< HOME / news

Congratulations, you’ve secured an Innovate UK grant! What next?

December 9, 2021

Carmel Meredew
Proposal Manager

One of the questions that we’re frequently asked is how quickly can our project start? If we receive an email confirming that our application has been successful one week, can we launch the project the next? Unfortunately, the answer is no, all successful applicants must go through the Innovate UK grant acceptance process. This allows the finance and compliance team to undertake the relevant checks prior to issuing a formal grant offer letter.

 

So, what’s involved? If your application is successful it’s status on the Innovate Funding Service (the portal used to submit the application for review) will change from “submitted” to “project in setup”. As part of the set up process you’ll need to provide Innovate UK with some additional information, for example:

  • Project details – nothing too taxing, you simply need to confirm the proposed start date and your project location.
  • Project team – provide contact details for key team members and your designated point of contact for finance queries.
  • Bank details – it’s paramount that you provide those all-important bank details for your quarterly grant payments!
  • Spend profile – you will need to provide a monthly spend profile (labour, overheads, materials etc) to reflect your project delivery costs. You will be monitored on how well     you adhere to the spend profile, so it’s important to ensure that the profile mirrors the project plan and Gantt chart.
  • Documents – you will typically need to provide an exploitation plan (lift and expand upon key information provided in your application) and second level plan     (comprehensive Gantt chart, list of deliverables and milestones). If you’re part of a consortium, you will need to provide a signed collaboration agreement. This can slow the grant acceptance process down as the fine detail will need to be agreed upon and signed off by all project partners. If you have a large corporate as part of your consortium, you need to factor in sign off by their legal team. Get a head start and review the Lambert model agreements as an initial starting point.
  • Finance checks – it’s relatively commonplace for Innovate UK to undertake a financial status review. As part of this you may be requested submit information to provide assurance that your organisation will continue to be financially stable over the life of the project and assurance of how you intend to cover your element of the project costs. Typically, you will have the option to send a copy of your most recent year-end financial statements, management accounts, screenshot of a current/recent business bank statement, a letter of comfort/guarantee from any investors/shareholders/directors confirming continued financial support etc. You don’t need to provide a copy of each and every document, just the one(s) which are most appropriate to your particular situation.
  • Project specific queries - the finance team may ask you to provide additional information on your project costs / how they were calculated. This isn’t anything to be alarmed about. Take a step back and remember how difficult it was to explain your costs within the constraints of a 400 word response. The team just needs to dot the I’s and cross the proverbial T’s.
  • Grant offer letter – finally, you’ll need to sign and return the unconditional grant offer letter.

 

An important point to remember, if you’re part of a collaborative project each partner will need to confirm their delivery location, team members, bank details, spend profile, answer any queries, sign the collaboration agreement, and grant offer letter. As the project lead it’s always useful to keep a close eye on the status of project partners to ensure that a simple oversight or delayed response doesn’t further delay the official project start date. Then the fun begins, and the project can officially commence.

 

We can support you through the grant acceptance process. If you need any more information, you can contact us here.

December 9, 2021
← back to news
Thank you! We will be in touch shortly.
Oops! Something went wrong while submitting the form.

More of our news

The EIC Pathfinder Programme 2024 – An Overview
If your project has the potential to significantly impact the technological landscape and societal progress, Inventya can be your partner. Our expertise in helping companies write and submit European funding applications positions us uniquely to support your ambitions. We're here to assist in aligning your project with the most suitable EIC Pathfinder opportunity,
April 11, 2024
Strategies for Sustainable Growth when Scaling Your Business
Scaling a business is an exciting but challenging endeavour. It's the phase where your company transitions from a small operation to a larger, more efficient organisation capable of handling increased demand and expanding its market reach. However, scaling isn't just about growing bigger; it's about growing smarter and ensuring that your business remains sustainable in the long run. In this blog, I'll explore some of the best strategies for scaling your business effectively.
April 3, 2024
The Role of Case Management A Seamless Client Journey for B2B Companies: From Pre-Sales to Post-Sales
In today's competitive landscape, business-to-business (B2B) companies are constantly tasked with refining their operations and elevating the level of service they provide to their clients. A critical aspect of achieving this balance is the effective management of the client journey, from the initial engagement in the sales pipeline to the delivery of services and beyond. Inventya, leveraging the capabilities of Zoho software, has created custom solutions that address this very challenge, ensuring a seamless, efficient, and profitable client management process.
March 22, 2024
Spring Budget 2024 – Direct and Indirect Opportunities for SMEs.
The Budget's focus on data utilisation, digital infrastructure enhancement, and the proliferation of preventative actions through technology highlights the potential for SMEs to contribute to and benefit from government plans to modernise public services. This could involve the development of AI-driven applications, digital platforms, and specialised technology applications that support early intervention and diagnosis in healthcare, among other areas.
March 12, 2024
We're Proud to Announce Our Spot on the FT1000 List!
With pride, we are thrilled to announce that Inventya has ascended nearly 100 places from last year, landing at the 827th spot on the prestigious FT1000 Europe’s Fastest-Growing Companies 2024 list, as published online by Statista. This achievement is a testament to our commitment to innovation, excellence, and the positive impact we strive to create in our industry.
March 8, 2024
Inventya Launch Digital Growth Ecosystem for SMEs as Affiliate Zoho Partners
Inventya are proud to announce its affiliate partnership with Zoho, a global leading CRM solutions provider. This strategic affiliation marks an important milestone in Inventya's commitment to providing SMEs with best-in-class solutions for business growth and market access.
March 7, 2024