Transforming products and services: apply for business funding
Monday December 12th, 2016
Business can apply for a share of £15 million to support development of new products and services in any technology or industrial area.
Innovate UK has up to £15 million to support the best business-led and innovative ideas for new products, processes and services.
Ideas can come from any technology, engineering or industrial area. They can fit in with Innovate UK’s 4 priority sectors for growth – emerging and enabling technologies, health and life sciences, infrastructure systems, and manufacturing and materials – or be outside them.
Proposals must be transformational or disruptive innovation and must have a clear commercial impact and potential for return on investment.
Projects that are likely to lead to a sustainable growth in productivity or access to new overseas markets will be given priority.
This competition is the second of 2 annual Innovate UK open competitions that support good ideas with market potential from any technology area.
- the competition is open, and the deadline for registration is at noon on 1 February 2017
- projects must be led by a business either working alone or with partners
- funding is available for a wide range of projects from proof of concept to prototypes and demonstration
- total project costs can range from £25,000 to £1 million depending on the type of project, and projects can last between 6 and 36 months
- businesses could attract up to 70% of their eligible costs, depending on their size and the type of project
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