One of the biggest challenges facing innovators is the financing of innovative activities. Whilst financial challenges are apparent for a multitude of businesses, innovation can often be neglected as a result. There is also a lack of financial/accounting software solutions that consider innovative sources of finance. Furthermore, this has created a gap between innovation and finance, a gap that needs bridging.
For example, there are limited solutions on the market that can assist, support or approximate potential R&D Tax Credit claims. This coincides with a typical low level of communication between innovation teams and finance teams. In the case of R&D Tax Credit claims, if the communication between the team is insufficient, claims may not be maximised to their full potential value. In other instances, there may be a lack of communication within a company (specifically between innovation and finance), to the extent where grant funding opportunities aren’t identified or exploited.
As a company that is passionate about innovation and look to encourage innovators, we need to identify these challenges faced as they become apparent and innovate ourselves. We want to innovate ourselves, to help others innovate. As a result, Inventya and our project partners Kapitalise and Telesto applied and secured Innovate UK Grant funding to create a new state-of-the-art financial management/accounting platform that will help innovators and those working in finance to collaborate closer. During this project we have considered the various stakeholder and users for the platform, which has enabled us to embed as many useful features, to create a platform with significant value. Features such as being able to estimate your R&D Tax Credit claim, identifying grant funding opportunities easier than before, and being able to identify project partners will all be included.
Inventya, Kapitalise and Telesto are partners on an Innovate UK funded project to transform accountancy. INNOVACC, our AI-Powered solution, will help bridge the gap between innovation and accountancy. Through the platform, users will be able to do a variety of innovation and financial planning/forecasting. This includes planning for innovative projects. Users will be able to identify the likelihood of eligibility for R&D Tax Credits and potential grant funding.
We’ll soon be looking for our first users of the platform and are eager to get some amazing innovators on board to demonstrate the capabilities, benefits and value the platform offers.