This competition is open to the best cutting-edge or disruptive ideas or concepts with a view to commercialisation.
These can come from any area of technology, science or engineering, including arts, design, media or creative industries, and be applied to any part of the economy.
Projects can focus on:
- feasibility studies which may include market research
- industrial research
- experimental development depending on the challenge identified and proposed solution
To be in scope, a proposal must demonstrate:
- a clear game-changing and/or disruptive innovative idea leading to novel, new products, processes or services that are significantly ahead of others in the field
- 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 with realistic management, mitigation and impact minimisation plans for each
- sound, practical financial plans and timelines that represent good value for money
- a clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible following project completion
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
- work alone or in collaboration with others (businesses, research base and third sector)
The lead organisation must claim funding through this competition.
All projects must include at least one micro, small or medium-sized enterprise (SME).
Total eligible project costs must be within the following ranges:
- project duration between 6 to 18 months: total costs must be between £25,000 and £500,000
- project duration between 6 to 18 months may be either single company or collaborative
- project duration between 19 to 36 months: total costs must be between £25,000 and £2,000,000
- project duration between 19 to 36 months must also be collaborative (cannot be a single company)
Competition demand is likely to be very high. Only those proposals with clear cutting-edge, game changing innovation which demonstrate the most robust business plans and highest potential for return on investment and impact are likely to be funded.
For more information – click here.