Collaboration Requirements

• 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.

Project Size

• 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.

Proposal Requirements

• 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).

Portfolio Approach

• 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.

Research Categories

• Funding feasibility, industrial research, and experimental development projects.

Exclusions

• 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.

Contact Information

• Innovate UK can be contacted for guidance via email or at 0300 321 4357.

Key Takeaways

• 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.