Innovate UK, as part of UK Research and Innovation, has announced an exciting opportunity for SMEs in the UK. You can now apply for grant funding alongside private investment from selected investor partners. The doors opened on 6th July 2023 and you can submit your application until 11am on 30th August 2023.
What's the Deal?
This programme seeks to empower technology-led businesses in the UK that align with Innovate UK's future economy focus areas. The selected investor partners bring their credibility, capacity, and appetite to the table, perfectly complementing Innovate UK's expertise in spotting innovation and strategically deploying grant funding.
The key focus here is to:
Who is Eligible?
Your organisation is eligible to apply if:
What's in Store?
Project sizes can vary, depending on the research category. Feasibility studies projects must fall between £50,000 and £300,000, while industrial research projects can range from £100,000 up to £1 million. Experimental development projects can have total costs anywhere from £250,000 to £2 million.
Proposal Themes
To fit within the scope of this competition, your project must focus on the future economy areas included in the Innovate UK plan for action. We're talking:
We're looking for innovation from all corners and backgrounds. This includes proposals from regions outside the London, Oxford, and Cambridge triad and from underrepresented communities. There's a specific theme for equality, diversity, and inclusion (EDI), underlining our commitment to levelling the playing field.
How To Apply?
Before you submit your application, it's crucial that you have established a relationship with one of the approved investor partners. They must confirm with you that you're in a position to apply for grant funding, as you'll be required to identify them in your application.
Remember, this is a competitive process, and to succeed, your project must be assessed as fundable by Innovate UK and receive investment directly from, or catalysed by, the investor partner. Check out the full guidelines on the Innovate UK website for more details.
Your application should be forward-thinking and innovative, addressing one or more of the key focus areas. So, if you've got an idea that aligns with the future economy, grab this chance and ride the wave of growth and innovation with the Future Economy Investor Partnerships SME programme. Ready, Set, Innovate!
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