Innovate UK in collaboration with Taiwan’s Department of Industrial Technology (DoIT), has announced a new funding opportunity aimed at fostering international cooperation in industrial research. With up to £5 million available for innovation projects, this initiative seeks to unite UK and Taiwanese expertise to drive technological advancements and commercial success in several cutting-edge sectors.
Competition Overview
This funding competition is designed to support collaborative research and development (CR&D) projects that are business-led and focused on creating new products, services, or industrial processes. Projects must be innovative, involve technological risk, and demonstrate high market potential. Importantly, each project must include at least one partner from the UK and one from Taiwan, with funding for UK participants provided by Innovate UK and for Taiwanese partners by DoIT.
Key Sectors and Technologies
The competition prioritises projects in several high-impact sectors, reflecting the latest trends in technology and market demands:
- Smart Technology: This includes next-generation communication technologies, semiconductor technology, and advancements in space technology.
- Green Energy Technologies: Focus areas include electric vehicles, hydrogen transportation, renewable energy solutions, future grids, and carbon capture, utilization, and storage.
- Smart Manufacturing: Enhancing automation and digital integration in manufacturing processes.
- Biotechnology: Projects might involve the development of medical materials and devices that can transform healthcare.
- Service Innovation: This sector encompasses the Internet of Things (IoT), Big Data, Artificial Intelligence, and the latest in telecommunications standards, 5G and 6G.
Funding and Project Details
This competition closes at 11am (UK time) on the 17th July 2024. UK applicants can apply for a grant of up to £900,000 per project. Each project must:
- Request no more than £900,000 in grant funding.
- Start by January 1, 2025, and conclude by December 31, 2027.
- Last between 24 and 36 months.
- Perform the majority of their project work in the UK and plan to exploit the results domestically.
Consortium Requirements
Each consortium must include at least one business registered in Taiwan and ensure that all businesses are separate legal entities. This stipulation is key to fostering genuine collaboration across borders, as opposed to facilitating internal company research. The contribution of project costs must be balanced, with no single partner or country claiming more than 70% of the total project costs.
Innovation and Impact
Projects must demonstrate:
- A clear, disruptive innovative idea leading to new products, processes, or services.
- A robust business plan with documented market potential.
- Practical financial plans with clear timelines.
- Good value for money, which is a critical consideration in funding decisions.
- A plan to deliver significant economic impact and growth through commercialization soon after project completion.
- The benefits of UK and Taiwanese collaboration, detailing how international cooperation adds value.
- A well-defined IP strategy for the use and sharing of intellectual property created during the project.
- A clear route to market within two to three years of project completion.
What Next?
For a free consultation to discuss your project’s fit with the competition, please contact RedKnight today.
