Innovate UK, the UK’s national innovation agency, fuels business growth by funding and supporting the creation of new products and services. As a government-backed body within UK Research and Innovation, it’s led by experts across various fields to drive innovation nationwide.
To get an Innovate UK grant, you can apply to one of their innovation competitions which can be found on GOV.UK. But before you do this, ask yourself five questions so you know you’re ready:
If you answered yes to all of these, you’re ready to go. So here are the next steps:
Are you eligible for the contest and does your project fit the scope? You must be a UK-registered business or a research and technology organisation. You must also intend to commercialise the results in the UK.
Each contest has a specific set of criteria which must be met. From number of collaborations on a project, to location of the project work, understanding the criteria before application is critical. You might need a collaborator or partner so by reaching out to Innovate UK, they can help you match with a partner organisation.
Get registered for webinars where you can talk to the funders, ask questions, and meet other organisations.
Ring fence potential match funding as most contests require at least 30% match funding from the company. Innovate will pay the other 70%, so making sure you finance your portion of the grant is critical.
Read the documentation and application on Innovate UK’s website and give yourself plenty of time. There are a great deal of appendices which must be added to your application so ensure you allocate enough time.
Sit down with your team and understand what your budget might be and how it fits with the grant criteria.
Innovate UK have a range of grants available from biomedical, to technology, agriculture to marine, but perhaps their most popular grant is the Smart Grant. Open on a rolling basis at multiple times during the year, the Smart Grant is Innovate UK’s ‘catch all’ technology grant. It’s designed to include as many companies as possible.
Smart Grants are a way to support brand new and high impact innovations from micro, small and medium-sized enterprises (SMEs). UK registered organisations can apply for grants varying from £100k to £2m. Innovate UK Smart Grant accepts applications for funding all year round, with specific deadlines every quarter. If you’re looking to enter, here’s a few things you should know:
Your project must:
The concept must be a ground-breaking and innovative idea for brand new product or services. The idea should be notably different from products and services already on the market that is set for rapid commercialisation following project completion.
Innovate UK’s Smart Grant is the most popular grant they offer and as a result is heavily contested. This explains the very low funding rate.
If you want to improve your chances, here are a few tips which will help:
Innovate UK plays a critical role as an anchor funder within the ecosystem, providing vital financial support. This partnership enhances the development of new technologies and solutions, contributing to the UK’s competitive advantage. Innovate UK funds new innovations that are too risky for traditional funders. Public money is used to boost UK Public Limited Companies and position the UK at the forefront of emerging technologies. Support can also be given to businesses as they move into international markets.
Innovate UK’s mission is to fund companies at the early stages of their development so they can bring innovative products to market. This allows the organisation to stay ahead of international innovation standards. Ultimately, it’s public taxpayers’ money coming through the government to Innovate UK, so they want to get the money back in taxes and profits. Innovate UK also goes beyond funding, ensuring companies find the right partners to access the right expertise and equipment. It not only supports domestic innovation but also helps UK businesses explore international markets, reinforcing the UK’s position as a global leader in innovation.