UK registered businesses can apply for a share of £2 million to fund collaborative innovation with businesses from South Korea. This funding is from Innovate UK in partnership with the Korea Institute for the Advancement of Technology.
Scope
This competition will fund collaborative research and development projects focused on industrial research. All proposals must demonstrate:
- a clear game-changing or disruptive innovative idea leading to new products, processes or services
- a strong and deliverable business plan
- sound, practical financial plans and timelines
- good value for money
- a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation
- considerable potential to significantly benefit the UK economy or national productivity
- the benefits of participants from the countries working together and how this adds value
- a clear definition of where IP can be used and shared between the participants and countries
- a clear route to market within no more than 2 to 3 years of project completion
Eligibility
All projects must meet the following eligibility criteria:
- Firstly, the consortium must include at least one business registered in South Korea.
- All projects must last between 24 and 36 months, starting by 1st November 2022 and ending by 31st October 2025.
- UK applicants can apply for a maximum grant of up to £350,000.
- They must also carry out the majority of their project work in the UK and intend to exploit the results from or in the UK.
More Information
This competition is open from 14th February until 6th July. For more information, please visit the competition page or join the online briefing event on 22nd February.
RedKnight has extensive experience of developing bids for transnational innovation projects. To find out more about how we can help, please contact us in order to arrange a free consultation.
