Deadline: 02-Sep-20
Innovate UK is working in partnership with The Prince’s Trust to find young people from across the UK with great business ideas.
The Young Innovators Awards will support up to 100 more young people by 2023 through annual competitions. So far, 24 young people have received Young Innovators awards and 12,000 young people have engaged with the #IdeasMeanBusiness campaign.
The aim of the Young Innovators Awards is to find young people with great business ideas who have the potential to become future leaders in innovation and successful entrepreneurs.
The Award includes:
- tailored business support including but not limited to media and communications including branding, business planning strategy, confidence, growing your networks, funding and finance options for example introductions to investors and pitch training, financial planning and more
- a living allowance for 2 days (15 hours) per week throughout the duration of the award
- a £5,000 grant to cover project costs including travel to meet customers/partners, attending relevant training courses, equipment, hiring office space and IT support.
Costs must be agreed with your Innovation Champion. They are looking for business ideas that are innovative, so they must:
- address a problem
- be different
- be significantly better than what is currently on offer including from existing businesses
They are looking to support award holders across the UK working on a wide range of business ideas. Your idea can be:
- ready to be developed into a new business
- within an existing business
They expect to see a wide range of business types, sectors and ideas for products, processes and services.
In the application you will need to pitch your idea in a short video, up to 3 minutes long. This must be uploaded to either Vimeo or YouTube and provided as a private link in question 6 of your application. If you have included password protection on your video please state the password in question 6. If they are unable to view your video your application will be ineligible.
Projects Innovate UK will not fund:
- 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 of funding and support
- applicants who are younger than 18 or older than 30 on the close date of the competition
Funding Information
The Award includes a £5,000 grant, tailored business support and a living allowance.
Eligibility Criteria
- This competition is open to single applicants only.
- Awards will start 1 December 2020. Support will be given to individuals for 12 months.
- 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 at the time of the Award
- be aged between 18 and 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 for 2 days (15 hours) per week on your Young Innovators Award
- to attending 2 x 1.5 day bootcamps (w/c 16th November 2020 and w/c 24th May 2021)
- to 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.
For more information, visit https://apply-for-innovation-funding.service.gov.uk/competition/632/overview