Deadline: 9-Nov-22
UK registered businesses can apply for a share of up to £7 million for projects that develop new products and services within Professional and Financial Services.
Innovate UK, part of UK Research and Innovation, will invest up to £7 million in innovation projects. These will be to support the development of new technology enabled service within Professional and Financial Services.
Innovate UK intends to launch a competition aimed at increasing access to data within these sectors shortly so that will not be an area Innovate UK is looking to support in this competition.
Aims
The aim of this competition is to advance the Professional and Financial Services sectors by supporting them in the creation and adoption of new digitally supported services.
Your project must focus on one or more of the following:
- Legal services
- Accountancy and audit
- Insurance
- Open finance innovation
- Financial planning and support for consumers and SME’s
- Financial regulatory compliance and financial crime prevention (such as fraud and anti money laundering)
- Payments and transactions.
Your project must include the following:
- Clear consideration of user experience and design
- Consideration of broader, non-technical aspects including ethics, privacy, transparency and regulatory requirements
- Consideration of barriers to adoption within these sectors and approaches to address them
- Quantify how the solution will be exploited.
Themes
Innovate UK is particularly encouraging applications that:
- Are for projects that increase access of the services to underserved or excluded communities, individuals, and businesses
- Cover more than one sector in scope
- Address broad sector wide needs
- Involve collaborations with non-grant funded professional and financial service providers
- Are multidisciplinary and include social science as well as science and engineering.
Sectors
Your proposal must show how you will help these sectors:
- To deliver better products and services
- Increase access to these services
- Make these services more effective for their customers.
Research Categories
The competition scope will specify the category of research and development (R&D) activity for that particular competition.
Innovate UK supports the following R&D categories:
- Fundamental research
- Feasibility studies
- Industrial research
- Experimental development.
Funding Information
- Your project’s total grant funding request must be between £50,000 and £200,000.
Eligibility Criteria
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Project
- Your project must:
- have a total grant funding request between £50,000 and £200,000.
- start by 1 April 2023.
- last between 6 and 18 months.
- carry out all of its project work in the UK.
- intend to exploit the results from or in the UK.
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Lead organisation
- To lead a project your organisation must be a UK registered micro, small or medium-sized enterprise (SME)
- Academic institutions and research and technology organisations (RTO) cannot lead or work alone.
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Number of applications
- A business can apply as the lead for multiple applications across the 2 strands of the competition, but only one successful project will be funded.
For more information, visit Innovate UK.
For more information, visit https://apply-for-innovation-funding.service.gov.uk/competition/1288/overview/d02eeb03-6e83-4ebf-ab03-855a47901b47