Innovate UK invites registrations for its open funding competition. This supports the best business–led ideas or concepts that can be drawn from any technology, engineering or industrial area, including Innovate UK’s four priority sectors for growth. Projects may focus on:
- market research
- technical feasibility
- industrial research
- experimental development depending on the challenge identified and proposed solution
Proposals must demonstrate innovation leading to novel, new products, processes or services and articulate a clear and anticipated growth impact for the business leading to a significant return on investment. Priority will be given to proposals that are likely to lead to sustainable gains in productivity or access to new overseas markets through export led business growth. Eligible applicants must be a UK based business of any size what will carry out the project in the UK.
The total budget is worth up to £15 million. Projects are expected to range in size between £25,000 and £1m and last between six and 36 months. Project costs for micro or small businesses may be up to 100 per cent for market or fundamental research, 70 per cent for feasibility studies, 70 per cent for industrial research and 45 per cent for experimental development. 100 per cent for market or fundamental research, 60 per cent for feasibility studies, 60 per cent for industrial research and 35 per cent for experimental development for medium sized businesses. 100 per cent for market or fundamental research, 50 per cent for feasibility studies, 50 per cent for industrial research and 25 per cent for experimental development for large businesses.
For more information please visit: https://www.gov.uk/government/publications/innovate-uk-open-funding-competition/innovate-uk-open-funding-competition-brief