Innovate UK has very recently opened a new funding competition in which UK registered businesses can apply for a share of up to £20 million to respond to new and urgent needs in UK and global communities during and following the Covid-19 pandemic. The funding competition closes on 17 April 2020.
Innovate UK is part of UK Research and Innovation, which is a non-departmental public body funded by a grant-in-aid from the UK government. Innovate UK’s stated aim is to “drive productivity and economic growth by supporting businesses to develop and realise the potential of new ideas, including those from the UK’s world-class research base”. Innovate UK typically supports UK businesses by running a number of different funding competitions throughout the year, offering grants to innovative companies of all sizes, from start-ups to established companies.
The aim of this particular competition, entitled “Business-led innovation in response to global disruption”, is to “support UK businesses to focus on emerging or increasing needs of society and industries during and following the Covid-19 pandemic. By fast-tracking innovation, the UK will be better placed to maintain employment levels, a competitive position in global markets and make the UK more resilient to similar disruption”.
The new funding competition has a very broad scope and companies from many different sectors are being encouraged to apply for funding. Innovate UK is interested in solutions that tackle the new or emerging societal or industry needs in the wake of the Covid-19 pandemic, such as couriers and delivery, education and culture, entertainment, food manufacture and processing, remote working, sports and recreation, and transport.
The competition does have some eligibility criteria for businesses that are considering applying. An eligible company must be a UK registered business carrying out a project in the UK that falls within the scope described above. There are also some other eligibility requirements concerning the specifics of the innovative projects being carried out.
Successful businesses can claim 100% of project costs up to the maximum of £50,000, and this funding will be paid in advance of the project start date
Click here for further details on this funding competition.
If you would like to learn how intellectual property protection can add value to an innovative business, please do get in touch with us.
This article is for general information only. Its content is not a statement of the law on any subject and does not constitute advice. Please contact Reddie & Grose LLP for advice before taking any action in reliance on it.