Innovate UK, part of UK Research and Innovation, will invest up to £7 million in innovation projects. These will be to support the development of new technology enabled service within Professional and Financial Services.
The aim of this competition is to advance the Professional and Financial Services sectors by supporting them in the creation and adoption of digital approaches and new digitally supported services.
This competition is split into 2 strands:
It is the responsibility of the applicant to ensure they are applying to the correct strand for their project.
If you apply to the wrong competition you will be made ineligible and will not be sent for assessment, you cannot transfer your application.
Your proposal must show how you will help these sectors:
We intend to launch a competition aimed at increasing access to data within these sectors shortly so that will not be an area we are looking to support in this competition.
In applying to this competition, you are entering into a competitive process. This competition closes at 11am UK time on the deadline stated.
Your project must:
You must only include eligible project costs in your application.
Under current restrictions, this competition will not fund any procurement, commercial, business development or supply chain activity with any Russian or Belarusian entity as lead, partner or subcontractor. This includes any goods or services originating from a Russian or Belarusian source.
If your total project’s grant funding request or duration falls outside of our eligibility criteria, you must provide justification by email to email@example.com at least 10 working days before the competition closes. We will decide whether to approve your request. If you have not requested approval or your application has not been approved by us, you will be made ineligible. Your application will then not be sent for assessment.
To lead a project your organisation must:
Academic institutions and research and technology organisations (RTO) cannot lead.
To collaborate with the lead, your organisation must be one of the following UK registered:
Each partner organisation must be invited into the Innovation Funding Service by the lead to collaborate on a project. Once accepted, partners will be asked to login or to create an account and enter their own project costs into the Innovation Funding Service.
The lead and at least one other organisation must claim funding by entering their costs during the application.
Non grant claiming partners
Your project can include partners that do not receive any of this competition’s funding, for example non-UK businesses. Their costs will count towards the total project costs.
Subcontractors are allowed in this competition.
Subcontractors can be from anywhere in the UK and you must select them through your usual procurement process.
You can use subcontractors from overseas but must make the case in your application as to why you could not use suppliers from the UK.
You must provide a detailed rationale, evidence of the potential UK contractors you approached and the reasons why they were unable to work with you. We will not accept a cheaper cost as a sufficient reason to use an overseas subcontractor.
All subcontractor costs must be justified and appropriate to the total project costs.
Number of applications
A business can apply as the lead for multiple applications across the 2 strands of this competition, but only one successful project will be funded.
Any organisation can collaborate in any number of applications.
The aim of this competition is to advance the Professional and Financial Services sectors by supporting them in the creation and adoption of new digitally supported services.
Your project must focus on one or more of the following:
Your project must include the following:
Your project must address innovation in the relevant areas.
We want to fund a variety of projects across different technologies, sectors, and supporting excluded or underserved businesses, communities or individuals. We call this a portfolio approach.
We are particularly encouraging applications that: