With a 75%-win rate, whatever sector you’re in, Myriad Associates can help you secure up to £20 million from Innovate UK to develop innovative, problem-solving ideas and bring them to market.
We’ve created six simple sections to help you understand how Innovate UK works and whether your business could be eligible for funding.
Innovate UK is part of UK Research and Innovation (UKRI) and is the UK’s innovation agency. They run sector-based funding competitions throughout the year which are open to all innovative businesses, regardless of sector or size.
Funding from Innovate UK offers financial support to businesses, research organisations and charities, enabling them to undertake R&D activity, develop their innovative idea and take it to market successfully. This drives science and technology innovation forwards, which will grow the UK economy.
Eligible Innovate UK projects should aim to develop new products, processes or services, focussing especially on the following R&D categories:
When applying for a sector-based competition, make sure that your project or activity is eligible for the competition you’re entering, as each competition has different criteria. Also make sure that all past Innovate UK funded projects have been completed fully. They won’t award funding if any previously awarded funding you've received has not been exploited.
You will need to submit your application online using the Innovation Funding Service.
Funding from Innovate UK can help you create and develop your innovative and ground-breaking product, service or process and get it out to market quicker than your biggest competitors.
Securing funding from Innovate UK will provide you with the opportunity to carry out projects, develop products and processes, or provide services that otherwise, you wouldn’t have been able to do.
Winning funding from Innovate UK shows customers, competitors and investors that your innovative product, service or process is supported by the government and that your organisation is credible.
An Innovate UK grant will give you financial support, access to capital that doesn’t need to be paid back at a later date and it means you’re not required to surrender any equity in the business.
“Myriad worked with us to make our Innovate UK application much more specific in terms of what the main selling point was and making it stand out from the crowd. As a result, we won £499,725 of funding from Innovate UK.”
Practice Manager, Trilateral Research Ltd
Applying for a grant is a time-consuming and resource-intensive process. With our grant bid writing service, we can work with you to prepare an application that gives your project the best chance of success.
Each grant competition has its own rules and requirements. You need to ensure that your innovation meets the competition scope and that you are eligible to apply. For further guidance, you can contact us to determine whether your applying for the right competition.
Grant applications are usually examined by independent experts in the area of innovation identified in the application. The number of experts scoring the application depend on the grant awarding body.
Award-winning projects will involve breakthrough technologies and disruptive innovations that draw on unique strengths from Europe and provide global opportunities to scale up.
Myriad Associates have an enviable track record with R&D grant applications. Using our grant application services can give you a significant competitive advantage over other grant applicants.
Our grant bid writers have secured over €130m for our clients in the last 12 months, with another €30m due by the end of 2022. We are very proud to have secured some of the highest scoring applications in Europe, with five of our projects scoring 15/15.About Myriad Associates
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. They must focus on commercialisation, growth or scale up.
The competition scope will specify the category of R&D activity for that particular funding opportunity.
Innovate UK supports the following R&D categories:
Each Innovate UK competition will have a different set of criteria that your application will need to meet.
But there are a few general standards that all applications should adhere to:
Make sure the application does not:
The application will be rejected if it:
Has already been submitted for assessment in 2 other competitions
If you are a UK-based business, you can apply for funding. All kinds of business are eligible, from startups to large multi-national corporations.
If you are a UK-based business, you can apply for funding to:
Innovate UK focus their main activities on five strategic themes:
Learn more about these on the UKRI website: https://www.ukri.org/about-us/innovate-uk/our-plan-for-action/
Preparation of an Innovate UK application takes between 150 to 300 hours of work.
You will need the right combination of people to cover the application's key aspects: the technology, market knowledge, commercialisation plan, and financial details.
Only applications that meet the funding competition’s eligibility criteria and scope are sent for assessment. You will be notified if your application is out of scope, with full reasons why.
Applications are assessed by up to five independent assessors, who judge the applications against the same set of scoring criteria. The assessors provide written feedback for each scored question.
All applications are judged on individual merit, with the Innovate UK funder’s panel making the final decision regarding funding.
Some competitions are subject to a ‘portfolio’ approach, to ensure that funds are allocated across the strategic areas in the competition’s scope. All successful applications must meet a quality threshold.
Your Innovate UK application is more likely to succeed if it:
An Innovate UK applications are scored by up to five external assessors who are experts in the area of innovation identified in the application. These experts represent both business and research sectors.
Innovate UK aims to inform you whether or not your project will be funded around 3 months after the submission deadline.
Assessor feedback is provided on all applications. This usually 4 weeks after you are notified of a decision.
For Innovate UK, project costs are only eligible if they are incurred and paid between the project start date and project end date. These claims may be subject to an independent audit. Grants are claimed quarterly, in arrears, and are paid once the required audits and reports are complete.
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Is your business registered for Corporation Tax in the UK or are you a partnership with corporate owners?
Have you developed new or improved existing products, processes or services in the last 2 accounting periods?
Does your business have fewer than 500 staff, and either: A turnover of no more than €100 million; or Gross assets of no more than €86 million?
Sorry, you must be a UK limited company or be a Partnership with corporate owners to be eligible for R&D tax credits.
In order to qualify for R&D tax credits you must be seeking to advance science or technology within your industry. As you’ve not developed any new or improved any existing innovative tools, products or services, and not re-developed any existing products, processes or services in the last 2 years. It is unlikely you have any qualifying activity. If you’re unsure, email or call us and we’ll help clarify.
In order to claim R&D tax credits, you need to either employ staff or spend money on contractors, consumable items and other items. If you’re unsure, email or call us and we’ll help clarify.
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Congrats!! Based on your previous answers, you will qualify for the SME scheme. If you’d like some help maximising and securing your claim, please email or call us.
Congrats!! Based on your previous answers, you will qualify for the RDEC scheme. If you’d like some help maximising and securing your claim, please email or call us.Speak to an expert Back