Get in touch
Please contact us to discuss how working with Myriad Associates can maximise and secure R&D funding opportunities for your business.Contact us
Looking to fund your latest innovative new project? £400,000 is up for grabs to cover feasibility studies thanks to Innovate UK.
Up to £400,000 is up for grabs courtesy of Innovate UK. The funding is aimed at UK businesses and research organisations looking to test out their latest innovative business idea.
This essential source of cash can be used in developing any new products, models, processes, services or experiences. Plus there’s even the chance to potentially showcase your finished project at a prestigious Collaboration Nation event.
The amount of grant funding available to each applicant varies. However research organisations can claim up to an incredible 100% of their project costs, with businesses receiving up to 70%. The remaining costs will need to be covered by the business. Projects can be undertaken by your business alone, or by collaboration with others.
Each funding competition is run individually and all of them have a different theme. Opening and closing dates also vary, and proposals must be business-led (contact us if any of this is unclear so our experts can advise you).
You can also find out more about the funding available on the Innovate UK website.
As the name implies, feasibility studies are undertaken to see if a project idea will actually work - legally, economically and technically. A study will also mean give a clearer idea about whether something is marketable, and worth the investment risk. Sometimes, what seems like an excellent idea for a product or service will in fact be abandoned following a feasibility study on the basis that actually it’s not viable at all and would’ve wasted some serious time and money.
Well devised feasibility studies should provide some history, both to the product and the business, alongside detailed accounting statements and financial data. They should also include a clear description of the product, as well as details around how it will be operated. Additionally, information should be supplied on market research, tax requirements and legal obligations, for example around safety.
Include each of these ingredients to conduct an effective feasibility study:
Start by outlining your plan, focusing on any gaps in the market, areas where demand outstrips supply and who your target audience is. Include information about the product’s advantages and what its price point will be. This is your opportunity to decide whether the product will survive in the market, or whether it will be too expensive etc.
You’ll need to work backwards with this one. Build the foundation of your income statement by defining what the predicted income from your project to be, and what/how much investment will be required. What services will be needed and what will they cost?
Market research is a vital tool in making your project successful. You may well need to hire an outside firm to do this effectively, particularly if resources aren’t available in-house. This market research will not only show you more accurately what revenue will be generated by your project, but it also defines issues like market health, competition, demographics and market share.
Once you’ve completed steps 1 to 3, you now need to consider how your business will physically undertake the project. What human resources do you already have available, and where will you need to take on outside help? Will you use subcontractors or freelancers? What start-up costs will the business need to cover, for example equipment, materials and overheads?
By the way, don’t forget that a large number of these costs can be covered in any subsequent claim for R&D Tax Credits. Find out more.
The balance sheet should include an accurate estimate of your assets and liabilities. Have columns that include each item, how you will source it, what it will cost and how you will finance it. Liabilities may include the purchase of land or assets, including buildings and machinery that you’ll need from the first day of production.
Each of these steps are important, but regular review and analysis of your project is absolutely crucial. Otherwise, it’s virtually impossible to see which parts need tweaking and if there are any pivots to be made. This is also an opportunity to consider potential risk and what any contingency plans will look like.
Finally, don’t forget to also check how your project fits in with your organisation’s overall aspirations and long-term goals.
You’ve done your research, worked the figures to death and identified resourcing options. So this is it - is your innovative project actually viable or not? It’s decision time.
Finding the perfect type of grant funding for your innovative new project can be a minefield. There are all sorts of national and European options available, and with grants run on a competition basis only the very best applications will ‘win’.
The Myriad Associates team is made up of experienced grant consultants who will review your plans and assist you in making the very best grant application possible. Over the last two decades, we have helped thousands of UK businesses to obtain a vast range of grants, tax reliefs and supports for their innovative business initiatives.
In addition to identifying research and development funding opportunities, and creating the highest quality grant applications on your behalf, we also proactively seek out new ones. We know what works and what doesn’t, saving you a huge amount of money, hassle and time.
Don’t leave your innovative project funding to chance. If you’re on the hunt for the ideal grant funding opportunity for your business then get in touch with our friendly expert team. Whether you’re at the feasibility studies stage or a little further on, we can advise you on the very best, most valuable course of action.
Call us today on 0207 118 6045 or use our contact page to get the ball rolling.