UK registered organisations can apply for a share of up to £5 million for projects that develop new products and services within Professional and Financial Services.
Programme: Innovate UK
Award: Share of up to £5 million
Opens: 1st Aug 2023
Closes: 27th Sep 2023
Innovate UK, part of UK Research and Innovation, will invest up to £5 million in innovation projects. The aim of this will be to advance the Professional and Financial Services sectors by supporting them in the creation and adoption of digital approaches and new digitally supported services.
This competition is split into 2 strands:
Your proposal must show how you will help these sectors:
It is your responsibility to ensure you submit your application to the correct strand for your project. You will not be able to transfer your application and it will not be sent for assessment if it is out of scope.
The aim of this competition is to advance the Professional and Financial Services sectors by supporting them in the creation and adoption of new digitally supported services.
Your project must focus on one or more of the following:
Your project must include the following:
Your project must address innovation in the relevant areas.
Innovate UK are particularly encouraging applications that:
Your project must:
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 and Belarusian entity as lead, partner or subcontractor. This includes any goods or services originating from a Russian and Belarusian source.
To lead a project your organisation must:
More information on the different types of organisation can be found in our Funding rules.
Academic institutions and research and technology organisations (RTO) cannot lead.
To collaborate with the lead, your organisation must be one of the following UK registered:
Each partner organisation must be invited into the Innovation Funding Service by the lead to collaborate on a project. Once partners have accepted the invitation, they will be asked to login or to create an account in the Innovation Funding Service. They are responsible for entering their own project costs in the application.
To be an eligible collaboration, the lead and at least one other organisation must apply for funding when entering their costs into the application.
Your project can include partners that do not receive any of this competition’s funding, for example non-UK businesses. Their costs will count towards the total project costs.
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.
A business can apply as the lead for multiple applications across the 2 strands of the competition, but only one successful project will be funded.
Any organisation can collaborate in any number of applications.
You can use a previously submitted application to apply for this competition.
Innovate UK are not funding projects:
Innovate UK cannot fund projects that are:
Up to £5 million has been allocated across both strands to fund innovation projects in this competition. Funding will be in the form of a grant.
If your organisation’s work on the project is commercial or economic, your funding request must not exceed the limits below. These limits apply even if your organisation normally acts non-economically but for the purpose of this project will be undertaking commercial or economic activity.
For feasibility studies and industrial research projects, you could get funding for your eligible project costs of:
For experimental development projects which are nearer to market, you could get funding for your eligible project costs of:
The research organisations undertaking non-economic activity as part of the project can share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation undertaking non-economic activity, this maximum is shared between them. Of that 30% you could get funding for your eligible project costs of up to:
Book an appointment to speak to one of our advisors to discuss your eligibility to apply for this Grant Funding opportunity.