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Project Size:
£6 million

Forge International Innovation with the UK-South Korea Collaborative R&D 2024 Competition

Innovate UK, in partnership with the Korea Institute for Advancement of Technology (KIAT) and Korean Energy Technology Evaluation and Planning (KETEP), is offering an exceptional opportunity for UK registered businesses to secure a share of up to £6 million in funding. This initiative aims to foster business-led, collaborative research and development (CR&D) projects that push the boundaries of industrial research between the UK and South Korea.

Key Details:

· Competition Opening Date: Monday, 26 February 2024

· Application Deadline: Wednesday, 22 May 2024, 11:00 am

Funding Scope and Objectives: The focus is on supporting innovative proposals that demonstrate a game-changing or disruptive idea in industrial research. Projects should lead to new products, processes, or services, showcasing strong market potential and a clear path to commercialisation.

Collaboration Requirements:

· Each proposal must include at least one UK and one South Korean business partner.

· UK organisations will receive funding from Innovate UK, while South Korean partners must secure funding from either KIAT or KETEP, based on their project's sector focus.

Sectors of Interest:

· KIAT: Advanced manufacturing and materials, artificial intelligence, future mobility (including batteries), semiconductors.

· KETEP: Energy storage systems, hydrogen.

Funding Details:

· UK applicants may request up to £900,000 in grant funding per project.

Eligibility and Inclusion:

· Open to all backgrounds, with a commitment to accessibility for those with disabilities or long-term conditions facing barriers to application.

Project Expectations: Projects must deliver new, innovative solutions with significant economic impact and potential for UK economy benefit. Proposals should detail a strong business plan, financial planning, and the added value of UK-South Korean collaboration, including IP usage and sharing, and a route to market within 2 to 3 years of completion.

Portfolio Approach: A variety of projects across different technologies and geographical locations within the UK will be funded to ensure a balanced portfolio.

Exclusions: Projects with military applications, those out of scope, lacking mandatory documentation, requesting over £900,000 from Innovate UK, or without an eligible South Korean partner will not be funded.

Why Apply? This competition represents a unique chance to engage in international collaboration, driving forward the innovation agenda across critical sectors of future mobility, energy, AI, and advanced manufacturing. Successful projects will not only receive substantial funding but also contribute significantly to the economic landscapes of both the UK and South Korea.

For businesses looking to make a global impact through cutting-edge research and development, now is the time to act. Ensure your application is submitted by the deadline and take a step towards international innovation collaboration. For further assistance and guidance through the application process, consider reaching out to Inventya.

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