Innovate UK's Innovation Loan Programme
Empowering SMEs for Future Growth
Innovate UK's Innovation Loan programme is aimed at supporting micro, small, and medium-sized enterprises (SMEs) with late-stage research and development (R&D) projects that demonstrate high innovation potential and significant future economic impact. This initiative provides up to £25 million in loans to help these businesses bridge the gap between R&D and commercialisation.
Overview of the Programme
The Innovation Loan programme is designed for SMEs registered in the UK, focusing on projects that are significantly ahead of current market offerings or utilise existing products, processes, or services in innovative ways. The loans range from £100,000 to £2 million, with the expectation that projects will commence by April 1, 2025. The programme aims to support a variety of sectors, emphasising themes such as Net Zero, health and wellbeing, next-generation digital technologies, and advanced manufacturing.
Eligibility Criteria
To qualify for the loan, businesses must:
- Be a UK-registered micro, small, or medium-sized enterprise.
- Conduct and exploit their project within the UK.
- Demonstrate the need for public funding and the ability to repay the loan on time.
- Provide evidence of their business's suitability to handle a loan.
Notably, individuals, large companies, non-profits, academic institutions, and research organisations are not eligible. Collaboration is not funded, but subcontractors are allowed, if justified.
Project Requirements
Eligible projects should:
- Lead to the development of innovative new products, processes, or services.
- Include prototyping, demonstrating, piloting, testing, or validation in real-life conditions.
- Align with one or more future economy areas specified in Innovate UK's plan for action.
The programme encourages applications from underrepresented communities, including those outside major investment hubs and from diverse backgrounds.
Application Process
The application process is comprehensive, consisting of three main sections: business and financial details, project questions, and project finances. The application is evaluated based on the quality of the project and the business's ability to manage and repay the loan.
Applicants must also address specific project aspects, including:
- The business need, technological challenge, or market opportunity.
- The market potential and commercialisation plan.
- The team’s skills and project management strategy.
- Detailed project costs and financial planning.
Submissions are reviewed by independent experts and Innovate UK’s credit team. Successful applicants will proceed to detailed credit analysis and final lending decisions.
Key Dates
The programme operates through multiple rounds:
- Round 16: Opens on 27th June 2024, and closes on 21st August 2024.
- Round 17: Opens on 22nd August 2024, and closes on 2nd October 2024.
- Round 18: Opens on 3rd October 2024, and closes on 3rd December 2024.
- Round 19: Opens on 3rd December 2024, and closes on 29th January 2025.
Financial Terms
Innovation loans are structured with favourable terms:
- Availability Period: Up to three years with loan drawdowns and interest at 3.7% per annum.
- Extension Period: Up to two years, focusing on commercialisation with deferred interest.
- Repayment Period: Up to five years with quarterly repayments and a 7.4% interest rate.
Security is generally in the form of a debenture, with no personal guarantees required. Loans cover up to 100% of eligible project costs, with the equivalent benefit of a grant due to below-market interest rates.
What Next?
For a free consultation to discuss your project, contact RedKnight today.
The 2025 European Prize for Women Innovators Now Open
The 2025 European Prize for Women Innovators
The European Innovation Council (EIC) and the European Institute of Innovation and Technology (EIT) have announced the 2025 European Prize for Women Innovators, highlighting the extraordinary contributions of women entrepreneurs who drive impactful innovation. This prestigious award seeks to recognise and amplify the achievements of women innovators, encouraging gender equality in business and technology.
Categories and Prizes
The 2025 edition features three main categories:
- EIC Women Innovators: This category is open to women Founders or Co-founders of companies from EU Member States and Associated Countries. The top three winners will receive prizes of €100,000, €70,000, and €50,000 respectively.
- EIC Rising Innovators: Targeted at emerging innovators under the age of 35, this category also awards three prizes: €50,000, €30,000, and €20,000.
- EIT Women Leadership: This category focuses on women with a direct link to the EIT Community. Similar to the Rising Innovators, the top three will be awarded €50,000, €30,000, and €20,000.
These prizes are designed to provide substantial support to women who are making significant strides in innovation and entrepreneurship.
Key Dates and Application Process
- Online Info-session: Scheduled for 5th July 2024 (11:00am-12:00pm CEST), this session will provide detailed information about the application process.
- Application Deadline: All applications must be submitted by 25th September 2024 at 5.00pm CEST.
- Applicants must submit their entries through the Funding & Tenders Portal, ensuring they meet the criteria specified in the Rules of the Contest.
Promoting Gender Equality in Innovation
Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education, and Youth, emphasises that the European Prize for Women Innovators showcases the ingenuity and leadership of women in the innovation sector. This initiative celebrates their achievements and also sets them as role models, promoting gender equality in the fields of technology and business.
Addressing Systemic Barriers
Despite the growing recognition of women innovators, systemic barriers still exist that hinder their full participation in the tech and business sectors. The EIC and EIT are committed to addressing these challenges by providing platforms and resources that support women-led companies and innovations. By doing so, they aim to foster an inclusive environment that empowers women to contribute significantly to the economy and society.
How to Get Involved
For those interested in applying, detailed information and resources are available on the European Prize for Women Innovators webpage. The application process is straightforward, and support is provided through various channels to ensure that potential applicants have all the necessary information.
New Innovative Health Initiative Call for Proposals
Exploring IHI Call 8: A New Horizon for Health Innovation
The Innovative Health Initiative (IHI) has launched its eighth call for proposals, focusing on pivotal areas in health research and innovation. This call aims to foster collaborative projects that address pressing health challenges through cutting-edge science and technology. Here’s a comprehensive look at what IHI Call 8 entails and how interested parties can get involved.
Key Focus Areas of IHI Call 8
IHI Call 8 is structured around four main topics:
- Cardiovascular Disease: This topic seeks innovative city-based approaches to reducing cardiovascular mortality across Europe. The emphasis is on implementing scalable and sustainable solutions that can be integrated into urban healthcare systems to improve cardiovascular health outcomes.
- Osteoarthritis: Utilising big data analytics, this topic aims to develop novel endpoints for osteoarthritis. By leveraging vast amounts of data, the goal is to enhance the understanding of disease progression and treatment efficacy, ultimately improving patient care.
- Regulatory Sandboxes: This topic involves modelling regulatory sandbox mechanisms. These sandboxes are controlled environments where innovative health technologies can be tested and validated under regulatory supervision, facilitating faster market entry for breakthrough innovations.
- Patient-Centred Endpoints: The focus here is on deriving patient-centred clinical-study endpoints using digital health technologies. This involves creating more personalised and precise measures of health outcomes that reflect the real-world experiences and needs of patients.
Funding and Budget
The total indicative budget for IHI Call 8 is €96.6 million, with €47.6 million contributed by IHI and €49.0 million from industry and other contributing partners. This substantial funding emphasises the EU's commitment to advancing health innovation through collaborative research.
Application Process and Deadlines
IHI Call 8 follows a two-stage application process:
- Stage 1: Short proposal submission deadline is on 10th October 2024, at 17:00 Brussels time.
- Stage 2: Full proposal submission deadline is on 23rd April 2025, at 17:00 Brussels time.
Applicants must submit their proposals via the Funding and Tenders Portal, ensuring they have an EU Login account, and their organisation is registered as a beneficiary.
Finding Partners
Collaboration is at the heart of IHI Call 8. To facilitate the formation of consortia, IHI provides resources through the IHI Call Days platform, where potential partners can connect, schedule meetings, and seek advice on forming robust partnerships. This platform remains active until the call deadline, offering continuous support for networking and collaboration.
Additional Resources and Support
Prospective applicants are encouraged to consult the detailed call documents available on the IHI website and the Funding and Tenders Portal. These documents include the guide for applicants, which provides crucial information on proposal preparation and submission. Additionally, IHI offers info sessions and various support mechanisms to assist applicants throughout the process.
Emphasis on Inclusivity and Innovation
IHI Call 8 is designed to be inclusive, inviting participation from a broad range of stakeholders, including SMEs, academic institutions, and industry partners. The focus on digital health technologies, big data analytics, and regulatory innovation reflects a commitment to embracing cutting-edge solutions that address contemporary health challenges.
What Next
For a Free consultation to discuss your project, contact RedKnight today.
Shaping the tenth framework programme (FP10)
Member States Advocate for Greater Influence in Shaping FP10
The tenth framework programme (FP10) for research and innovation in the European Union is garnering significant attention from member states who are calling for a more prominent role in its strategic planning. This development follows the adoption of a new opinion paper by a special task force of the European Research Area and Innovation Committee (ERAC). The paper emphasises the need for a stable and predictable funding framework and the inclusion of Collaborative Research Actions to support basic research.
A Call for Enhanced Strategic Involvement
The task force's recommendations reflect a broader desire among EU governments to have a more substantial say in setting the priorities for FP10. This includes making strategic choices that align with national and regional research goals, thereby leveraging national, regional, and private investments more effectively. The opinion suggests that a more consultative approach involving member states and stakeholders could enhance the programme's relevance and impact.
Addressing the Funding Issue
While the opinion paper does not specify a budget, it highlights the importance of a stable financial framework for research and innovation. This is crucial to ensure the success of FP10 and maintain its competitive edge globally. However, the absence of specific budget recommendations has drawn criticism from various quarters. Kamila Kozirog of the European University Association (EUA) and Mattias Björnmalm of CESAER highlighted the missed opportunity to advocate for increased funding. Both stress the necessity of achieving the 3% GDP target for research and innovation, with a public effort of 1.25%.
Simplification and Inclusivity in Funding Mechanisms
The task force advocates for simplifying the structure of Pillar II, which currently includes calls for Research and Innovation Actions and Innovation Actions for higher Technology Readiness Levels. By adding Research Actions, FP10 could make it clearer that Pillar II is also dedicated to research, not just innovation-focused projects. This aligns with calls from the League of European Research Universities (LERU) for more simplification in grant applications.
Additionally, the task force recommends evaluations of the Widening measures aimed at closing the east-west gap in research capabilities, and the European Institute of Innovation and Technology (EIT). The opinion also suggests phasing out instruments that are no longer relevant, though it does not specify which ones.
Positive Views and Constructive Criticism
The European Research Council (ERC) and Marie Skłodowska-Curie Actions (MSCA) receive positive mentions for their roles in supporting career development and breakthrough research. The European Innovation Council (EIC) is also praised for addressing gaps between research excellence and market transformation. However, there is a recommendation to move "Missions" out of FP10, as their objectives extend beyond the programme’s scope.
Stakeholder and SME Involvement
The task force stresses the importance of involving stakeholder organisations in the planning and oversight of FP10. While this move is supported by many, including EUA and CESAER, concerns remain about the potential for increased member state involvement to slow down priority setting. Moreover, acknowledging the critical role of SMEs, the task force suggests exploring the possibility of lowering their financial contributions in certain partnerships.
Beyond EU Borders
A continent-wide approach and faster association processes for neighbouring countries sharing EU values are prioritised to bolster European research and innovation. This includes swift associations with countries like Switzerland to leverage the full research and innovation capacity of Europe.
Towards a Single Market for Knowledge
The opinion supports the concept of a "single market for knowledge" and the idea of research and innovation as a "fifth freedom," enabling the free movement of research, innovation, knowledge, and education. This vision, proposed by former Italian Prime Minister Enrico Letta, aims to position Europe as a global leader in research and innovation.
Conclusion
The call for a more strategic role in shaping FP10 highlights the evolving landscape of European research and innovation policy. By addressing funding stability, simplifying mechanisms, and enhancing stakeholder involvement, FP10 aims to build on the successes of its predecessors while adapting to new challenges. The collaborative approach and strategic investments envisaged in FP10 could pave the way for ground breaking advancements and sustained economic growth in the EU.
Discovering the Eureka Eurostars Programme
The Eureka Eurostars programme is co-funded by the European Union through Horizon Europe. It aims to foster transnational innovation by providing significant funding to R&D projects that seek to commercialise novel products, processes, or services with a civilian purpose.
What is the Eurostars Programme?
Eurostars is recognised as the largest international funding programme dedicated to supporting innovative SMEs. It emphasises collaborative R&D projects, encouraging partnerships among SMEs, universities, and research centres across 37 participating countries. Even organisations from non-participating countries are welcomed to join a Eurostars consortium, making it a truly global initiative.
The programme's core objective is to bolster projects led by innovative SMEs, ensuring they have the resources and support necessary to transform ground breaking ideas into market-ready solutions. Each year, the programme facilitates approximately €250 million in public-private investment, funding around 680 organisations.
Why Choose Eurostars?
Participating in Eurostars offers numerous advantages:
- Access to Public Funding: Successful applicants receive substantial grants from their national funding bodies, significantly offsetting R&D costs.
- International Network: Participants join a growing network of SMEs, universities, and research centres, fostering long-term relationships and collaborative opportunities.
- Expert Support: The programme provides access to a network of industry experts, enhancing the quality and impact of R&D projects.
- Market Expansion: Many companies experience a 15% increase in annual turnover, with 69% entering new markets and 68% improving their market share.
- Visibility and Credibility: Participation boosts the visibility of organizations within their specialist fields, often leading to enhanced perceptions from private investors.
Competitive Edge
Despite the competitive nature of Eurostars, the average success rate is high in comparison with other comparable programmes, averaging at 29%. The submission and evaluation processes are centralised and transparent, ensuring all applications are judged fairly by industry experts.
Eurostars is not just about funding; it is about creating a sustainable ecosystem where R&D relationships evolve into lasting business partnerships. The programme's emphasis on market-driven innovation means that projects are not only scientifically sound but also commercially viable.
Business Benefits Beyond Funding
Participation in Eurostars often leads to transformative outcomes for businesses. Apart from financial support, companies benefit from increased market visibility and improved business relationships. The statistics speak for themselves: companies involved in Eurostars projects report significant market expansion and enhanced technological capabilities.
Moreover, the programme's emphasis on collaboration fosters a culture of innovation, pushing companies to explore new ideas and markets. This collaborative spirit is crucial in today’s rapidly evolving technological landscape, where staying ahead of the curve often means joining forces with like-minded innovators.
How to Get Involved
The process to apply for Eurostars is straightforward but rigorous. Interested parties must form a consortium with at least one other independent entity from a participating country. The innovative SME must be the primary applicant and project leader. The consortium can include other SMEs, large companies, universities, and research organisations (each country operates its own eligibility criteria, so it is imperative to read the guidelines for each participating country).
The next deadline for Eurostars applications is 12th September 2024. Prospective applicants should begin preparations well in advance to ensure their proposals are robust and comprehensive. For a free consultation to discuss your project, contact RedKnight today.
Climate Change Adaptation and Smart Cities Funding Opportunities
EU's AI Strategy Falls Short
The European Court of Auditors (ECA) has issued a critical report on the European Commission's (EC) strategy for artificial intelligence (AI), highlighting significant shortfalls. The report reveals that the EU underspent on AI by €600 million due to delays in the 2021 launch of Horizon Europe.
Key Failings Identified
The ECA's audit identifies several key issues that have hindered the EU's AI strategy:
- Lack of Post-Project Checks: There were insufficient mechanisms to monitor projects after their completion.
- Fragmented Management: A disorganised array of departments and agencies were responsible for AI policy, leading to inefficiencies.
- Inadequate Performance Indicators: The EC lacked an accurate overview of funded AI projects, impeding effective monitoring and evaluation.
Mihails Kozlovs, the ECA member who led the review, emphasised the need for the EC to enhance its focus on delivering results. "More than five years after adopting the EU AI plan, weaknesses in implementation and performance monitoring are still evident," he stated at a press conference.
EU Commission's Defence
In response, the EC defended its record, rejecting many of the ECA's proposals. The EC highlighted the establishment of the European AI Office, which aims to enforce the new AI Act and bolster support schemes. Despite these advancements, the ECA's findings come at a crucial time, as the EU continues to trail the US and China in AI development, particularly in patents and private investment.
Comparative Investment Figures
According to the Organisation for Economic Co-operation and Development, the US led in AI venture capital funding in 2023 with €55 billion, followed by China with €18 billion, and the EU with just €8 billion - a significant drop from 2022.
Historical Context and Strategy Implementation
The audit traces back to 2018 when European governments began releasing ambitious AI plans. The EC’s strategy included significant investments through the Horizon 2020 and Horizon Europe programs. While nearly meeting its spending targets for 2018-2020, the EC fell short by €600 million for the 2021-22 period due to delays in Horizon Europe's adoption.
Expert Opinions
Robert Praas, an AI specialist at the CEPS think tank, deemed the audit an "accurate assessment" of the EU's slow progress in AI innovation. He attributed this to a gap between political ambition and implementation capability, suggesting that the EU's regulatory focus hindered its innovation potential.
Coordination and Fragmentation Issues
The ECA pointed out the absence of a central coordinating body for AI projects, leading to overlapping and fragmented efforts. For instance, three different AI taxonomy projects were funded by various EU bodies without coordination, exemplifying the management inefficiencies.
Performance and Exploitation Challenges
The audit highlighted that while Horizon projects were monitored during their lifetime, post-completion checks were lacking. In many cases, research did not translate into commercial applications. A cybersecurity project on autonomous cars, for instance, failed to commercialise despite an extensive 117-page exploitation plan.
Furthermore, the audit found that per €10 million spent on AI in Horizon 2020, only 0.65 patents were applied for, well below targets.
EC’s Response to Recommendations
The EC agreed to update its AI investment targets considering the rise of generative AI but rejected the ECA's calls for a new framework for tagging and tracking AI financial support, citing cost and burden concerns. It also dismissed the need for AI-specific performance targets, arguing that existing indicators under Horizon Europe and Digital Europe were sufficient given the fast-evolving nature of AI technologies.
The ECA’s report highlights the need for improved coordination, monitoring, and strategic focus if the EU is to enhance its competitive standing in the global AI landscape.
Immersive Technology in Mental Health
Innovate UK’s £20 million Mindset programme is driving the growth of immersive digital mental health solutions in the UK.
A series of events are planned around the UK where you can find out more about funding opportunities, and the Mindset-XR Innovation Support Programme delivered by Health Innovation Network (HIN) South London.
These events are a great opportunity to:
- Hear from innovators in this exciting and developing field and learn more about why this is important for mental health services.
- Meet some of the current Mindset-XR award winners and XR innovators.
- Hear about upcoming funding for Mindset-XR Round 3.
Who should attend? Anyone interested in mental health and immersive technology, including but not limited to:
- immersive tech companies
- clinicians
- researchers /academics
- innovators
- regulatory/ legal organisations
- voluntary sector
- creatives with an interest in mental health
- people with lived experience
The events are taking place in the follow cities:
- Leeds - 25th June
- Glasgow – 27th Jun
- London – 2nd July
- Cardiff – 8th July
- Exeter – 19th July
To register your attendance, please click here.
UK-Canada: £3m Biomanufacturing Fund
Innovate UK is partnering with the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to invest up to £3 million in innovative biomanufacturing projects. This initiative, part of the Canada-UK: Biomanufacturing of Biologics and Advanced Therapies Round 2, aims to propel the development and implementation of cutting-edge technologies in biomanufacturing, fostering flexibility and technical capabilities essential for the sustainable production of next-generation vaccines and therapies.
Goals and Objectives
The primary goal of this competition is to stimulate technological advancements in biomanufacturing. By encouraging bilateral research and development (R&D) collaborations, the initiative seeks to position both the UK and Canada to effectively respond to future health emergencies. Proposals must focus on innovative technologies that enable flexible, scalable, efficient, and cost-effective manufacturing of novel biological therapeutic products and delivery systems. Moreover, projects must demonstrate a high potential for commercialisation, emphasising the economic viability and practical application of the proposed technologies.
Focus Areas
Projects can focus on various areas, including:
- Enabling technologies for biologics and advanced therapeutics
- Delivery systems for proteins and nucleic acids
- Novel biological products (e.g. vaccines and therapeutic proteins).
The competition seeks a portfolio approach, funding a diverse array of projects across different technologies and themes.
Competitive Application Process
Participation in this competition entails entering a competitive process. The deadline for applications is Wednesday 26th October 2024, closing at 11am UK time/ 9am PDT/ 12pm EDT).
For Canadian applicants, registration and submission of an Expression of Interest (EoI) by 2nd July 2024, are prerequisites for eligibility. Only Canadian micro, small, or medium-sized enterprises (SMEs) can apply, and failure to complete an EoI disqualifies them from funding.
UK participants must be part of an application submitted to Innovate UK, while their Canadian counterparts submit a parallel application to NRC. Both applications are reviewed independently by Innovate UK and NRC, with funding decisions made jointly. Successful projects must secure grant funding from both Innovate UK and NRC to proceed.
Project Criteria
Eligible projects must request no more than £600,000 for UK organisations and no more than CA$1 million for Canadian partners. Projects should start by 1st April 2025 and conclude by 31st March 2027, lasting between 12 and 24 months. Importantly, projects must commence on the first of the month, as reflected in the grant offer letter.
Balanced Collaboration and Commercial Exploitation
Collaborative projects must involve at least one UK registered SME and one Canadian incorporated SME, with a balanced distribution of total eligible project costs among partners. Projects should predominantly take place in the UK and Canada, aiming for a balanced contribution of efforts and resources. Additionally, proposals must clearly outline the intention to commercially exploit the results, either domestically or globally.
Restrictions and Compliance
Under current restrictions, the competition will not fund any procurement, commercial, business development, or supply chain activity involving Russian or Belarusian entities. Furthermore, all project costs included in the application must be eligible under the specified guidelines.
Leading and Partnering Organisations
To lead a project, the organisation must be either a UK registered business of any size or a Canadian incorporated, profit-oriented SME. The collaboration must involve at least three eligible, grant claiming organisations (1 from Canada and 1 from the UK, with at least 1 more from either the UK or Canada). Each UK partner organisation must be invited into the Innovation Funding Service (IFS) by the lead to collaborate on the project.
Subcontractors and Non-Funded Partners
The competition allows for subcontractors, with UK subcontractor costs limited to no more than 20% of the organisation's total eligible costs. Subcontractors can be from the UK and Canada, and the use of subcontractors from other countries requires a detailed rationale.
What To Do Next?
For a free consultation to discuss your project further, contact RedKnight today.
Global Innovation Summit 2024
Eureka's Global Innovation Summit takes place on the 13th and 14th June and is organised by the Turkish Chair team at the Scientific and Technological Research Council of Türkiye (TÜBİTAK). The flagship event attracts SMEs, corporates, private investors and policymakers and this year’s theme is Bridging Green and Digital Transformation.
Scheduled to convene stakeholders from a vast spectrum of industries and sectors, the summit aims to fortify collaboration, exhibit ground-breaking projects, and bolster cross-border partnerships within the extensive Eureka network.
The summit offers an wide array of sessions tailored to diverse interests and fields, encompassing thematic discussions, dynamic pitching sessions, and comprehensive country presentations. This platform is meticulously designed for participants to delve into the latest trends, explore innovative funding mechanisms, and adopt best practices in the realms of research and innovation.
One of the summit highlights is the Türkiye EUREKA Innovation Awards, which acknowledges and celebrates outstanding projects within the network that have made significant contributions to their fields. These awards shine a spotlight on the achievements of the innovators and inspire other members of the community to strive for excellence and impact.
Key thematic sessions at the summit will focus on crucial areas such as the green transition and digitalisation. These discussions are more relevant than ever as they address the urgent need for sustainable development and technological advancement in today's rapidly evolving global landscape.
Additionally, the summit facilitates networking opportunities through business-to-business meetings and an expansive exhibition area. Here, attendees can engage directly with project leaders, learn from other countries' experiences, and potentially form lasting partnerships. The exhibition space serves as a vibrant hub for stakeholders to connect, collaborate, and display their pivotal contributions to pushing the boundaries of innovation.
To register your place at the Global Innovation Summit, click here.