What is Innovate UK Grants Funding?
Innovate UK is the primary UK funding body that provides financial grants to support and incentivise businesses to undertake research and development (R&D). Including but not limited to, processes, services, and products to test innovative ideas. In turn, these new developments result in economic growth for businesses and the UK.
In essence, grants are great for innovative firms, as organisations do not have to give money back. Also, because no equity is lost, grants are an excellent form of non-dilutive funding, alongside R&D Tax credits and debt financing. Various funding bodies in the UK support Innovative ideas and business growth. Moreover, a broad range of organisations can receive funding, including Research Technology Organisation (RTO), universities, and small or medium enterprises.
It takes a lot of time and resources to get an R&D project off the ground. This is due to the hardships of innovation. Hence, there are many processes needed to be taken into consideration. This includes finding a suitable market to develop a new product or service.
With this in mind, innovation grants and funding help businesses de-risk their R&D project. The R&D grant funding supports experimental developments, market research, and prototyping. Nevertheless, the main requirement for most UK grants is for the project to be completed in the UK. But also, the results of the project.
What Funding is Available In The UK?
In the UK, the primary source of Innovation Grants available is Innovate UK, which supports up to £1bn of funding a year across four key industrial challenges:
To meet these four challenges, numerous monthly competitions are announced to subsidise open innovation, including:
Innovation UK – Biomedical Catalyst 2022 Round 2
NHS Future Hospital initiatives
ESA Business Applications’ Call for proposals
DASA open call for innovation
By the same token, the majority of the UK’s R&D tax grants come from Innovation UK. They are responsible for growth by investing in innovative project businesses. With an annual budget of £6 billion, they report to the Department for Business, Energy and Industrial Strategy (BEIS).
This competition aims to increase the innovative pace of specific sectors. This includes Biomedical Sciences, Energy, and Agri-tech.
The Investment Accelerator opportunity is different as it offers non-dilutive funding. Also, equity investment from a pre-allocated investor pool. Thus, they focus on specific fields with competition announcements made regularly. It includes digital health, VR/AR/XR, and Insurtech.
Small Business Research Initiative
Furthermore, the SBRI grants are contracted grants from the government with a 100% funding rate. This means that they provide winners with 100% of funding costs. As a result, they have been awarded for work in cybersecurity, digital health, and waste reduction.
Innovative UK also offers an Open Call competition called Smart. They look to develop projects that surpass the current stage in ideas, technology, and product.
We provide a smart, fast service that offers peace of mind on all the details of funding your innovation through non-dilutive methods. This includes grant funding, debt financing, and R&D tax credit claims.
Moreover, our terms of service are transparent, with no hidden extras. By partnering with us you have the security of our international reputation. Also, the confidence of our UK Team to maximise your benefit.
If you have any questions about your claim or general questions regarding R&D Tax Credits, please feel free to contact us here.