Up to £2 million will be invested in innovation projects through a collaboration between Innovate UK, which is a part of UK Research and Innovation, and the Korea Institute for Advancement of Technology (KIAT) and Korean Energy Technology Evaluation and Planning (KETEP). 

This competition is designed to finance collaborative research and development (R&D) projects led by businesses, with a focus on industrial research. Its objective is to support innovative proposals that are jointly developed between the UK and South Korea. 

At least one partner from the UK and one from South Korea must be included in the proposal. Organizations based in the UK must apply to and receive funding from Innovate UK. 

Innovate UK will not provide any funding to the South Korean partner. Rather, South Korean partners must apply for and receive funding from either KIAT or KETEP, depending on the focus sector of the project: 

KIAT 

  • advanced manufacturing and materials 
  • artificial intelligence 
  • future mobility (including battery technologies) 

KETEP 

  • energy storage system 
  • Hydrogen 

Your project must: 

  • have a maximum grant funding request of no more than £500,000 
  • start by 1 November 2023 
  • end by 30 October 2026 
  • last between 24 and 36 months 

Your project must demonstrate: 

  • a clear game changing or disruptive innovative idea leading to new products, processes or services 
  • a strong and deliverable business plan that addresses and documents market potential and needs 
  • sound, practical financial plans and timelines 
  • good value for money which will always be a consideration in Innovate UK funding decisions
  • a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
  • clear, 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 intellectual property (IP) can be used and shared between the participants and countries
  • a clear route to market within 2 to 3 years of project completion 

 

Competition closes: Wednesday 7 June 2023 11:00am 

Applicants notified: 14 August 2023 

 

More Information:   

The applications are open until 3 May 2023 11:00am. For more information and registration, please check here.  

RedKnight has a strong track record of securing Innovate UK Smart Grants and can help you develop a competitive application! If you would like help putting together a competitive proposal, please contact us today. 

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