The £50,000 Inventor Prize is looking for the UK’s best inventions that help make people’s lives better. The competition is looking for innovative and exciting new products that haven’t been on sale before.
Programme: Department for Business, Energy & Industrial Strategy (BEIS).
Award: Up to £50K
Opens: 9th Aug 2017
Closes: 22nd Oct 2017
The Inventor Prize is a pilot, run by Nesta and funded by the Department for Business, Energy & Industrial Strategy (BEIS). The prize aims to help smaller inventors overcome the barriers they face. The Inventor Prize wants to support individuals, teams or companies that would likely struggle to otherwise access resources and support. Unlike other programmes, the Inventor Prize will be athematic, open to products that relate to any issue as long as that product helps to make people’s lives better, thereby helping to tackle a social issue affecting the UK.
The Prize is looking for ideas that best meet the following judging criteria:
Criterion One: INNOVATION
Criterion Two: INSIGHT AND IMPACT
The entrant should demonstrate a real understanding of how their product could help make the lives of people in the UK better. Explaining what the need is and how the product addresses that need.
Criterion Three: QUALITY AND SAFETY
Entrants should demonstrate an understanding of the relevant safety standards and regulations and how their product will seek to meet them, as well as being of high quality and attractive to users.
Criterion Four: MARKET POTENTIAL AND FEASIBILITY
Entrants should consider who would buy their product and how much it will cost them to buy it. Entrants should ensure that their product is accessible and affordable to the potential users. Demonstrating an understanding of their target audience and ways to ensure successful commercialisation and the growth potential of their product.
Many people lack access to appropriate financial services, or simply lack the financial and digital knowledge in order to manage their money effectively. Click here for more details.
Mental health issues are prevalent in society, too many people suffer from stress, anxiety and depression and struggle to manage their mental health. Click here for more details.
Everybody ages, and the UK population is no exception. As people age, they come with both an increasing contribution to society, as well as number of challenges. Click here for more details.
Poor air quality is one of the most serious public health risks facing us today. Click here for more details.
For further information on eligibility, click here.
£50,000 will be awarded to the finalist that best demonstrate meeting the judging criteria. There will be two runner up prizes of £5,000 and £15,000 for two most promising products.