- Businesses must establish a relationship and investment traction with one of Innovate UK's approved investor partners before applying.
- The investor partner must confirm the applicant’s position to apply for grant funding.
- Grants range from £50,000 to £300,000 for feasibility studies, £100,000 to £1 million for industrial research, and £250,000 to £2 million for experimental development.
Accessibility and Inclusion
- Encourages applications from diverse backgrounds, with support available for those needing adjustments.
- Must have a clear route to market, link to innovation, and demonstrate team capability.
- Applicants must be registered as SMEs in the UK and complete aligned investment led by the investor partner.
- Projects should have significant market impact, be scalable, and attractive to other equity investors.
Future Economy Focus Areas
- Net Zero, Health and Wellbeing, Next Generation Digital Technologies, and Technology Families.
- Specific themes include critical circular materials, offshore wind, cancer therapeutics, digital mental health, artificial intelligence, and more.
- Also includes a targeted theme on Equality, Diversity, and Inclusion (EDI).
- Aiming for a variety of projects across different technologies and markets, with a focus on future economy areas and the impact of the grant in accelerating investment.
- Funding feasibility, industrial research, and experimental development projects.
- Not funding projects not carried out by SMEs, not part of a company’s growth plan, unable to demonstrate growth potential or ROI, or not working with an approved investor partner.
- Can't fund projects dependent on export performance or domestic inputs usage.
- Innovate UK can be contacted for guidance via email or at 0300 321 4357.
- This competition offers an opportunity for SMEs to secure grant funding in conjunction with private investment.
- Emphasis on innovative projects that align with specific future economy themes.
- Collaboration with an approved investor partner is a prerequisite for application.