Young people can apply for an award to make their business idea a reality, which includes a grant for £5,000, a living allowance, and tailored business support.
Innovate UK, part of UK Research and Innovation, will invest up to £460,000 in young innovators with this competition.
The aim of this competition is to find a new group of young innovators that, with the help of Innovate UK, can turn their great ideas into successful businesses.
Innovate UK are looking for young people who would benefit most from the Young Innovators Awards, including the financial support and tailored package of expert advice, with access to the innovation tools and connections on offer. The financial support, tailored coaching and mentoring will be provided directly to the successful applicants.
The Young Innovators Award includes £5,000 plus a living allowance in the form of a grant.
The aim of this competition is to find young people with great business ideas who have the potential to become future leaders in innovation and successful entrepreneurs.
Your project must:
- Address a problem
- Be innovative
- Be significantly better than what is currently on offer including from existing businesses
As an award holder you will receive:
- Tailored business support including but not limited to; media and communications, for example, branding, business planning strategy, confidence, growing your networks; funding and finance options, for example, introductions to investors and pitch training, financial planning
- A grant of £5,000 to cover eligible project costs, including travel to meet customers and partners, attending relevant training courses, equipment, hiring office space and IT support
- A living allowance grant for two days (15 hours) per week throughout the duration of the award at an hourly rate matching the UK real living wage
Innovate UK are looking to support award holders across the UK working on a wide range of business ideas, types, sectors, products, processes, and services. Your innovative idea can be:
- Ready to be developed into a new business
- Within an existing business
As part of your application, you must pitch your idea in a short video, up to three minutes long. This must be uploaded to either Vimeo or YouTube and provided as an unlisted link in question 18 of your application. If Innovate UK are unable to view your video or it is not hosted on Vimeo or YouTube, your application will be made ineligible.
Innovate UK are looking to fund a portfolio of projects.
Innovate UK will select a portfolio of award winners who:
- Have high potential to be future leaders in innovation or successful entrepreneurs and inspirational role model to others
- Are most likely to benefit from the package of support on offer
- Represent a diverse range of innovative ideas for business
- Are located throughout the UK
Innovate UK have allocated up to £460,000 to fund young innovators in this competition.
Each successful Young Innovators Award winner can claim a grant that includes £5,000 for project costs and a living allowance based on two days (15 hours) work per week. Claims will need to be agreed with your Innovation Champion, who will be allocated to you if you are successful.
In this competition, Innovate UK plan to give awards to 32 young people across the UK. The same benefits will be offered to all award holders.
Innovate UK are not funding:
- Applicants that have previously received an Innovate UK Young Innovators Award
- Applicants who would not benefit from the package of support on offer
- Applicants who do not intend to use the full award package, for example, just the funding
- Applicants who are younger than 18 or older than 30 on the close date of the competition
- Projects that involve primary production in fishery and aquaculture
- Projects that involve primary production in agriculture
- Projects not allowed under Special Drawing Rights (SDR
- Projects not allowed under De minimis regulation restrictions
- Activities relating to the purchase of road freight transport
- Projects that involve the audio visual sector (such as film production)
- Subsidies 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
- Subsidies that are dependent on domestic inputs usage– for example if it was insisted that a baker use 50% UK flour in their product
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.