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Innovate UK has launched the Investment Accelerator Pilot programme. UK SMEs can apply for a share of £8.5m to fund feasibility studies that explore and evaluate the commercial potential of innovative ideas in infrastructure systems or health and life sciences.Innovate UK are looking to fund feasibility studies in the following specific priority areas:-
• Infrastructure systems – smart infrastructure, energy supply and systems, connected transport and urban living.
• Health and life sciences– agrifood, biosciences, advanced therapies, medical technology and digital health.
Innovate UK will fund projects up to £150,000 with a project duration between 3 to 12 months.
Project are 100% funded through grants and venture capital investment. Innovate UK will provide micro and small business 70% of the project costs with approved investors match-funding the remaining 30% through equity investment or convertible loans. Medium size business receive 60% Innovate UK funding and 40% will come from approved investors.
Funding from the approved investor must be new investment: the match funding cannot come from an existing investment. Nor can it come from the existing balance sheet of the applicant.
Application deadline is 12pm on 5 July 2017.
Further information can be found at http://snip.ly/0mhkv