In this blog we round up some of the latest funding schemes and competitions that businesses can apply to for investment.
Innovate UK Smart Grants – ideal for micro-businesses & SMEs
Up to £25 million is available for disruptive research and development (R&D) innovations that can significantly impact the UK economy. Applications must include at least one micro, small or medium-sized enterprise (SME) as the lead or collaborative grant claiming partner. Projects must start by 1 May 2023 and end by 30 April 2026, and follow specific rules dependent on their duration.
This round of Smart grants reflects the importance of obtaining economic benefits from public funding, and the potential for successful commercialisation, growth and exports. To apply, your proposal must demonstrate:
- A game-changing, innovative and disruptive idea that will lead to new products, processes or services.
- An idea that is significantly ahead of others in the field, set for rapid commercialisation.
- Clear potential to positively impact the UK’s position, productivity and competitiveness within the global economy.
More information: Competition overview – Innovate UK Smart Grants: July 2022 – Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)
Design Foundations 2022 competition – ideal for businesses of all sizes
This competition from Innovate UK will invest up to £2 million in early-stage innovation projects that use people and planet-centred design processes and expertise. Applications are particularly encouraged from organisations that have not previously used people and planet-centred design processes or expertise. The competition closes on 31 August 2022.
The competition aims to help businesses develop new ideas that will deliver benefits for people and the planet, aligned with the UN’s Sustainable Development Goals. These can be for new or significantly improved products, services, places or business models. The competition is for eligible organisations that want to test and improve the customer experience, social and environmental benefits of their early-stage ideas, as well as generate new ideas.
Further Information: Competition overview – Design Foundations July 2022 – Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)
iX Challenge – ideal for businesses looking to export to China
The Healthy Ageing Innovation Accelerator Competition will help businesses to tap into one of the fastest growing markets in the world, with the market in China being the largest geographically-defined opportunity. The Accelerator Programme includes a de-risking pathway to enter this market and make UK businesses competitive, as well as growth and export-ready.
This programme is for high growth potential companies of any size who have new product or service ideas that can support us to stay healthy and active, and help us to remain mobile and connected as we age. They will be providing free expert assistance to participants, particularly focussing on the growing market opportunities in China. Successful applicants will benefit from 9 weeks of tailored fully funded support from NICA, Oxford Innovation Advice and Innovate UK KTN experts.
Find out more: iX Challenge: Healthy Ageing Innovation Accelerator Competition – Innovate UK KTN (ktn-uk.org)
UK Privacy Enhancing Technologies Challenge Prize – ideal for technology businesses
Innovate UK, part of UK Research and Innovation, is working with the Centre for Data Ethics and Innovation to run a Privacy Enhancing Technologies Challenge. This challenge is looking for solutions which can ensure individuals’ privacy in one or both of the following scenarios: use of personal data to forecast public health emergencies, or use of personal data to prevent financial crime.
Up to £700,000 is available in funding across the three phases of the competition. The competition closes on 19 September 2022.
More information: Competition overview – UK Privacy Enhancing Technologies Challenge Prize – Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)
