This should be with a view to commercialisation and economic impact. Projects should aim to lead to new products, processes or services (or novel use of existing ones) believed to be significantly ahead of anything similar available in the field.
The good news is that Innovate UK grant funding is non-repayable, and they do not take any equity, IP or commercial rights over your project. The bad news is that Innovate UK grants are highly competitive which is not surprising as this in effect is ‘free’ cash.
Further details can be found below: