The aim of this competition is to help businesses overcome barriers to their innovations becoming a successful, commercial reality. The loans are intended to support significant, sustainable business growth which results in considerable economic impact.
Innovate UK are looking for businesses who can demonstrate their projects have the best potential to deliver future growth.
Your idea must lead to innovative products, processes or services that are significantly ahead of others in the field.
Your proposal must demonstrate:
- A clear game-changing and disruptive innovative idea
- A robust and deliverable business plan that addresses (and documents) market potential and needs
- 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 and business will face, with realistic plans to manage, mitigate and minimise the impact of each of these
- Sound, practical financial plans and timelines that represent good value for money
- 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
Your project can include:
- Validation in environments that represent real life operating conditions.
Innovate UK are looking to fund a portfolio of projects and businesses, across a variety of technologies and markets.
Projects can last up to four years, of which up to two years can focus on late-stage research and development (R&D). Up to two more years can be spent establishing a clear route to commercial success.
Innovate UK will require loan repayments over a further period of up to five years. However, the overall term of the loan must not exceed seven years.
Your application will be evaluated on Innovate UK’s:
- Assessment of the quality of your project proposal
- Judgement on the suitability of your business to receive an offer of a loan
Innovate UK will decline loans for businesses which:
- They consider unable to afford the interest and repayments on the loan
- Have not demonstrated that they are unable to obtain finance from other sources on suitable terms
Innovate UK will evaluate whether your business is suitable to receive an offer of a loan for your project.
Your proposal must demonstrate:
- An appropriate and evidenced loan request
- A clear route to commercial success with potential to make a significant and positive impact on the UK economy and productivity
- Realistic, significant potential for global markets
- A strong management team
- Why you are unable to fund the project from your own resources or other forms of public or private-sector funding
In this competition, Innovate UK are not providing grant funding.
Innovate UK will not provide funds to match the grant funding of any projects.
Innovate UK are not funding projects that are:
- Dependent on export performance
- Dependent on domestic inputs usage
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.