Specialist R&D Tax & Grant Funding Advisors

Innovate UK: Open Competition £20m Funding Available

Chris Dowsett

Business Analyst

27/06/2018


Innovate UK launches £20 million funding competition for the UK’s most innovative projects.

Only the most cutting-edge or disruptive ideas and concepts will qualify.  Applications for funding can range from £25,000 - £2,000,000 and projects must have a view to commercialisation.  The open competition welcomes applications from businesses within any area of technology, science or engineering, including arts, design, media or creative industries.

Grant funding from Innovate UK is non-repayable, and they do not take any equity, IP or commercial rights over your project.  As you can imagine this leads to high levels of competition and only the most outstanding applications receive funding.

 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 £2m 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 12th September 2018.

You can find full details can be found via the below link;

https://apply-for-innovation-funding.service.gov.uk/competition/188/overview


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