New £10M Opportunity for UK Innovators
On 7th July 2025, Innovate UK launched an exciting new funding opportunity aimed at helping early-stage UK businesses bring their groundbreaking technologies closer to market. The Growth Catalyst Early Stage: New Innovators competition will provide up to £10 million in funding to UK-registered micro and small businesses that have not previously received Innovate UK project funding. This initiative is designed to help high-potential startups progress toward becoming high-growth, scalable businesses. Applications are open now and must be submitted by 11:00am on Wednesday, 6th August 2025.
The competition is part of Innovate UK's wider Growth Catalyst programme, which pairs grant support with targeted business development support delivered through Innovate UK’s Business Growth (formerly EDGE) and Business Connect teams. By combining funding and tailored mentorship, Innovate UK aims to help early-stage firms accelerate their innovation journeys, validate their commercial ideas, and lay the foundations for scale-up.
Each successful applicant can receive between £25,000 and £50,000, covering 100% of eligible project costs. This funding will be delivered through a phased payment model: 70% is issued at project start, 20% after evidence of spend, and the final 10% upon successful project completion and approval. Projects must start on 1st November 2025 and run for a duration of 3 to 6 months, with a strict end date of 30th April 2026.
To qualify, applicants must be UK-registered micro or small businesses (typically under 50 employees) that have not previously received Innovate UK funding for a project, though previous awards through initiatives such as Young Innovators, Catapults, or Business Growth are permitted. This competition is ideal for startups at a formative stage of development, seeking to demonstrate proof of concept or early commercial traction.
The scope of the competition focuses on innovations that align with at least one of the UK government’s five critical technologies:
• Artificial Intelligence (AI) and Machine Learning (ML) – including new AI tools or innovations in trusted and responsible AI.
• Semiconductors – such as UK-based advancements in semiconductor design, materials, or manufacturing processes.
• Future Telecommunications and Advanced Connectivity – including technologies like photonics, open and interoperable networks, and cyber-secure or quantum-safe communications.
• Quantum Technologies – spanning scalable quantum computing platforms, quantum-classical hybrid algorithms, and applied quantum systems.
• Engineering Biology – involving synthetic biology, bioengineering tools, and novel sustainable biomanufacturing approaches.
Eligible projects must be business-led, UK-focused, and capable of demonstrating clear innovation, commercial potential, and societal or economic benefit. Projects must deliver more than academic research; Innovate UK is looking for solutions that show promise for commercial application and real-world impact.
Applications will be assessed across four core areas, each weighted equally:
1. The Idea – how innovative the concept is, the problem it solves, its market potential, affordability, and appeal to investors or customers.
2. Impact and Added Value – including how the project will benefit the applicant’s business, the UK economy, society or the environment, and why public funding is necessary.
3. Business Resources and Capabilities – an evaluation of the team’s ability to deliver, routes to market, and how the business addresses equality, diversity and inclusion.
4. Work Packages and Costs – clarity and justification of costs, project milestones, risk assessment, and freedom to operate from an IP perspective.
Applications are submitted online and must also complete non-scored sections relating to financial assistance declarations, compliance with animal welfare policies, export controls, and national security considerations. Subcontracting is allowed within the UK and internationally, but overseas suppliers must be justified with evidence that UK alternatives were explored.
Key dates for the competition are as follows:
• 7th July 2025 – Competition opens
• 8th July 2025 – Pre-recorded briefing available
• 6th August 2025 (11:00am) – Deadline for submissions
• 2nd September 2025 – Applicants notified of outcomes
• 1st November 2025 – Project start date
One important condition is that applicants can only submit one application to this competition. If a business submits more than one proposal, only the first will be considered. Additionally, the funding is classed as Minimal Financial Assistance (MFA), meaning a business must not have received more than £315,000 in public funding over the past three financial years.
This competition forms part of a broader government effort to catalyse innovation in sectors seen as essential to future economic growth and national resilience. By focusing on the five critical technologies (AI, semiconductors, connectivity, quantum, and engineering biology) the UK aims to secure global leadership in emerging markets.
Applicants are strongly encouraged to align their projects closely with one or more of these strategic areas and to clearly demonstrate how the funding will help them make significant progress toward commercialisation. Innovate UK is particularly interested in projects that can show:
• A clear route to market or customer validation
• The potential to unlock future private investment
• Societal or environmental benefit
• A strong case for public support to de-risk early innovation
Businesses interested in applying should act quickly, as the deadline is fast approaching. With only one application permitted per business and a strong focus on quality, clarity and strategic alignment, early preparation and careful planning are essential to success. For a free consultation to discuss your project idea, contact RedKnight today.
UK Agri-Tech SMEs Target Saudi Growth
UK SMEs Tap into Saudi Arabia’s Agri Tech Opportunity via Innovate UK’s GBIP
As agri tech innovation reshapes modern farming across the globe, Innovate UK is inviting UK-based small and medium enterprises (SMEs) to compete for a coveted spot in its Global Business Innovation Programme (GBIP): Agri Tech, Saudi Arabia. Registration opened on 16th June 2025 and closes on 27th July 2025, offering up to 15 ambitious businesses an exceptional opportunity to accelerate their international expansion.
Who Should Apply?
Eligibility is open to UK-based, innovation-led companies with fewer than 250 employees. Each application must be led by a senior decision-maker, such as a CEO or founder, who is prepared to fully commit to all three phases of the programme.
Importantly, participants must attend a two-day UK-based ‘Get ready’ workshop, a week-long innovation visit to Saudi Arabia, and a follow-up ‘Exploit the opportunity’ workshop post-visit. Businesses who previously participated in a GBIP for the same market/sector must demonstrate measurable impact from prior rounds and outline how this particular programme offers fresh value.
Programme Timeline & Structure
Innovate UK has structured the programme within a 9–12 month window, starting with preparatory activity and culminating in strategy planning:
• Get ready workshop: 15th–16th September 2025 (tbc)
• On-site innovation visit, including a stop at the Saudi Agriculture Conference in Riyadh: 17th-24th October 2025
• Exploit the opportunity workshop: 13 January 2026 (tbc).
Additionally, a global insight and briefing webinar is scheduled for 3rd July 2025, providing potential applicants with essential guidance on eligibility, evaluation, and the Saudi agri tech ecosystem.
What’s Funded?
Innovate UK will cover flights, accommodation, in-market travel, and conference fees for one senior representative per company. While most costs are covered, a refundable commitment fee of £1,000 is required upon acceptance, refunded upon completion of all programme phases and deliverables.
Why Saudi Arabia?
Under its Vision 2030 plan, Saudi Arabia is rapidly modernising its economy, with agriculture and food security now taking centre stage. Despite the harsh desert environment and scarce freshwater resources, agriculture contributes around 4.3% to KSA’s non oil GDP, employing over 350,000 people.
Recent UK–KSA developments, notably the March 2024 science and technology MoU, have set the stage for enhanced R&D collaboration, aligned with critical needs in food, water, clean energy. The KSA government is investing in:
• Controlled-environment agriculture (CEA)
• Precision breeding and agriculture
• Precision livestock technologies
• Aquaculture
• Food waste valorisation and circular economy solutions.
These focal areas constitute the thematic pillars for the GBIP cohort.
Scope & Focus Areas
Innovate UK is seeking innovative solutions across several cutting-edge categories:
• Aquaculture: including health diagnostics and AI-enhanced feeding systems
• CEA & precision agriculture: robotics, sensor networks, drip irrigation, integrated pest management
• Livestock tech: health monitoring, fertility management in dairy and poultry
• Circular-economy systems: turning agricultural or food waste into high-value products.
These diverse themes reflect the breadth of KSA's ambitions and provide rich potential for UK SMEs to add value.
What Participants Gain
Accepted businesses can expect to unlock multifaceted benefits through the GBIP:
1. Market knowledge & SME profiling: DNAs from in-market visits and networking.
2. High-level introductions: tailored connections to government, R&D, and industry leaders.
3. Partnership opportunities: enabling joint R&D projects and bi-lateral funding calls.
4. Value proposition refinement: through expert coaching and peer exchange.
5. Pipeline building: with incubation support via a dedicated Innovation and Growth Specialist.
Combine these with direct exposure at the Saudi Agriculture Conference, and participants are well-positioned to forge lasting commercial and research partnerships.
Future Leaders Fellowships Round 10
Driving Research and Innovation Leadership
UKRI Future Leaders Fellowships (FLF) programme is back with Round 10. One of the UK’s most prestigious funding schemes designed to empower the next generation of research and innovation talent. With up to £110 million in grant funding available, this round is set to support outstanding individuals with the vision, drive, and capability to become world-leading leaders in their field.
Applications for Round 10 open on 23rd June 2025 and close at 11:00am on 5th November 2025.
What Is the Future Leaders Fellowship?
The FLF programme provides sustained, flexible support to early-career researchers and innovators working across all sectors. Its overarching aim is to retain, attract, and nurture future talent, providing a springboard for the next wave of high-impact research and commercially significant innovation.
Each fellowship offers up to £3 million in funding over a four-year term, with the option to apply for a further three years of support. Unlike many grants, FLF is open to individuals working in academia, industry, public sector, and charitable organisations alike, encouraging cross-sector mobility and knowledge exchange.
Aims of the Programme
The FLF scheme seeks to:
- Develop the next wave of high-potential leaders across research and innovation.
- Foster ambitious, original, and interdisciplinary work that would otherwise be hard to fund through standard routes.
- Bridge sectors by supporting work that spans academia, business, and public or third sectors.
- Encourage long-term career development, giving researchers the time and resources to build a robust portfolio.
- Support mobility, enabling fellows to move between sectors or institutions to maximise impact and career progression.
This combination of financial support and long-term vision positions the FLF as a unique and highly impactful programme within the UK’s innovation funding landscape.
Scope and Thematic Focus
Round 10 continues UKRI’s commitment to supporting transformative work across all disciplines and sectors. However, the guidance outlines several key themes and priorities, encouraging applicants to consider challenges with long-term economic and societal relevance.
The programme encourages proposals that:
- Advance the UK's net zero goals, particularly through innovations in clean energy, sustainable manufacturing, or environmental resilience.
- Strengthen national security and resilience, including cybersecurity, advanced materials, or critical infrastructure.
- Enhance health and wellbeing, especially in areas aligned to NHS priorities, data-driven healthcare, or personalised medicine.
- Support technological sovereignty, such as artificial intelligence, semiconductors, quantum technologies, and photonics.
- Tackle inclusive growth, aiming to reduce regional inequality or promote diversity in research leadership.
While the programme remains open to all innovative topics, these themes reflect UKRI’s strategic priorities and global challenges where future leadership will be vital.
Who Can Apply?
Applicants must be hosted by a UK-based organisation. This includes:
- Higher education institutions
- Businesses
- Catapults and research and technology organisations (RTOs)
- Charitable organisations
- Public sector bodies (such as the NHS, government agencies, or local authorities)
You don’t need a PhD, and there’s no restriction on the number of years since your last degree. Instead, UKRI is looking for people who:
- Have a compelling track record relative to their career stage.
- Are transitioning to or establishing independence.
- Are proposing ambitious, original work that goes beyond the norm in their discipline or sector.
Importantly, applicants must not already be established research or innovation leaders (for example, leading a significant grant or commercial R&D portfolio).
Funding Offer
Applicants can request between £100,000 and £3 million in grant funding to cover:
- Salary (for both the fellow and team members)
- Research and development costs
- Equipment and infrastructure
- Training, mobility, and collaboration activities
All work must be carried out in the UK, with project outputs expected to deliver benefit from or within the UK. Fellows are encouraged to explore secondments, international collaborations, and inter-sector mobility where it enhances impact.
Projects must last a minimum of four years. A further three years of funding may be available via a separate process if significant progress has been demonstrated.
Application Process
There are two application routes:
- Academic applicants must apply via the UKRI Funding Service.
- Non-academic applicants (e.g., business or third sector) must apply via the Innovate UK Innovation Funding Service (IFS).
The application consists of a comprehensive proposal, outlining:
- The originality, feasibility, and strategic value of your proposed programme.
- How the fellowship will catalyse your progression to research/innovation leadership.
- Your host organisation’s commitment to supporting your career development.
- The anticipated impact of your work, whether academic, commercial, or societal.
Applicants will also need to submit a host organisation statement and details of career development support.
Assessment Criteria
Proposals will be assessed by a diverse panel of expert reviewers and interviewers against criteria including:
- Vision and ambition
- Leadership potential
- Methodological rigour
- Contribution to UKRI’s strategic priorities
- Host organisation support and career trajectory
As funding is limited, only the most competitive and strategically aligned proposals will be funded.
Supporting Diversity, Equity, and Inclusion
UKRI is committed to advancing equality, diversity and inclusion (EDI) through its funding mechanisms. Applications are encouraged from underrepresented groups, and adjustments will be made where needed to ensure an accessible application process.
Applicants with disabilities or long-term conditions are encouraged to contact Innovate UK at least 15 working days before the closing date to arrange reasonable accommodations.
Why This Fellowship Matters
At a time when the UK is doubling down on science and technology-led growth, the FLF programme stands out as a bold investment in people. It offers individuals the rare opportunity to:
- Build a long-term, independent career track.
- Develop multidisciplinary, cross-sector programmes of work.
- Shape national and global priorities across industry, academia, and public policy.
Whether you are a pioneering engineer developing clean battery tech, a biomedical researcher tackling health inequities, or an entrepreneur driving AI adoption in public services, the FLF can be the vehicle that propels your ideas from concept to impact.
To discuss your project idea in more detail, contact RedKnight today for a free consultation.
Canada-UK Semiconductors Competition
Fostering Transatlantic Innovation
In a significant move to bolster international collaboration in the semiconductor sector, Innovate UK and Canada's National Research Council Industrial Research Assistance Program (NRC IRAP) have launched the Canada-UK Semiconductors competition. This initiative aims to stimulate the development of innovative semiconductor technologies through joint projects between UK and Canadian organisations.
Overview of the Competition
The competition opened on 12th May 2025 and will close at 11am (UK time) on 15th October 2025. Canadian applicants are required to submit an Expression of Interest (EoI) by 23rd July 2025 and must be invited by NRC IRAP to proceed. The competition offers UK registered organisations the opportunity to apply for a share of at least £1 million in funding for collaborative projects with Canadian small and medium-sized enterprises (SMEs). Each project can request up to £500,000 in grant funding for UK partners, with Canadian partners eligible for up to CA$500,000 through NRC IRAP.
Eligibility and Collaboration Requirements
To be eligible, UK applicants must collaborate with at least one Canadian SME that is a separate legal entity and not linked to the UK partners. Both UK and Canadian partners must submit parallel applications to their respective funding bodies, and projects must be independently selected by both Innovate UK and NRC IRAP to receive funding.
Project Scope and Focus Areas
The competition seeks to fund a variety of projects across the semiconductor sector, including but not limited to:
- Compound and wide band gap semiconductors
- Semiconductor design and intellectual property (IP)
- Advanced packaging
- Heterogeneous and hybrid integration
- Photonics, including silicon photonics
- Emerging materials
- Prototyping and low-volume piloting
- Processing or processes
- Simulation tools
- Application areas of interest encompass high-voltage systems, sustainable technologies (such as electric vehicles and renewable energy), communications (including Wi-Fi, 5G/6G, and satellite), sensors, and data centres.
Project Requirements and Funding Details
Projects must last between 12 and 24 months, starting no earlier than 1st April 2026, and ending by 31st March 2028. Most of the project work must be undertaken in the UK and Canada, with no single country or partner representing more than 70% of the total project cost. UK partners can receive funding covering up to 70% of eligible project costs for micro or small organisations, up to 60% for medium-sized organisations, and up to 50% for large organisations, depending on the research category. Canadian SMEs may receive up to 50% reimbursement of eligible project costs, up to a maximum of CA$500,000.
Application Process and Support
UK applicants must apply through the Innovation Funding Service (IFS) portal, while Canadian partners must submit a parallel application to NRC IRAP. The application process includes sections on project details, application questions, finances, and project impact. Applicants are encouraged to contact Innovate UK for guidance and support, especially if they require reasonable adjustments due to disability or long-term conditions.
Strategic Importance and Future Outlook
This competition is part of a broader effort to strengthen bilateral cooperation between Canada and the UK in scientific research and innovation. A Memorandum of Understanding signed in January 2024 highlights semiconductors as a key area of focus, recognizing their fundamental role in economic growth, prosperity, and security. By fostering collaborative projects in semiconductor technologies, the competition aims to build resilient supply chains and drive innovation that benefits both nations.
For more information and to apply, visit the Canada-UK Semiconductors competition page.
For a FREE consultation to discuss your project, contact RedKnight today.
Empowering UK Farmers: Funding for On-Farm Innovation
In April 2025, UK Research and Innovation (UKRI) launched the ADOPT funding initiative under its Farming Innovation Programme. This scheme is designed to support farmer-led, on-farm trials that aim to generate, test, and demonstrate innovative solutions to agricultural challenges. The goal is to provide practical knowledge of new approaches, encouraging widespread adoption across the sector.
Two-Tiered Grant System
ADOPT offers two types of grants to cater to different applicant needs:
- Support Grant: This grant provides access to professional assistance from industry experts to help develop a Full ADOPT Grant application. It's particularly beneficial for those less familiar with Innovate UK's systems.
- Full ADOPT Grant: This grant supports collaborative, farmer-led on-farm trials or experiments.
Applicants can choose to apply directly for the Full ADOPT Grant or start with the Support Grant to refine their proposals.
Comprehensive Support for Applicants
To assist applicants, ADOPT has established a Project Facilitator Database through Innovate UK Business Connect. This resource connects applicants with industry experts who can guide them through the application process and help turn ideas into viable funding proposals. Interested individuals can register as facilitators or request a list of registered facilitators for their project ideas.
Additionally, the ADOPT Support Hub, managed by RSK ADAS, serves as the first point of contact for applicants. The Support Hub offers advice on project scope, suitability, and practicalities of on-farm trials. They also assist in forming connections with necessary expertise and partners, promote best practices for on-farm research and development, and facilitate knowledge exchange from funded projects to the broader farming community.
Driving Innovation in Agriculture
The ADOPT initiative represents a significant opportunity for UK farmers, growers, and foresters to lead innovation in agriculture. By supporting practical, on-farm research and fostering collaboration, ADOPT aims to develop solutions that address real-world challenges and promote sustainable farming practices.
For more information and to apply, contact RedKnight today.
UK R&D Budgets for 2025–26 Announced
In April 2025, the Department for Science, Innovation and Technology (DSIT) announced a substantial allocation of £13.9 billion for research and development (R&D) for the fiscal year 2025–2026. Of this, UK Research and Innovation (UKRI) is set to receive £8.811 billion, emphasising the UK government's commitment to bolstering the UK's position as a global leader in science and innovation. Within UKRI's allocation, Innovate UK, the agency responsible for driving business-led innovation, has been granted £948 million. While this significant funding boost is welcomed, its effective deployment is crucial, especially in light of recent evaluations of Innovate UK's support mechanisms for small and medium-sized enterprises (SMEs).
Substantial Investment Reflects Government Priorities
The government's decision to allocate £13.9 billion to DSIT's R&D budget reflects a strategic emphasis on innovation as a catalyst for economic growth and societal advancement. This investment is expected to stimulate private sector contributions, with each pound of public R&D funding anticipated to leverage an additional £2 of private investment over time. Such financial commitments are designed to support the government's five national missions and the eight growth sectors outlined in the modern Industrial Strategy. These include:
- advanced manufacturing
- clean energy industries
- creative industries
- defence
- digital and technologies
- financial services
- life sciences
- professional and business services
Innovate UK's allocation of £948 million is intended to support a variety of initiatives, including collaborative R&D projects, support for startups and SMEs, and the development of regional innovation clusters.
Addressing Challenges in SME Support
Despite the increased funding, Innovate UK faces challenges in effectively supporting SMEs. Earlier this year, the agency temporarily halted its Smart Grants programme to conduct a comprehensive review aimed at enhancing support for SMEs. The pause was prompted by concerns over oversubscription and low success rates, with some reports indicating success rates as low as 2%. This situation led to significant resource expenditure by applicants and highlighted the need for a more efficient and targeted funding approach.
Innovate UK's review aims to develop a more tailored support package that prioritises businesses with high growth potential and streamlines the application process. This initiative aligns with governmental objectives to focus public spending on companies poised for scaling and job creation.
Ensuring Effective Allocation and Implementation
While the increased funding for Innovate UK is a positive development, its impact will be determined by the effectiveness of its deployment. Innovate UK must address the issues identified in its recent review to ensure that the substantial financial resources translate into tangible benefits for SMEs and the broader economy. This includes refining grant programmes to improve accessibility and success rates, reducing bureaucratic hurdles, and ensuring that support is directed toward businesses with the capacity to scale and innovate.
Moreover, Innovate UK should focus on fostering strong regional innovation ecosystems, supporting the development of clusters that can drive local economic growth and contribute to the national economy. By addressing these areas, Innovate UK can maximise the return on investment from the increased funding and fulfil its mandate to drive business-led innovation in the UK.
Energy Catalyst: Funding Clean Energy Solutions for Global Impact
Innovate UK has announced the launch of Energy Catalyst Round 11, a funding initiative aimed at accelerating innovations to improve clean energy access in sub-Saharan Africa, South Asia, and the Indo-Pacific regions. This round is divided into two distinct strands: Early-stage and Mid-stage, each tailored to support projects at different levels of development. Up to £4.5 million is allocated across both stages.
Energy Catalyst Round 11: Early-stage
The Early-stage competition is designed for UK-registered organisations seeking to develop nascent ideas that can transform energy access in the target regions. Projects should focus on creating affordable, reliable, and low-carbon technologies or business models. Key details include:
- Project Costs: Eligible project costs must range between £50,000 and £300,000.
- Project Duration: Projects should commence by 1st September 2025 and conclude by 31st August 2026, lasting between 6 to 12 months.
- Eligibility Criteria: Applicants must be UK-registered organisations aiming to improve energy access in Official Development Assistance (ODA) eligible countries within the specified regions. The proposed solutions should integrate considerations of gender equality, disability, and social inclusion, aligning with Sustainable Development Goals 7 (Affordable and Clean Energy) and 13 (Climate Action).
Energy Catalyst Round 11: Mid-stage
The Mid-stage competition caters to UK-registered organisations with more developed projects that are ready to progress towards implementation. Similar to the Early-stage, projects must aim to enhance clean energy access in the target regions. Key aspects include:
- Project Costs: Eligible project costs should be between £50,000 and £1.5 million.
- Project Duration: Projects are expected to start by 1st September 2025 and end by 31st March 2027, with durations ranging from 6 to 19 months.
- Eligibility Criteria: Applicants must be UK-registered organisations focusing on delivering innovations for clean energy access in ODA-eligible countries within sub-Saharan Africa, South Asia, or the Indo-Pacific regions. Projects should ensure a just and inclusive energy transition by integrating gender equality, disability, and social inclusion considerations.
Application Process and Deadlines
Both competitions are scheduled to open on Wednesday, 12th March 2025, and will close at 11am on Wednesday, 30th April 2025. Prospective applicants are advised to carefully review the specific eligibility criteria and scope for each strand to ensure their proposals align with the competition requirements. Applications must be submitted through the Innovation Funding Service portal before the stated deadline.
Strategic Importance of Energy Catalyst Round 11
The Energy Catalyst programme plays a pivotal role in addressing the global challenge of energy access. By focusing on sub-Saharan Africa, South Asia, and the Indo-Pacific regions, Innovate UK aims to stimulate the development of innovative solutions that can provide sustainable energy to underserved communities. This initiative not only seeks to improve the quality of life in these regions but also contributes to global efforts in combating climate change by promoting low-carbon technologies.
Integration of Inclusivity in Energy Solutions
A notable emphasis in Round 11 is the integration of gender equality, disability, and social inclusion (GEDSI) within energy projects. Applicants are encouraged to design solutions that are inclusive, ensuring that the benefits of clean energy reach all segments of society, particularly the marginalised and vulnerable groups. This approach aligns with the broader objectives of the Sustainable Development Goals, fostering equitable and sustainable development.
Next Steps
For a free consultation to discuss your project idea in more detail, contact RedKnight today.
Empowering Women in AI: Breaking Barriers and Building Futures
On 28th March 2025, Innovate UK will host "Empowering Women in AI and Business Growth: Breaking Barriers and Building Futures" at Google's London headquarters. This event aims to address the unique challenges faced by women-led businesses in the rapidly evolving fields of artificial intelligence (AI) and business growth, offering actionable insights, networking opportunities, and access to support initiatives.
Understanding the Challenges
Despite advancements in technology and business, women-led enterprises continue to encounter significant hurdles. Recent statistics reveal that AI startups founded by women secure a disproportionately small fraction of funding deals. Additionally, many female business owners report feeling less equipped with the necessary skills and confidence to integrate AI into their operations. These challenges underscore the importance of targeted support and resources to bridge the existing gaps.
Event Objectives
The primary goal of this event is to empower women entrepreneurs by providing:
- Actionable Insights: Strategies for scaling businesses and accessing new markets.
- Investor Connections: Opportunities to engage with investors and learn effective methods for sourcing talent to accelerate business success.
- Support Awareness: Information on available support mechanisms for both AI suppliers and consumers, including Innovate UK's system support and talent initiatives.
- Networking Opportunities: Platforms to connect with fellow women leaders and innovators, fostering a community of support and collaboration.
Who Should Attend?
The event is tailored for women business leaders and owners from across the UK. While registration is open to all, the content is specifically designed to benefit women-led businesses and those in leadership positions. Attendees will have the option to deliver a 2-minute pitch highlighting their activities, objectives, and needs concerning support and collaborations.
Agenda Highlights
The event's draft agenda includes:
- 09:15 – Registration and Networking: An opportunity to connect with peers and establish new relationships.
- 09:45 – Welcome Address by Innovate UK Business Connect: Setting the tone for the day's discussions and activities.
- 10:00 – Initiatives to Support Women in Business and Businesses: An overview of current programs and resources available to women entrepreneurs.
- 10:15 – Overview of No Limits and Inclusive Innovation Programmes: Insights into Innovate UK's initiatives aimed at fostering diversity and inclusion in innovation.
- 10:30 – Company Pitches: A platform for attendees to present their businesses, share objectives, and seek potential collaborations.
- 11:00 – Networking and Refreshments: A break to facilitate informal discussions and networking.
- 11:15 – Upskilling in AI by the National Innovation Centre for Data: Discussing the importance of data skills in the AI landscape.
- 11:30 – The Role of Maths in AI in Business by System Holdings: A case study on leveraging mathematics and AI for business development, including strategies for sourcing talent and investment, and reaching new markets.
- 11:45 – AI Talent by Imperial College London: Exploring how academic institutions can support the growth of women-led businesses and the broader business community.
- 11:55 – Market Diversification by NquiringMinds: Insights into the benefits and challenges of diversifying markets, drawing from NquiringMinds' experiences.
Innovate UK's Commitment
Innovate UK remains dedicated to dismantling barriers that hinder the progress of women in AI and business. Through initiatives like No Limits and Inclusive Innovation, the organisation strives to create an environment where diverse ideas and perspectives can flourish, driving economic growth and societal advancement.
To register for the event, click here.
New CEO of UKRI Appointed
A Distinguished Career in Fusion Research
Sir Ian Chapman brings a wealth of experience to his new role, having served as the CEO of the UK Atomic Energy Authority (UKAEA) since October 2016. His tenure at UKAEA was marked by significant advancements in fusion energy research, positioning the UK as a global leader in this domain. Under his leadership, the organisation transitioned from a focus on deep research and development (R&D) to undertaking major infrastructure projects, including the design and construction of a prototype fusion power plant. This shift not only advanced scientific understanding but also stimulated inward investment, economic growth, and the development of a skilled workforce and supply chain.
Academic and Professional Accolades
Sir Ian's academic journey began at Durham University, where he earned an MSc in Mathematics and Physics in 2004. He pursued doctoral studies at Imperial College London, focusing on plasma physics within tokamak fusion devices, and received his PhD in 2008. His research contributions have been recognized with numerous international awards, including the Institute of Physics' Clifford Paterson Medal and Prize in 2013 and the European Physical Society's Early Career Prize in 2014. In 2022, he was elected a Fellow of the Royal Academy of Engineering, followed by his election as a Fellow of the Royal Society in 2023. His services to global fusion energy were further honoured with a knighthood in the 2023 New Year Honours.
UKRI's Role in Driving Economic Growth
UK Research and Innovation (UKRI) is the UK's principal public research funding body, with an annual budget of £9 billion. It plays a pivotal role in the UK's research and innovation landscape, supporting thousands of researchers and innovators in developing solutions that enhance lives and drive economic prosperity. The organisation's investments have led to significant achievements, such as backing the development of the Oxford-AstraZeneca COVID-19 vaccine and constructing advanced wind turbine test facilities, contributing to the UK's status as a clean energy leader. UKRI has also been instrumental in the UK's artificial intelligence (AI) sector, contributing to the £1 billion public investment in AI research and development, positioning the UK as the third-largest AI market globally.
A Renewed Focus on Economic Impact
Sir Ian's appointment aligns with a refreshed mission for UKRI, placing economic growth at the core of public investment in research and development. Science Minister Lord Vallance emphasised that leveraging the UK's innovative ideas, talent, and facilities is crucial for economic advancement and improving lives nationwide. Sir Ian's leadership is expected to drive ambitious, curiosity-driven research while ensuring that investments yield tangible economic benefits, thereby supporting the government's broader objectives.
Community and Expert Endorsements
The scientific community has warmly welcomed Sir Ian's appointment. Sir Andrew Mackenzie, UKRI Chairman, expressed confidence in Sir Ian's ability to unlock opportunities that improve lives and livelihoods, noting his exceptional research and leadership experience. Similarly, Professor Sir Peter Bruce, Vice-President of the Royal Society, lauded Sir Ian's scientific and leadership credentials, expressing confidence in his ability to oversee UKRI's vital work in the coming years.
Looking Ahead
Sir Ian Chapman will assume leadership of UKRI in the summer of 2025. With a renewed focus on aligning research and innovation with economic growth, UKRI is poised to enhance the UK's position as a global leader in science and technology. Sir Ian's extensive experience and visionary leadership are expected to steer UKRI toward achieving its mission of fostering research excellence that translates into economic prosperity and societal well-being.
Innovation Loans: Fueling Future Growth
Innovate UK has announced the launch of its Innovation Loans Future Economy Competition: Round 19, offering up to £25 million in loans to UK-registered micro, small, and medium-sized enterprises (SMEs). This initiative aims to support highly innovative late-stage research and development (R&D) projects that demonstrate strong commercial potential and the capacity to significantly benefit the UK economy.
Key Details of the Competition
- Loan Amounts: Businesses can apply for loans ranging from £100,000 to £2 million to cover eligible project costs.
- Project Duration: Projects may last up to five years, encompassing both the R&D and commercialisation phases. Successful applicants are expected to commence their projects by 1st July 2025.
- Application Timeline: The competition opened on 9th January 2025 and will close on 5th March 2025 at 11:00 am. Subsequent rounds are planned, with Round 20 opening on 6 March 2025 and closing on 7 May 2025.
Eligibility Criteria
To be eligible for the innovation loan, applicants must:
- Business Status: Be a UK-registered SME.
- Project Scope: Propose a project that leads to innovative new products, processes, or services significantly ahead of current market offerings, or present an innovative application of existing products, processes, or services. Projects can also involve new or innovative business models. The focus should align with one or more of the future economy areas outlined in the Innovate UK plan for action.
- Financial Justification: Demonstrate a clear need for public funding, the ability to cover interest payments, and the capacity to repay the loan on time.
Application Process
Applicants are required to submit a comprehensive proposal detailing the business need, technological challenge, or market opportunity their innovation addresses. The proposal should include:
- Project Motivation: Clearly articulate the main motivation for the project, including the business need, technological challenge, or market opportunity it responds to.
- Innovation and Market Differentiation: Describe how the project will lead to products, processes, or services that are significantly ahead of others currently available, including an understanding of the current state of the art and how the innovation will differentiate from competitors.
- Commercialisation Strategy: Outline the route to market, target customers or end-users, and how the innovation will lead to commercial success, including increased revenues or cost reductions.
- Project Management and Risk Mitigation: Provide a detailed project plan, including work packages, milestones, and a risk register identifying main risks and uncertainties, along with mitigation strategies.
Applicants must also complete a business and financial submission, including historic and forecast financial statements, to support their suitability to borrow. This includes profit and loss accounts, balance sheets, and cash flow forecasts covering the full loan term.
Assessment and Evaluation
Applications will be evaluated based on the quality of the project and the suitability of the business to receive a loan. The assessment process includes:
- Project Proposal Assessment: Independent assessors will score each question in the project proposal, focusing on aspects such as innovation, market opportunity, project management, and value for money.
- Initial Credit Evaluation: Innovate UK's Credit team will conduct an initial evaluation of the business's financial standing and ability to repay the loan.
- Progress Panel: A panel will review the innovation score and credit evaluation to decide on progression to detailed credit evaluation.
- Detailed Credit Evaluation: A thorough analysis of the business's financials, including a management presentation to the Credit Committee, may be required.
The final lending decision rests with the Credit Committee, which may include specific conditions. Feedback will be provided to all applicants, whether successful or unsuccessful.
Support and Resources
Innovate UK offers various resources to assist applicants, including recorded webinars on application guidance and financial submission. Applicants are encouraged to prepare well in advance, seek financial and legal advice, and ensure all parts of the application are completed accurately and submitted on time.
For more information on the competition process, contact RedKnight today.