InnovateUK Grants
One of my clients recently applied for an InnovateUK grant of £250,000, to part-fund the development of a new process to their existing platform that would be attractive to an emerging global industry.
Achieving an InnovateUK Grant could make a real difference to any business with a good idea. However, applications for a Smart grant are very competitive and typically less than 10% of applicants will secure one, with this most recent round receiving 1,019 applications. My client is therefore not holding his breath.
InnovateUK advised him that recent research by British Business Bank and Innovate UK has shown that companies who secure funding from both organisations grow faster than companies who get funding from just one. So it is also worth familiarising yourself with the range of business support provided by the British Business Bank .
They also provided a link to a candid reflection on the innovator’s journey by Callaly who successfully launched a game-changing product in their sector.
InnovateUK offer funding and support across all academic disciplines and industrial areas from the medical and biological sciences to astronomy, physics, chemistry and engineering, social sciences, economics, environmental sciences, and the arts and humanities.
Applying for funding is a major undertaking, and can take several days of effort to get it right. And if you miss the deadline, by just one second, it will not be accepted. Timing in relation to your project is also a key consideration, as development funds spent before any grant funding is approved would not qualify, and the process to achieve approval is quite lengthy.
Précising skills are also a must as each response you have to give to lengthy questions will be limited in word count. They do however have guidance to help you complete and submit an application, which you should read before you start your application, as, if you don’t, your application is likely to fail.
If your application passes the initial inspection, it is then sent out to a number of independent adjudicators who have a strict marking regime with points awarded to each pre-determined standard attribute, which again is outlined in the guidance. Failure to meet the minimum score from just one judge and your application will be declined.
It is a difficult path to tread, but worth it if you reach the end. If you are successful, you will have a monitoring officer appointed to your project, and your quarterly in-arrears claims will be heavily scrutinised.
Their Customer Support Services team is available via support@iuk.ukri.org, who are happy to help with any questions relating to Innovate UK funding or the opportunities they offer.
Have your very own FinanceHead help with this aspect of your business and so much more! To arrange a call with a potential finance director please contact us or email us directly at info@financeheads.co.uk