The Innovate UK Unlocking Potential Award Build strand includes £50,000 of funding and tailored business support.
Innovate UK's Unlocking Potential Award 2023: Build and Grow Your Business
Unveiling the Opportunity
Innovate UK invites applications for the Unlocking Potential Award 2023, providing a fantastic opportunity to access a share of up to £6.2 million to help accelerate your business's growth. The competition opens on Monday 10 July 2023 and the deadline for submissions is 11 am on Wednesday 6 September 2023.
Aim of the Competition
The competition specifically seeks to:
Support entrepreneurs who are solving a range of pressing societal, environmental and economic challenges in a variety of innovation areas. They are specifically looking to empower untapped innovators. The competition aims to level the playing field and unlock potential for innovation by supporting and funding innovators from groups that are currently underrepresented or overlooked in innovation.
Innovate UK welcome applications from founders, co-founders, or senior decision-makers from underrepresented groups within the innovation ecosystem. Eligible participants must be part of a UK registered micro, small, or medium business (SME) that has been active for at least 12 months prior to the competition's closing date.
Submissions should detail how the grant will enable the expansion and enhancement of your innovative business or idea. Projects should highlight the prospective economic, environmental, and societal benefits. The project should commence on 1st December 2023 and conclude within 12 months. It's essential that the project's work and the exploitation of results take place within the UK. Subcontracting is permitted, but must be justified and properly selected.
Funding and Support:
Each award offers a total grant funding request of £50,000, allocated in three installments. In addition to the financial support, successful applicants will also receive tailored business assistance, which includes mentoring, coaching, and business advice.
By entering this competition, you're signing up for a competitive process. The competition ends at 11am UK time on the closing date.
As an award holder, you're expected to inspire others by dedicating at least five days over the course of the award period, acting as a role model to promote diversity and inclusion in innovation.
Ready to Unlock Your Potential?
If you're poised to unleash your innovative concepts, get in touch with us at Inventya on 01925 506 100 or at firstname.lastname@example.org. We are thrilled to accompany you on your journey.