Deadline: 28 February 2018
Innovate UK is seeking applications for its competition which is open to the best business-led cutting-edge or disruptive ideas or concepts with a view to commercialisation.
The Open competition provides support for businesses to undertake an innovative project and is designed to:
- help businesses overcome barriers to innovation
- reduce the risk financially and technically in developing an innovative idea or concept for commercialisation and scale up
- enable businesses to address high-growth opportunities if their concept doesn’t fit one of the Innovate UK sectors or has multiple themes with differing scopes
- speed up the journey from an idea to commercialisation where timing can make all the difference to prospects
- position businesses to be able to access private investment to support their innovative ideas
- provide crucial support for businesses with significant ambition and potential for growth, to develop highly innovative products, processes or services that demonstrate considerable opportunity for commercialisation and scale up, preferably with access to global markets
Competition scope
To be in scope, a proposal must demonstrate:
- a clear game-changing and/or disruptive innovative idea leading to novel, new products, processes or services that are significantly ahead of others in the field
- a strong and deliverable business plan that addresses (and documents) market potential and needs
- a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- awareness of all the main risks the project will face with realistic management, mitigation and impact minimisation plans for each
- sound, practical financial plans and timelines that represent good value for money
- a clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible following project completion
Funding Information
Total eligible project costs must be within the range £25,000 to £1,000,000. Projects may last between 6 and 36 months.
Eligibility Criteria
- To lead a project applicants must:
- be a UK-based business
- be a business of any size
- carry out their project in the UK
- work alone or in collaboration with others (businesses, research base and third sector)
- If applicant’s project has total eligible costs or duration outside the specified range or duration it will be deemed out of scope and ineligible.
- An applicant can only submit one project application per competition round. If more than one application per round is submitted, only the first application will be considered for assessment.
How to Apply
Applicants can apply via given website.
Eligible Country: UK
For more information, please visit Business Funding.