Innovate UK has just allocated up to £20 million into a competition that will finance the best new ideas for products and services developed from cutting-edge technologies. The competition is open to all ideas from any area of technology, science or engineering, including arts, design and creative industries, and can be applied in any sector of the economy.

This competition opens on 12 July 2018, as part of Innovate UK’s open funding programme and will support a range of projects from feasibility studies to longer industrial research and experimental development projects. The deadline for applications is at midday on 12 September 2018.

Eligible projects can be led by a business working alone or with partners or by a research and technology organisation and they must demonstrate they have a game-changing idea that could lead to new commercial products, processes or services. All projects must include at least 1 SME, and, in this regard, there is also an opportunity for businesses to apply for Knowledge Transfer Partnerships (KTPs) (more here)

InnovateUK is expecting to provide funding to projects ranging in size between £25,000 and £2 million and it is also expecting successful projects to last between 6 and 36 months. Businesses could attract up to 70% of their project costs.

For more information see the overall description here, and contact us at RedKnight!

Source InnovateUK