UK registered businesses can apply for grant funding alongside private investment from selected investor partners.
Programme: Innovate Uk
Award: Share of up to £2 million
Opens: 26th Oct 2023
Closes: 8th Jan 2024
Innovate UK, as part of UK Research and Innovation, has selected a pool of investor partners.
These investor partners have demonstrated that they have the credibility, capability, capacity and appetite to invest in innovative, technology-led businesses that align with our programmes.
These programmes will focus on the future economy as described in our plan for action.
The future economy investor partnership programme brings together:
This approach aims to provide you with support for research and development and access to the capital investment you need to develop and commercialise your innovations.
The aim of this competition is to provide you with support for research and development and access to the capital investment you need to develop and commercialise your innovations.
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 be:
You must also demonstrate that if your project is funded, it will:
Innovate UK are looking to support projects that focus on the future economy areas included in the Innovate UK plan for action.
Innovation and ideas can come from anyone and anywhere. Innovate UK want to see investments unlocked for the diverse and extraordinary talent in the UK. Innovate UK are encouraging diverse applicants and inclusive project applications, pushing beyond the status quo.
Innovate UK encourage innovation involving communities that are typically under-represented, including:
To support this, we also have a targeted theme on equality, diversity and inclusion (EDI).
The investor partnership programme is focused on specific themes for the future economy areas that include:
Health and wellbeing
Next generation digital technologies
No Limits (equality, diversity and inclusion)
The following specific theme is not in scope for this competition but is covered by a separate funding opportunity:
Create Growth Programme (from the Department for Culture, Media and Sport)
The Create Growth Programme creates innovation and investment in the creative sector, helping high-growth creative businesses to explore new innovative projects that will stimulate growth.
All of these programmes are described in more detail on the Investor partnership website.
In the scope and specific themes questions, you must explain which theme your project relates to and why. If your project also relates to the theme of equality, diversity and inclusion, you must explain this in the scope and specific themes questions.
Your application will be considered out of scope if you do not answer this clearly.
The eligibility criteria will depend on your research category.
For feasibility studies projects:
For industrial research projects:
For experimental development projects:
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.
To apply your organisation must:
Subcontractors are allowed in this competition.
Subcontractors can be from anywhere in the UK and you must select them through your usual procurement process.
You can use subcontractors from overseas but must make the case in your application as to why you could not use suppliers from the UK.
You must provide a detailed rationale, evidence of the potential UK contractors you approached and the reasons why they were unable to work with you. We will not accept a cheaper cost as a sufficient reason to use an overseas subcontractor.
All subcontractor costs must be justified and appropriate to the total project costs.
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:
You will only receive grant funding from Innovate UK if you also receive a minimum level of aligned investment that has been led by your investor partner. The minimum level of investment will depend on the research level.
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. We will also take into account the impact of the grant in accelerating investment and the likelihood of the investment completing within a reasonable time.
If you are successful you will receive grant funding to cover a proportion of the costs of your project. The project will only be allowed to commence once the agreed aligned investment has been confirmed.
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.
Feasibility studies and industrial research projects
For feasibility studies and industrial research projects, Innovate UK will fund:
The aligned investment led by the investor partner must always be at least equal to the grant funding.
Experimental development projects
For experimental development projects Innovate UK will fund:
The aligned investment led by the investor partner must always be at least twice as much as the grant funding.
Book an appointment to speak to one of our advisors to discuss your eligibility to apply for this Grant Funding opportunity.