Your proposal must demonstrate:
- A clear game-changing, innovative, disruptive, and ambitious idea leading to new products, processes or services
- An idea that is significantly ahead of others in the field, set for rapid commercialisation
- A strong and deliverable business plan that addresses (and documents) market potential and needs
- A clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- A team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- Awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays, etc) with realistic management, mitigation and impact minimisation plans for each risk
- Clear, considerable potential to significantly impact either or both, the UK economy and productivity in a positive way
- Sound, practical financial plans and timelines that represent good value for money, which will always be a consideration in Innovate UK funding decisions
Your project should:
- Demonstrate realistic, significant potential for global markets
- Take customer and user needs into account to deliver more desirable and useful solutions
Proposals from innovation-based businesses with significant ambition and potential for growth or scale up are welcome.
Innovate UK will fund innovative research and development (R&D) projects across a variety of technologies, markets and research categories, including:
- Feasibility projects
- Industrial research projects
- Experimental development projects
As defined in the guidance on categories of research.
Innovate UK have allocated up to £25million to fund innovation projects in this competition.
If your organisation’s work on the project is mostly commercial or economic, your funding request must not exceed the limits below. These limits apply even if your organisation normally acts non-economically.
For feasibility studies and industrial research projects, you could get funding for your eligible project costs of:
- Up to 70% if you are a micro or small organisation
- Up to 60% if you are a medium-sized organisation
- Up to 50% if you are a large organisation
For experimental development projects which are nearer to market, you could get funding for your eligible project costs of:
- Up to 45% if you are a micro or small organisation
- Up to 35% if you are a medium-sized organisation
- Up to 25% if you are a large organisation
The research organisations undertaking non-economic activity as part of the project can share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation undertaking non-economic activity, this maximum is shared between them.
Innovate UK are not funding projects that:
- Do not meet the competition eligibility or scope
- Do not address the size, potential and access to market for the innovation
- Do not evidence the potential for their idea or concept to lead to significant return on investment (ROI), positive economic impact, growth and scale-up of the business
- Are dependent on export performance – for example giving a subsidy to a baker on the condition that they export a certain quantity of bread to another country.
- Are dependent on domestic inputs usage– for example if it was insisted that a baker use 50% UK flour in their product.
Innovate UK will not fund commercialisation activities.
Cresco Innovation works with companies to develop and implement innovation strategies. We help client companies identify opportunities to develop new products and services, and then create a package of support to ensure that the idea is turned into a commercial reality.
Our services include securing grants (as a team we have raised around £40million over three years), business planning, IP advice, access to finance and funders, project management and IP commercialisation support.
We regularly act as the interface with the funding bodies and help clients ensure that their projects are properly managed to ensure the best outcome for all.