Innovation is a well-known buzz word. It is used to describe new ‘things’ everywhere; whether it be for technology, apps, software, an approach to business, a workplace or events. Some would accuse the word of being over-used and having lost its meaning.
What does innovation mean to you?
If you search the word ‘innovation’ online, there are numerous definitions;
While all the above definitions allude to innovation being something new, they lack the context required to define its full meaning, especially when applying it to the world of Grant Funding.
UK Research and Innovation (UKRI) recognises innovation as “the application of knowledge of ideas for the development of products, services or processes – whether in business, public services, or non-profit sectors.”
UKRI is the umbrella organisation in which many of the UK Government funding bodies sit – for example; Medical Research Council (MRC), Research England and Innovate UK – their primary function is to fund innovation in the UK.
By working with businesses applying for funding via UKRI and similar funding bodies for over 15 years, TBAT have learnt what is required to reach the level of ‘innovation’ to fund a project.
Innovation doesn’t have to be a brand-new invention; in fact, it very rarely is! It can be a novel way to use an existing service, process or product – even in a different industry – or to apply a new technology to improve what’s currently available.
Everyday, TBAT are working with businesses across the UK that are inspired to innovate. Here are a few examples of innovative products and services that have benefitted from TBAT’s support to access funding and bring their ideas to fruition:
If you are considering whether your innovation is cutting-edge and disruptive enough to be awarded funding, and need some open, honest and constructive advice – get in touch with TBAT here.
TBAT’s range of services are available to help you scope innovation opportunities that match your project and offer support to guide you through funding your entire R&D lifecycle.
On 25th April 2022, Innovate UK launched the first SMART Grants funding competition with it’s new format and focus. The new competition is open for applications now, with a deadline of 27th July 2022.
Book your free 1-to-1 session on 27th April 2022, to discuss how to access Grant Funding for your innovation, with one of our advisors, during our next Funding Drop-in Clinic.
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