Deadline: 28-Jul-21
Nominations are now open for the Young Innovators Awards 2021/22 to find a new group of young innovators that, with their help, can turn their great ideas into successful businesses.
They are looking for young people who would benefit most from the Young Innovators Awards, including the financial support and tailored package of expert advice, with access to the innovation tools and connections on offer.
The financial support, tailored coaching and mentoring will be provided directly to the successful applicants.
Scope
- Your project must:
- address a problem
- be innovative
- be significantly better than what is currently on offer including from existing businesses
- As an award holder you will receive:
- tailored business support including but not limited to; media and communications, for example, branding, business planning strategy, confidence, growing your networks; funding and finance options, for example, introductions to investors and pitch training, financial planning
- a grant of £5,000 to cover eligible project costs, including travel to meet customers and partners, attending relevant training courses, equipment, hiring office space and IT support
- a living allowance grant for 2 days (15 hours) per week throughout the duration of the award at an hourly rate matching the UK real living wage
- They are looking to support award holders across the UK working on a wide range of business ideas, types, sectors, products, processes, and services. Your innovative idea can be:
- ready to be developed into a new business
- within an existing business
- As part of your application, you must pitch your idea in a short video, up to 3 minutes long. This must be uploaded to either Vimeo or YouTube and provided as an unlisted link in question 18 of your application. If they are unable to view your video or it is not hosted on Vimeo or YouTube, your application will be made ineligible.
- They are looking to fund a portfolio of projects.
- They will select a portfolio of award winners who:
- have high potential to be future leaders in innovation or successful entrepreneurs and inspirational role model to others
- are most likely to benefit from the package of support on offer
- represent a diverse range of innovative ideas for business
- are located throughout the UK
Award Details
- The Young Innovators Award includes £5,000 plus a living allowance in the form of a grant.
- Innovate UK, part of UK Research and Innovation, will invest up to £460,000 in young innovators with this competition.
- In this competition, they plan to give awards to 32 young people across the UK. The same benefits will be offered to all award holders.
Projects they will not fund
They are not funding:
- applicants that have previously received an Innovate UK Young Innovators Award
- applicants who would not benefit from the package of support on offer
- applicants who do not intend to use the full award package, for example, just the funding
- applicants who are younger than 18 or older than 30 on the close date of the competition
- projects that involve primary production in fishery and aquaculture
- projects that involve primary production in agriculture
- projects not allowed under Special Drawing Rights (SDR
- projects not allowed under De minimis regulation restrictions
- activities relating to the purchase of road freight transport
- projects that involve the audio visual sector (such as film production)
- subsidies dependent on export performance – for example giving a subsidy to a baker on the condition that they export a certain quantity of bread to another country
- subsidies that are dependent on domestic inputs usage- for example if they insisted that a baker use 50% UK flour in their product
Eligibility Criteria
- This competition is open to sole applicants only.
- Lead applicant
- To be eligible for an award you must:
- be a UK resident who has the right to work in the UK, or will have the right to work in the UK for the duration of the award
- be aged from 18 to 30 on the date of competition closing
- have not previously received a Young Innovators Award from Innovate UK
- You must be able to commit to:
- working on average for 2 days (15 hours) per week on your Young Innovators Award, including some weekday time to meet with your Innovation Champion
- attending 2 bootcamps, each lasting 1.5 days on 7 and 8 December 2021, and 17 and 18 May 2022
- providing at least 4 days over the duration of the award to be a role model for the Young Innovators Programme
- You are eligible to apply if you are receiving support from The Prince’s Trust’s in-person Enterprise programme.
- To be eligible for an award you must:
For more information, visit https://apply-for-innovation-funding.service.gov.uk/competition/935/overview