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.

by Dayne Hodgson

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:

  1. 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.
  2. 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.
  3. 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.

by Dayne Hodgson

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

by Dayne Hodgson

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.

by Dayne Hodgson

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:

  1. Access to Public Funding: Successful applicants receive substantial grants from their national funding bodies, significantly offsetting R&D costs.
  2. International Network: Participants join a growing network of SMEs, universities, and research centres, fostering long-term relationships and collaborative opportunities.
  3. Expert Support: The programme provides access to a network of industry experts, enhancing the quality and impact of R&D projects.
  4. Market Expansion: Many companies experience a 15% increase in annual turnover, with 69% entering new markets and 68% improving their market share.
  5. 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.

by Dayne Hodgson

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.

by Dayne Hodgson

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.

by Dayne Hodgson

Empowering Women in Deep Tech: The Women TechEU Project Launches

The Women TechEU project is revolutionising support for women-led early-stage start-ups in the deep tech sector. This initiative is set to empower 160 talented female entrepreneurs from across the European Union and associated Horizon Europe countries, providing them with the tools and resources needed to excel as leaders in deep tech innovation.

Each selected entrepreneur will benefit from a substantial €75,000 grant, which offers non-diluting finance, meaning they won't have to give up any equity in their company. This financial support is complemented by a personalized business development program designed to foster growth and leadership in the deep tech field.

Building on the success of the earlier Women TechEU scheme managed by the European Innovation Council and SMEs Executive Agency (EISMEA) during 2021 and 2022, the project has now evolved into a full-scale cascade funding initiative. It is currently run by a consortium comprising diverse players from the EU's innovation ecosystem, including representatives from women entrepreneurs' groups and investors.

Over the next two years, the project will distribute a total of €12 million in non-diluting finance through four competitive calls. Each cohort of successful applicants will gain access to a suite of business development services over a six-month period. These services are designed to support the entrepreneurs in scaling their businesses effectively.

Key performance indicators (KPIs) will be developed collaboratively between the entrepreneurs and their coaches. Regular check-ins will ensure continuous progress and adaptation, preparing these start-ups for potential application to the prestigious EIC Accelerator scheme.

This initiative not only provides substantial financial backing but also creates a supportive ecosystem tailored to the unique needs of women in the high-stakes world of deep tech. The Women TechEU project is paving the way for a new generation of female leaders in technology and innovation.

The next deadline is on Monday, 20th May 2024. More information about the competition can be found here.

by Dayne Hodgson

£8m Smart Shipping Acceleration Fund

Smart Shipping Acceleration Fund: The UK's £8 Million Green Initiative

Innovate UK, in collaboration with the Department for Transport (DfT), is spearheading an ambitious initiative to invest up to £8 million in innovation projects designed to reduce greenhouse gas (GHG) emissions and improve air quality in shipping and port operations. This commitment is not just about preserving the environment but also about positioning the UK at the forefront of maritime technology and sustainable development.

The Drive Towards Sustainable Maritime Technology

The primary goal of this competition is to support detailed feasibility studies that explore innovative technology demonstrations of scalable smart shipping technologies. These technologies are expected to make significant strides in reducing emissions and enhancing air quality. From on-vessel systems to port infrastructure improvements, the scope of potential innovations is vast and varied, encompassing everything from energy efficiency to data-driven operational enhancements.

Applicants are invited to propose projects that combine technical and economic feasibility studies related to the development and demonstration of these cutting-edge technologies.

Competition Requirements and Scope

Projects eligible for funding must have total costs ranging from £75,000 to £750,000 and should be completed within a five-month period (1st November 2024 to 31st March 2025). All project activities must be carried out within the UK, with a clear intention to exploit the results domestically, emphasising the competition's role in boosting local innovation and economic growth.

The competition is comprehensive in its reach, targeting all sizes and categories of maritime vessels, from pleasure crafts to commercial giants, as well as various infrastructures, including ports, harbours, and offshore installations like wind farms.

Innovation Themes and Project Expectations

Participants are encouraged to focus on several key areas:

  • Vessel Optimisation and Smart Efficiency Technologies: Enhancing the operational efficiency of ships through innovative solutions.
  • Autonomous Vessels and Subsystems: Developing control systems and sensors that facilitate autonomous maritime operations.
  • Smart Port Operations: Utilising digital tools to optimise port and shipyard operations, including smart route planning and emissions monitoring.

Projects must demonstrate a potential for significant reductions in GHG emissions or improvements in air quality. They are expected to result in a robust plan for real-world demonstrations by the end of 2027, detailing the technical approaches, objectives, and business cases.

Collaboration and Regulatory Compliance

Successful projects will require collaboration with a range of stakeholders, including vessel operators, port authorities, and potentially, the Maritime and Coastguard Agency (MCA). Compliance with existing and future regulations will be paramount, as will engagement with DfT, Innovate UK, and any third-party contractors involved with the Smart Shipping Acceleration Fund.

 

Intellectual Property and Economic Impact

A clear strategy for commercializing the technology is crucial. Projects must not only anchor Intellectual Property (IP) within the UK but also outline how this IP will benefit the national supply chain long-term. The competition encourages participants from across the UK to contribute to job creation and economic expansion, particularly in regions with existing maritime expertise.

For a free consultation to discuss your project idea, contact us today.

by Dayne Hodgson

£5m Available for UK/Taiwan Collaborative Innovation

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.

by Dayne Hodgson