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.
Key information:
Further details can be found below:
https://apply-for-innovation-funding.service.gov.uk/competition/120/overview
Chancellor Rishi Sunak has laid out his economic plans for the next twelve months with a range of additional business support measures.
R&D Tax Credits can still be claimed despite previous state funding. However, the amount and type of claim you can make may be impacted.
This January 2021, Innovate UK will invest up to £25 million in the best game-changing or disruptive ideas with a view to commercialisation.