Innovate UK is to invest up to £15 million in innovative R&D projects. These projects are designed to help businesses develop new products, processes and services with commercial potential. The aim is to enhance UK competitiveness, growth and improve national productivity.
The competition is open to the best business-led ideas or concepts. These can be drawn from any technology, engineering or industrial area, including Innovate UK’s 4 priority sectors for growth.
We want to fast-track ideas to commercial success. Projects should demonstrate disruptive, cutting-edge innovations and businesses should demonstrate ambition and potential for growth.
The competition will be open to both small and medium-sized enterprises and large companies. They can work individually or collaboratively.
Projects may focus on:
feasibility studies which may include a proof of market
We expect projects to last 6 to 36 months. They can range in size from total eligible project costs of £25,000 up to £1 million, depending on the type of project.
There are two options to apply into this competition. These are dependent on the size and length of your project. These options are called streams. Stream 1 is for projects under 12 months and under £100,000. Stream 2 is for projects over 12 months or over £100,000.
The competition opened on 6 June 2016: