Scope

The aim of this competition is to help businesses overcome barriers to their innovations becoming a successful, commercial reality. The loans are intended to support significant, sustainable business growth which results in considerable economic impact.

Innovate UK are looking for businesses who can demonstrate their projects have the best potential to deliver future growth.

Your idea must lead to innovative products, processes or services that are significantly ahead of others in the field.

Your proposal must demonstrate:

• a clear game-changing and disruptive innovative idea

• a robust and deliverable business plan that addresses (and documents) market potential and needs
• a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
• awareness of all the main risks the project and business will face, with realistic plans to manage, mitigate and minimise the impact of each of these
• sound, practical financial plans and timelines that represent good value for money
• a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion.

Your project can include prototyping, demonstrating, piloting, testing and validation (in environments that represent real life operating conditions).

Projects can last up to 4 years, of which up to 2 years can focus on late-stage research and development (R&D). Up to 2 more years can be spent establishing a clear route to commercial success.

We will require loan repayments over a further period of up to 5 years. However, the overall term of the loan must not exceed 7 years.