Innovate UK: Open Competition £19m Funding Pot

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Innovate UK will invest up to £19 million in highly innovative projects with the best game changing and/or disruptive ideas or concepts.

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:

• Funding is available for testing the feasibility of your idea (including proof of market), research and developing it or demonstrating it in a prototype.
• Project value: £25k to £1m depending on type of R&D undertaken.
• Project duration: 6 to 36 months.
• Micro/small business receive up to 70% of project costs, Medium up to 60% and Large businesses receive up to 50% dependant on stage of research/development.
• Application deadline is 12pm on Wednesday 9th May 2018 at 12.00pm

Further details can be found below:  

https://apply-for-innovation-funding.service.gov.uk/competition/120/overview

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