Do you have a cutting-edge project? Do you have disruptive ideas or concepts with a view to commercialisation? Then you may want to apply to the second round of Innovate UK Open Programme Funding Competition! The application deadline is Wednesday, September 12th at noon, and here is a recap of what you need to know before you start.
Innovate UK has allocated up to £20m and you can apply for any amount between £25k and £2m, depending on the length of your project:
|Project duration||Total costs
|6 to 18 months||£25,000 to £500,000
|19 to 36 months (must be collaborative projects)||£25,000 to £2,000,000
NB: the percentage of the costs covered by the grant will vary depending on the type of research being led and on the size of the applicant(s). For example, the fund will cover up to 70% for the feasibility studies done by small businesses but only up to 60% for those made by medium businesses.
The competition is open to UK-based companies who will carry out the project and exploit the results in the country. If several entities, gathered in a consortium, can apply, all projects must include at least one SME.
To apply for the grant, your project has to:
- be a game changer, potentially leading to novel products, services or processes
- have a clear market potential
- be carried out by a skilled and experienced team
- demonstrate an awareness of risks and a plan to mitigate them
- include financial plans and timeline
How to apply to the funding competition
Innovate UK has produced a guide – which is available here – to help you through the process.
NB: the application is split into three sections:
|Project details||This section, though not scored, helps the assessors decide if the project fits in the scope of the competition.
|Applicable questions||Ten questions help you present your project in details. Assessors will score your application, the success of which depends on this score .
|Finances||The last section covers the project costs and the organisational and funding details.
How to maximise your chances to get a grant
To start with, you can read our “where the heck do I start” posts, but actually, WE would maximise your chances of success. Get in touch!