Funding available for innovative projects

Apr 21, 2020

There is an opportunity to secure funding to deliver innovative or disruptive project ideas. Now may be a good time to blow the dust off any project ideas that you have had and that can work. Applications need to be in to the Innovate UK Smart Grants: January 2020 funding competition by Wednesday 27th May 2020.

The scope of the innovation is quite broad and project costs should be expected to be between £25k and £2m with a delivery period of between 6 months and 3 years. As it’s being delivered by the UK government through Innovate UK there is a heavy emphasis on delivery through UK SMEs.

It is clear that the funding is looking for projects that represent a game-changing, innovative and/or disruptive idea that may lead to new products, processes or services. This makes it ideal for innovators or founders who have a novel way of working but need collaboration and funding to implement their solution.

When applying for funding you will need to show the research that you’ve done into your solution via a business plan that highlights potential ROI and other benefits to the broader economy. Alongside an emphasis on value for money, the awareness of potential project failure risks should also be addressed.

The funding, which is open to any part of the economy, is grant based and evidence would need to be supplied in the form of time sheets and other expenses.

You can find out all of the details and apply for funding via the Innovation Funding Service website.

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