Innovate UK Funding
Innovation can be a game-changer for even the smallest business. Plus, with the right idea, you may be able to benefit from Innovate UK funding.
The only problem is that turning new ideas into commercial reality can be both time-consuming and expensive.
If you’re struggling in this way, you might want to consider applying for innovation funding from Innovate UK, part of the government’s UK Research and Innovation arm.
Earlier funding has already helped a wide range of companies such as Ashwood Electric Motors – which has created smaller, lighter and highly efficient electric motors – and The Electrospinning Company, which makes clinical-grade biomaterials.
Innovate often favours small or medium sized businesses with ‘disruptive’ ideas that they want to turn into reality. You may well qualify if your project has a focus on commercialisation, growth or scaling-up. Innovate UK also gives priority to projects that are likely to result in productivity growth.
If this sounds good, try to make sure that your project demonstrates the following:
- A clear, game-changing idea
- Details on how the idea can lead to innovative products, processes or services that are significantly in advance of the current field
- Practical financial plans.
How much can I apply for?
If your project lasts between 6 and 18 months, you can apply for eligible project costs between £25,000 and £500,000. Projects with a duration of between 19 months and 36 months must demonstrate total eligible project costs between £25,000 and £2 million.
Where can I find out more information about Innovate UK funding?
Your first port of call should be the Gov.uk website, which has details about the Innovation Loans schemes. The helpline number is 0300 321 4357.
Will I need an Innovate UK Audit Report?
Yes if you are approved for an Innovate Smart Grant you will need an Innovate UK Audit report before you can access the funds. THP is very experienced in this area – please have a look at our dedicated page here.
We’d also be very happy to help you with any financial figures and details you need for the Innovate UK Smart Grant Claim application process. We have offices in Chelmsford, Sutton, Wanstead and Saffron Walden.
About Ben Locker
Ben Locker is a copywriter who specialises in business-to-business marketing, writing about everything from software and accountancy to construction and power tools. He co-founded the Professional Copywriters’ Network, the UK’s association for commercial writers, and is named in Direct Marketing Association research as ‘one of the copywriters who copywriters rate’.