Innovate UK opens £15 million funding competition

 
Innovate UK has allocated up to £15 million to fund innovation projects through an open competition.

The competition is looking for the best business-led ideas or concepts spanning the technological, engineering and industrial sector, the UK’s innovation agency informed.

Prospective entries must:

• Demonstrate innovation leading to novel, new products, processes or services
• Articulate a clear and anticipated growth impact for the business(s) leading to a significant return on investment (ROI).

Priority will be given to proposals that are likely to lead to sustainable gains in productivity and/or access to new overseas markets through export-led business growth, according to Innovate UK.

Projects can draw on feasibility studies which may include a proof of market, industrial research, and experimental development depending on the identified challenge and proposed solution.

Innovate UK states that the projects may last between 6 and 36 months, with the total eligible project costs ranging from £25,000 to £1 million depending on the type of R&D to be undertaken.

Businesses of any size that are working alone or in collaboration with others businesses, research base and third sector, are eligible for funding.

However, Innovate UK said that it must be a UK-based business carrying out the project in the UK.

The registration deadline for the competition is set for August 31, 2016.