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Innovate UK, the governmental body responsible for providing grant funding to innovative projects in British industry, has outlined its programme of funding competitions for the 2016-2017 financial year. Innovate UK plans to award grants worth up to £561 million in the coming year, according to the plans announced last week by their chief executive Dr Ruth Kiernan.
The plans for the 2016-2017 financial year represent a significant change in the structure of Innovate UK’s grant funding programmes. It appears that Smart Grants programme will no longer be available. Instead there will be two funding rounds for each of four specific sectors, together with an additional two open funding rounds for applicants from any sector. The four sectors identified by Innovate UK are:
Innovate UK will also continue to offer funding programmes and competitions in cooperation with other Government departments.
These plans appear to simplify the system under which grants are made. However, Innovate UK have not yet published full details of the procedures or closing dates for applications, even though some funding rounds are expected to be accepting applications from as early as next month.
“We welcome the news of Innovate UK’s funding plans for the coming year,” said Barrie Dowsett, CEO of Myriad Associates, “and applaud the government’s ongoing commitment to supporting and encouraging innovation by firms in all industry sectors. We look forward to seeing the details of the application process and the acceptance criteria for each funding round, and we will continue to advise our clients and help them maximise their chances of success in their grant applications.”
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. If you would like to discuss any aspect of R&D grant funding or R&D tax relief please contact us today for a free, no-obligation consultation. We look forward to hearing from you.