Overview
Innovate UK, as part of UK Research and Innovation, will invest up to £20 million in the best cutting-edge or disruptive ideas with a view to commercialisation.
Scope
This competition provides innovation research and development (R&D) funding from feasibility (including market research), through to technology or prototype testing and development stages up to (but not including) commercialisation.
Your proposal must demonstrate:
- a clearly game-changing and/or disruptive innovative idea leading to new products, processes or services
- an idea that is significantly ahead of others in the field, set for rapid commercialisation
- a strong and deliverable business plan that addresses (and documents) market potential and needs
- a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays and so on) with realistic management, mitigation and impact minimisation plans for each
- sound, practical financial plans and timelines
- good value for money which will always be a consideration in Innovate UK funding decisions
- a clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way
Projects can focus on:
- feasibility studies, which may include market research
- industrial research
- experimental development, if appropriate for the challenge identified and proposed solution
Preference will be given to applications that demonstrate realistic, significant potential for global markets.
Innovate UK particularly welcome proposals from innovation-based businesses with significant ambition and potential for growth or scale-up.
Where possible, projects should take customer and user needs into account to deliver more desirable and useful solutions.
Eligibility
To lead a project you must:
- be a UK-based business of any size or a research and technology organisation (RTO)
- carry out your project in the UK
- intend to exploit the results from the UK
- be an SME if you want to work alone
- include an SME if you want to collaborate with others (businesses, research base and/or third sector)
Single applicants must claim funding. If the project is collaborative, the lead and at least one other organisation must claim funding.
Funding Costs
For feasibility studies and industrial research, you could get funding for your eligible project costs of:
- up to 70% if you are a small business
- up to 60% if you are a medium-sized business
- up to 50% if you are a large business
For experimental development projects which are nearer to market, you could get funding for your eligible project costs of:
- up to 45% if you are a small business
- up to 35% if you are a medium-sized business
- up to 25% if you are a large business
Total eligible project costs must be within the following ranges:
- Project duration between 6 and 18 months: total costs must be between £25,000 and £500,000 and may be either single company or collaborative applications.
- Project duration between 19 and 36 months: total costs must be between £25,000 and £2,000,000 and must be collaborative.
- If you wish to submit a project between £2 million and £3 million as a permitted exception, you must email customer services with full justification at least 10 days before applying.
- Project costs below £25,000 will be deemed ineligible.
Exclusions
Innovate UK will not fund proposals that:
- do not meet the competition scope
- do not address the size, potential and access to market for the innovation
- do not evidence the potential for their idea or concept leading to significant return on investment (ROI), positive economic impact, growth and scale-up of the business
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