Investor Partnerships in health technologies, West Yorkshire: Rd 1

Key Features

UK registered SMEs can apply for grant funding for projects that grow their innovation activities in the health technology cluster in West Yorkshire, alongside private investment from selected investor partners.

Programme:     Innovate UK

Award:     Share of up to £2 million

Opens: 4th Nov 2024

Closes: 11th Dec 2024

! This scheme is closing soon

Overview

Innovate UK, as part of UK Research and Innovation, will work with West Yorkshire Combined Authority to invest up to £2 million in innovation projects.

The projects will be led by ambitious UK registered micro, small or medium sized businesses (SMEs) who will use the funding to grow their innovation activities in the health technology cluster in West Yorkshire, both during and after the project.

This funding is from Innovate UK’s Launchpad programme which supports the UK government’s goals for local economic growth. This Launchpad is also supporting Health Innovation Yorkshire & Humber as the local cluster management organisation.

This competition brings together:

  • Innovate UK’s expertise in identifying innovation and using grant funding to change the risk profile of businesses
  • investor partners’ aligned funding and expertise in identifying opportunities and teams that can best use extra investment finance
  • the ambition of West Yorkshire Combined Authority for innovation led growth in the health technology cluster

Scope

The aim of this competition is to provide support for your research and development and access to the capital investment that you need to develop and commercialise your innovations and grow your business.

You must have gained a level of traction with one of Innovate UK’s investor partners. We will contact them to confirm they are likely to make an offer of investment if you have a successful application to Innovate UK.

Your proposal must have a clear route to market, a clear link to innovation and evidence that you can create a team to deliver your proposal.

You must demonstrate that if your project is funded, it will:

  • have significant market impact
  • be scalable
  • be attractive to equity investors

Your project must help to grow your innovation activities in the health technology cluster in West Yorkshire, both during and after your project.

This could be demonstrated by:

  • your local innovation activities
  • the value that your innovation activities create in the cluster
  • your engagement with other innovation active organisations in the cluster, such as with Health Innovation Yorkshire & Humber, this Launchpad’s cluster management organisation

Your application may be considered ineligible if you do not describe clearly how your main project activities and work packages meet the scope of this competition. This includes the main project activities of any subcontractors. If you do not describe how your activities in the cluster will continue after your project then you are unlikely to be offered funding in this competition.

Your project must focus on human health technology innovation. You can address any human health challenges that include, but are not limited to:

  • overcoming health inequalities
  • global net zero challenges in healthcare
  • major health conditions
  • the prevention of disease
  • earlier and better detection and diagnosis of disease
  • other challenges that can be tackled with health technologies

Portfolio approach

Following the independent assessment, all applications scoring over 70% will be reviewed by a panel including Innovate UK and our local partners for this Launchpad. The panel will review the applications in line with the portfolio criteria, which will inform Innovate UK’s decision on the funding awards offered.

Innovate UK want to fund a variety of projects across different criteria. Innovate UK call this a portfolio approach.

Innovate UK reserve the right to prioritise projects that demonstrate:

  • more innovation activity or value creation in the cluster or outside the Greater South East of England, during and after your project
  • greater levels of traction and momentum towards completing the aligned investment in a reasonable period of time
  • the grant is making a significant impact on the investment decision
  • closer alignment to this competition’s scope and specific themes

Specific Themes

Your project can focus on one or more of the following:

  • medical devices
  • diagnostics, including In-Vitro Diagnostics (IVD)
  • digital health, including data driven health technologies and artificial intelligence (AI)

This list is not exhaustive. Where you can show your proposal fits within the scope of this competition you can focus on other themes.

Eligibility

You must have confirmation from your investor partner that you can apply for this competition.

The eligibility criteria for your project depends on your research category.

For feasibility study projects:

  • your total project costs must be between £50,000 and £300,000
  • the project duration must be between 6 and 12 months

For industrial research projects:

  • your total project costs must be between £100,000 and £1 million
  • the project duration must be between 6 and 18 months

For experimental development projects:

  • your total project costs must be between £250,000 and £2 million
  • the project duration must be between 12 and 18 months

For all projects, your project must:

  • not start before 1 May 2025
  • end by 31 December 2026

Total project costs, detailed within your application, must not exceed the maximum project costs for your research category. If your total project costs do exceed the maximum, then your application will be made ineligible.

Your project will only be allowed to start once the aligned investment has been confirmed.

Projects must always start on the first of the month, even if this is a non-working day. You must not start your project until your Grant Offer Letter has been approved by Innovate UK. Any delays within Project Setup may mean we need to delay your project start date.

You must only include eligible project costs in your application. See our overview of eligible project costs. For specific guidance, see the eligibility section in this competition.

Your organisation

This competition is open to single applicants only.

To apply your business must:

  • be a UK registered micro, small or medium sized business (SME)
  • carry out all of its project work in the UK
  • intend to exploit the results from or in the UK
  • be invited to apply by your investor partner
  • have agreed your proposal with your investor partner before submitting
  • be able to complete the aligned investment before the start of your project, through the issue of new shares or convertible debt
  • have sufficient capital resources to enable you to meet all your project’s eligible costs, including through the grant funding and the aligned investment

Innovation and ideas can come from anyone and anywhere. We want to see investments unlocked for the diverse and extraordinary talent in the UK.

Innovate UK encourage innovation involving communities that are typically under-represented, including:

  • ethnic minority groups
  • women and other marginalised genders
  • disabled people
  • people with non-traditional education backgrounds

Subcontractors

Subcontractors are allowed in this competition.

Subcontractors can be from anywhere in the UK and you must select them through your usual procurement process.

All subcontractor costs must be justified and appropriate to the total eligible project costs.

Number of applications

An SME can only submit one application into this round of the competition. Any subsequent applications will be ineligible and will not be forwarded for assessment.

Sanctions

This competition will not fund you, or provide any financial benefit to any individual or entities directly or indirectly involved with you, which would expose Innovate UK or any direct or indirect beneficiary of funding from Innovate UK to UK Sanctions. For example, through any procurement, commercial, business development or supply chain activity with any entity as lead, partner or subcontractor related to these countries, administrations and terrorist groups.

Use of animals in research and innovation

Innovate UK expects and supports the provision and safeguarding of welfare standards for animals used in research and innovation, according to best practice and up to date guidance.

Any projects selected for funding which involve animals will be asked to provide additional information on welfare and ethical considerations, as well as compliance with any relevant legislation as part of the project start-up process. This information will be reviewed before an award is made.

You can use a previously submitted application to apply for this competition.

Exclusions

Innovate UK are not funding projects that are:

  • not carried out by SMEs
  • collaborative R&D projects
  • unable to demonstrate that there is potential for return on investment and growth
  • large capital infrastructure
  • not invited by one of Innovate UK’s investor partners
  • not meeting the competition eligibility or scope requirements
  • purely a result of reports, academic papers or similar

Innovate UK cannot fund projects that are:

  • dependent on export performance, for example, giving a subsidy to a baker on the condition that it exports a certain quantity of bread to another country
  • dependent on domestic inputs usage, for example, giving a subsidy to a baker on the condition that it uses 50% UK flour in their product

Funding Costs

Up to £2 million of grant funding from Innovate UK is available in this competition.

The total funding available for this Launchpad competition can change. The funders have the right to:

  • adjust the funding allocations between all Launchpad competitions and strands
  • apply a ‘portfolio’ approach

You will receive Innovate UK grant funding only if you also receive a minimum level of aligned investment, led or catalysed by your investor partner. The minimum level of investment depends on your project’s research category.

Feasibility studies and industrial research projects

For feasibility studies and industrial research projects, Innovate UK will fund:

  • up to 70% of eligible project costs for micro or small organisations
  • up to 60% for medium sized organisations

The aligned investment must always be at least equal to your grant funding request.

Experimental development projects

For experimental development projects Innovate UK will fund:

  • up to 45% of eligible project costs for micro or small organisations
  • up to 35% for medium sized organisations

The aligned investment must always be at least twice as much as your grant funding request.

Interested in applying for this competition?

Book an appointment to speak to one of our advisors to discuss your eligibility to apply for this Grant Funding opportunity.