UK registered creative SMEs within appointed regions, can apply for grant funding alongside private investment from selected investor partners to support growth.
Programme: Innovate UK
Award: Share of up to £6 million
Opens: 26th Oct 2023
Closes: 10th Jan 2024
Innovate UK, part of UK Research and Innovation, is to fund up to £6 million in innovation projects. This funding is from the Department for Culture, Media & Sport (DCMS) Create Growth Programme.
This is the second funding competition for this government programme.
The DCMS Create Growth Investor Partnership programme brings together:
This approach gives your business access to the investment it needs to develop and commercialise your innovations.
Innovate UK is working with selected investor partners. These partners have demonstrated that they have the credibility, capability, capacity and appetite to invest in the creative industries businesses that align with the Department for Culture, Media & Sport (DCMS) Create Growth Programme.
DCMS has appointed six regions in England as part of the Create Growth Programme. These regions are:
The regions have been expanded by DCMS and are not detailed within the Create Growth Programme website.
The new expansion regions are:
The aim of the competition is to provide creative business with targeted support for innovations and access to investment to unlock their potential for growth.
Innovation and ideas can come from anyone and anywhere. We want to see investments unlocked for the diverse and extraordinary talent in the UK. We are encouraging diverse applicants and inclusive project applications, pushing beyond the status quo.
Your project must have:
You must demonstrate that your project will:
Innovate UK want to fund a variety of projects across the different creative sub-sectors from each of the DCMS Create Growth appointed regions. Innovate UK call this a portfolio approach. Innovate UK will also take into account the impact of the grant in attracting investment and likelihood of the investment completing within a reasonable time.
The investor partnership programme will be focused on the creative industries. The creative industries are defined by the Department for Culture, Media and Sport (DCMS).
Your project must focus on one or more of the following sub-sectors:
Creative industry businesses refer to those with a high intensity of creative occupations. You can refer to the DCMS Economic Estimates for a list of the sub-sectors and their associated SIC codes, that DCMS classifies under the creative industries.
Your project must:
Projects must always start on the first of the month and this must be stated within your application. Your project start date will be reflected in your grant offer letter if you are successful.
You must only include eligible project costs in your application.
Under current restrictions, this competition will not fund any procurement, commercial, business development or supply chain activity with any Russian or Belarusian entity as lead, partner or subcontractor. This includes any goods or services originating from a Russian or Belarusian source.
If you have not provided information on the investor partner who is leading on your investment or we are unable to confirm the investment position with that investor partner, then your application will not be eligible. Your application will then not be sent for assessment.
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 project costs.
A micro, small or medium size enterprise, cannot subcontract their own directors, secretaries, or persons with significant control.
You can only submit one application into this round of the competition.
You can use a previously submitted application to apply for this competition.
Innovate UK are not funding projects that are:
Innovate UK cannot fund projects that are:
Up to £6 million has been allocated to fund innovation projects in this competition. Innovate UK funding will be in the form of a grant with aligned investment from or led by one of our selected investor partners.
Innovate UK will decide which projects are eligible and in scope to receive grant funding. The decision will be based on the assessment of your application by independent assessors and on a review of your expected investment following a discussion with your proposed investor partner.
If you are successful, you will:
Your business must have sufficient capital resources, including through investment from the investor partner and the grant funding, to enable you to meet all your project’s eligible costs.
All recipients must act commercially, and your funding request must not exceed the limits specified.
For industrial research projects, Innovate UK will fund:
The investment led by the investor partner must always be at least equal to the grant funding.
Book an appointment to speak to one of our advisors to discuss your eligibility to apply for this Grant Funding opportunity.