Innovate grants – your bright idea could net a share of millions
Innovate Grants – find out how your latest product or service could be supported by Innovate UK
Innovate UK continues to launch UK Smart Grants competitions. With the aim of driving productivity and growth, Innovate UK helps businesses to realise the potential of new technologies, develop ideas, and make them a commercial success.
Submissions are already open for many grants and they’re looking for disruptive Research and Development innovations that could lead to new products, processes or services.
Are the competitions open to any business?
The criteria for entry of these competitions vary – some may be relevant to your business whereas others will not. However, more competitions are being added on a constant basis so keep checking the site and sooner or later you will likely find one that you can enter.
All further criteria as regards eligibility can be found here
Click here for some previous success stories.
How do I enter?
It’s never a good idea to complete the submission whilst on your coffee break but don’t panic, there’s lots of guidance to help you through it.
First, you’ll need to gather together information about the scope of your project, including a detailed description. This should include your project’s title, start date and length. Then, there are application questions to answer, including your route to market, the team and resources, and costs. The final part is an Excel form that will need to include all eligible project costs.
I don’t think I meet the criteria for Innovate grants
If your business doesn’t meet the requirements for innovate grants, you could still be eligible for grant funding through the Knowledge Transfer Partnership (KTP) scheme. It helps businesses in the UK to innovate and grow by buddying-up with an academic institution and a recent graduate.
You’ll need to find out who your local KTP contact is first. They can then check the feasibility of your idea and tell you if it’s suitable. They can also help you find the right academic or researcher for your project.
If I’m successful, what then?
If your application is successful, then your project expenditure for at least one quarter will need to be audited by an independent accountant. Innovate UK will need to know how their grant funding will be used, so this audit is essential (you can see where we’re going with this)to support your claim.
How can THP help?
If this all sounds a bit too daunting and you need assistance in applying for a grant then please get in touch. We work closely with a number of experts who will be able to show you how to lodge your application with the greatest chance of success.
If you are successful with your application then you will need to submit an audit report to validate your expenditure. This is usually done for the last quarter only in the case of smaller grants but may have to be done more than once for larger amounts.
We guarantee to prepare the report and supply it to you within two working days – then all you have to do is submit our report to Innovate UK and make your claim.
Our audit team will need information such as the following, which you can send to us electronically:
- Payroll data, including labour time on grant activities.
- Copies of bank statements.
- Copies of purchase invoices.
- Travel expenses claim.
- Other misc. details.
Take a look at our special website section for more details.
About Andy Green
As Client Director Andy Green works primarily in delivering audit and assurance services, particularly in the Retail and Technology Sectors, as well as being the firm’s Compliance Director. These roles both bring great responsibility in ensuring that the outstanding quality and reputation of the firm is maintained.
After training and qualifying with a mid-tier firm of Chartered Accountants in the City, Andy spent some time in investment banking before joining THP in 2008, a move driven by his desire to get back into the profession. “The beauty of working for an accountancy practice is that every day is different – and you’re constantly achieving successes for your clients.” With Andy’s natural ability in interaction, THP is the ideal place.
With his positive drive and sense of humour Andy works with an array of clients, giving each the ultimate attention no matter what the size of their company.