Innovate UK, will award up to £2 million from the Industrial Strategy Challenge Fund’s Audience of the Future programme. This is for immersive technology research and development (R&D) projects.
This competition is a component of the £33 million ‘Audience of the Future Challenge’ funded through the UK government’s industrial strategy. Despite the growth of the immersive technology market, the finance and investment ‘ecosystem’ is undeveloped, particularly for early stage companies that need seed funding to support R&D and grow. This competition aims to address this by:
Your project must deliver innovation in one or more of the following areas:
Your project’s total eligible costs must be between £150,000 and £300,000.
Projects must start by 1 January 2020 and end by 31 December 2020, and can last up to 1 year.
To apply you must:
Eligible SMEs can be:
Innovate UK expect businesses who apply to this competition to be prepared for investment. Investment readiness resources and support can be found on Immerse UK.
Your project must have the potential to significantly advance the current ‘state of the art’ in the immersive technology field. The application and market for these innovations can be in any market sector, and within business-to-business (B2B) or business-to-consumer (B2C) markets.
Innovate UK define ‘immersive’ as technologies that blur the line between the physical world and the digital or simulated world. They create a sense of immersion, surrounding the audience or individual user so they feel completely involved in the experience.
Specific immersive, multisensory or interactive experiences mediated through technologies include:
The aim of the investment accelerator is to fund innovative high-risk projects and invest in companies that have potential for growth. Innovate UK will achieve this by working closely with our investor partners. They will assess applications using the standard Innovate UK assessment process, while the investors will use their own assessment techniques.
Please see the general guidance to help you decide which category your project fits in.