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If you are just starting out as a games developer in the UK, the UK Games Fund may be able to boost your finances. The fund was announced just a year ago, in the 2015 budget, with £4 million funding to support the UK’s growing video games industry. The establishment of the fund was welcomed by trade associations including Ukie and TIGA.
According to research by Ukie, the UK games market is worth £4.19 billion annually, offering tremendous opportunities for both games developers and hardware manufacturers. Figures show that the mobile games market continues to grow exceptionally well, and that sales are up by 5% compared to the previous year.
The fund was launched in October 2015, and it is planned to operate until 2019. In February 2016, Ed Vaizey, Minister for Culture and the Digital Economy, announced the names of the companies receiving grants in the first round of funding. The 24 successful companies were selected from over 100 applications. In making his announcement, the Minister said “The UK is home to some of the world’s most successful video games and this cash boost will help these games companies grow their business and create the blockbusters of tomorrow.”
The UK Games Fund is currently accepting applications for a second round of funding. Many grant funding schemes aren’t suitable for startups, but the UK Games Fund will consider applications from very small companies and companies in formation. Applicants do not have to be legally registered companies, and do not have to be registered for PAYE at the time when they apply. However, a company that is awarded a grant will have to complete its registration as a company, and become a PAYE employer, before it can receive any grant funding.
Applicants need to provide background information on their company, and a detailed description of their game development project, including an analysis of the intended market. The application also needs to include a commercial plan explaining how the company intends to publish and market their game. Full details are available on the UK Games Fund website, and applications need to be submitted by 12 noon on Monday 18th April 2016.
About Myriad Associates
Myriad Associates are leading experts in helping businesses maximise public funding for their research and development activities through R&D Grants and R&D Tax Credits, as well as Video Games Tax Relief (VGTR) for games developers. If you would like to discuss any aspect of R&D grant funding, R&D tax relief, or VGTR please contact us today for a free, no-obligation consultation. We look forward to hearing from you.