate delays in Research and Development (R&D) projects or product launches, providing participants with actionable insights and strategies to overcome these challenges.

In June 2024, following the workshops, applications will open for businesses to submit comprehensive business plans to be eligible to win the Innovation Challenge. In October 2024, a finalist showcase event will be held for the top 10 finalists, providing them with an opportunity to present their business to key investors, with the winner announced thereafter.

The Prize Package

The winner will receive an exciting prize package, which includes a £5,000 cash prize and a tailored support package from select partners. Two runners-up will also receive support packages from participating partners. Confirmed partners for the £50,000 innovation support package include:

• Shakespeare Martineau
• Forresters IP
• EMBS
• Oxford Product Design
• Red Marlin
• Rocking Horse Group
• Conformance

Sam Stephens, Founding Director of TBAT Innovation Ltd, expressed his enthusiasm for the Challenge, stating, “We’re really excited to re-launch the Innovation Challenge and to be working with a great set of partners to support and stimulate businesses to innovate and develop. For many years we’ve been lucky to work with brilliant partners and clients and this challenge enables us to pull that network, knowledge and experience together, to deliver some real benefit across all areas of a business, so that it can thrive.”

Roger Harcourt, Partner at Shakespeare Martineau, echoed this sentiment, emphasising their commitment to supporting entrepreneurs and high-growth businesses.

“Shakespeare Martineau is delighted to return as lead sponsor of the Innovation Challenge, which continues to goes from strength to strength. Supporting entrepreneurs with early stage and high growth businesses is in our DNA. It is our privilege to be part of the journey of the exciting young businesses that participate in the Innovation Challenge. Helping to guide them on their journey to maturity and watching them create opportunity, reward and, in many cases, ground breaking intellectual property. The quality of the shortlisted businesses in 2023 was excellent and we look forward to being blown away again in 2024!”

The Innovation Challenge is open to any UK SME looking to innovate and grow. To be eligible for the prize package, applicants must be UK-based SMEs with a sustainable business strategy, working on a disruptive hardware or software project.

Registration for the workshops and participation in The Innovation Challenge is free and companies are actively encouraged to take part.