Innovate UK, part of UK Research and Innovation, will invest up to £1.4million in young innovators with this competition.
The aim of this competition is to find a new group of young innovators that with our help, can turn their great ideas into successful businesses.
We are looking for young people who would benefit most from the Young Innovators Awards. The award includes financial support and a tailored package of expert advice, with access to the innovation tools and useful connections also on offer.
The financial support, tailored coaching and mentoring will be provided directly to the successful applicants.
The Young Innovators Award includes £5,000 plus a living allowance in the form of a grant.
Eligibility
This competition is open to sole applicants only.
Awards will start on 1 December 2022. The support awarded is for young innovators over a 12 month period.
All projects must end by 30 November 2023.
To be eligible for an award you must:
You must be able to commit to:
You are still eligible to apply if you are receiving support from The Prince’s Trust in-person Enterprise programme.
Under current restrictions, this competition will not fund any procurement, commercial, business development or supply chain activity with any Russian entity as lead. This includes any goods or services originating from a Russian source.
Your project cannot include partners.
Subcontractors are not allowed in this competition.
The aim of this competition is to find young people with great business ideas who have the potential to become future leaders in innovation and successful entrepreneurs.
Your project must:
As an award holder you will receive:
1. Tailored business support including but not limited to:
Media and communications, for example:
Funding and finance options, for example:
2. A grant of £5,000 to cover eligible project costs, for example:
3. A contribution for living expenses equivalent to £165 per week.
If successful, the funding will be paid in four increments called claim periods.
You will need to provide evidence to your monitoring officer to show how your grant was spent over each claim period before your next claim can be submitted.
In total, every young innovator will get £5000 plus a contribution to living allowances of £8,619, making a total of £13,618.99.
This will be divided over four claim periods:
We are looking to support award holders across the UK working on a wide range of business ideas, types, sectors, products, processes, and services.
Your innovative idea can be:
As part of your application, you must pitch your idea in a short video. It can be up to 3 minutes long. This must be uploaded to YouTube and provided as an unlisted link in question 19 of your application. If we are unable to view your video or it is not hosted on YouTube, your application will be made ineligible.
We are looking to fund a portfolio of projects.
We will select a portfolio of award winners who:
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