Individuals employed by a UK registered business or organisation can apply to be part of a 3 day innovation lab. During this they will develop consortia and innovation projects. After the lab, consortia will have the chance to apply for project funding.
Programme: Innovate UK
Award: Share of up to £8 million
Opens: 26th Jun 2023
Closes: 30th Aug 2023
Innovate UK and ESRC (Economic and Social research Council), both part of UKRI (UK Research and Innovation), will invest up to £8 million to develop responsible data access methods in the professional (including legal and accountancy) and financial services sectors (including insurance, lending, advisory, and payment and transaction systems).
This is phase 1 of a 2 phase competition. In phase 1, individuals can apply to take part in a 3 day residential innovation lab on behalf of their organisation.
The innovation lab will run from 10 to 12 October 2023. The participants will work together to develop collaborative proposals for research and innovation projects.
After the innovation lab, during phase 2 of the project, consortia will have 8 weeks to finalise their proposals before submitting them for assessment.
Not participating in the innovation lab does not exclude organisations or individuals from joining collaborations formed during the innovation lab as partners. However, the lead applicant must have attended the innovation lab.
The aim of this competition is to speed up the responsible adoption of AI and data technologies and solutions in the professional (including legal and accountancy) and financial services sectors (including insurance, lending, advisory, and payment and transaction systems) by enabling better access to data.
The process and activities within the innovation lab may be unconventional, challenging and unexpected. By submitting an application, you are agreeing to take part fully, enthusiastically and constructively.
Project proposals submitted after the innovation lab, must focus on solutions that:
Your project proposal must:
Innovate UK want innovation lab attendees to come from a variety of different areas: Professional and Financial Services (PFS), businesses, technology suppliers, research and technology organisations, and public bodies.
Innovate UK intend to fund a variety of projects in phase 2 across the different professional and financial service sectors, technologies and varying technological maturities.
Innovate UK call this a portfolio approach.
In phase 2, following the innovation lab, we are particularly encouraging applications that:
ESG (Environmental, Social and Governance)
Projects must focus on ESG under this theme.
Projects may explore:
This list is not exhaustive.
To apply to attend the innovation lab, you must:
In the two weeks prior to the innovation lab, we will have an online webinar to start the process of introductions and background material so that we can make best use of the limited time in the lab. Details will be released closer to the time.
Innovate UK are looking for a broad range of expertise, disciplines and backgrounds, bringing together people who would not normally work collectively. The aim is to ensure diversity of thinking, experience and expertise. We reserve the right to select participants in order to have a balanced representation at the event.
Your application to attend will be considered by a range of assessors, which will include an occupational psychologist.
The assessment will look for evidence that you have:
Consortia created at the innovation lab will submit their collaborative project proposals through phase 2 of this competition on the Innovation Funding Service.
The lead applicant organisation must be a UK based business and must have attended the innovation lab.
To be eligible to submit a final project proposal after the innovation lab each of the organisations in your project team must:
If selected, your phase 2 project must start by 1 April 2024 and be completed by 31 March 2026
The lead and at least one other organisation must claim funding.
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 eligible project costs.
Innovate UK will not accept more than one application from an individual to attend the innovation lab.
Innovate UK will not award you funding at phase 2, if you have:
Following the innovation lab, Innovate UK are not funding:
Innovate UK will pay your residential and subsistence costs for the innovation lab, excluding alcohol. You will pay your travel costs to and from the event. You will not be paid for innovation lab attendance or proposal development.
You can discuss other costs with Innovate UK and these will be considered on a case by case basis, for example care costs.
For phase 2, we have allocated up to £8 million to fund innovation projects developed based on innovation lab proposals. Each project can claim a maximum grant of up to £2 million.
Any research organisations collaborating as part of a consortium may share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation, this maximum will be shared between them.
Book an appointment to speak to one of our advisors to discuss your eligibility to apply for this Grant Funding opportunity.