Introducing The National Wealth Fund

The UK government has launched an ambitious initiative, the National Wealth Fund (NWF), aimed at revitalising its economic landscape. Building on the foundation of the UK Infrastructure Bank (UKIB), the NWF is designed to address pressing challenges in clean energy, industrial innovation, and regional economic disparities. With a total capitalisation of £27.8 billion and an expected mobilisation of over £70 billion in private investment, the fund stands as a cornerstone of the UK's economic growth and sustainability agenda.

A Catalyst for Change

The NWF operates as a government-backed impact investor, focusing on areas where private sector financing alone may fall short. By providing catalytic capital and leveraging a diverse range of financial instruments, including equity investments, guarantees, and blended finance solutions, the fund aims to unlock investments that align with the UK’s industrial strategy and climate goals.

Key sectors of focus include:

• Green Hydrogen: Accelerating the transition to low-carbon energy sources.
• Carbon Capture: Enabling significant reductions in industrial emissions.
• Gigafactories: Supporting the production of batteries essential for electric vehicles.
• Ports and Green Steel: Strengthening infrastructure and advancing sustainable industrial practices.

Strategic Goals

The NWF’s strategy is anchored on three primary principles:

1. Stability: Creating a predictable environment that encourages long-term investments.
2. Investment: Mobilising resources to fill critical gaps in infrastructure and technology development.
3. Reform: Streamlining public financial institutions to better align with the needs of investors and project developers.

Through these principles, the fund aims to spur economic growth and ensure regional equity by engaging local governments, devolved administrations, and mayors in identifying and supporting impactful projects.

Governance and Operational Independence

The NWF operates at arm's length from the government, ensuring credibility and market confidence. HM Treasury oversees the fund, while day-to-day operations and investment decisions are managed independently. This structure is intended to strike a balance between strategic alignment with government priorities and operational flexibility.

Expanding Tools and Capabilities

The fund’s financial toolkit includes:

• Debt Instruments: Offering tailored financing solutions to address liquidity issues.
• Equity Investments: Supporting early-stage technologies and scaling up innovative projects.
• Performance Guarantees: Mitigating risks in nascent sectors to encourage investor participation.
• Blended Finance Solutions: Combining public and private resources to achieve broader policy objectives.

These instruments are complemented by a proactive outreach strategy to identify and structure innovative transactions in collaboration with industry leaders, local authorities, and other stakeholders.

Driving Regional Growth

A significant aspect of the NWF’s mission is its regional focus. By partnering with local leaders and aligning with regional growth plans, the fund aims to unlock the economic potential of cities and regions across the UK. This approach is intended to create jobs, foster innovation, and ensure that the benefits of investment are distributed equitably.

Impact and Accountability

To measure its success, the NWF will adopt a robust set of metrics that assess its economic impact, the additionality of its investments, and outcomes across targeted sectors. These metrics will guide the fund in achieving its mission while maintaining transparency and accountability to the public.

Future Outlook

The establishment of the NWF marks a pivotal moment in the UK’s economic strategy. By mobilising private investment and addressing critical infrastructure and industrial needs, the NWF aims to position the UK as a leader in innovation and sustainability. With its ambitious goals and comprehensive approach, the fund is set to play a transformative role in shaping the country’s economic future.

This initiative reflects a forward-looking vision for the UK, blending public and private efforts to build a more resilient, innovative, and equitable economy. As the NWF begins its operations, its impact will likely serve as a benchmark for how governments worldwide can partner with the private sector to achieve shared economic and environmental goals.

For more information, please visit https://www.ukib.org.uk/

by Dayne Hodgson

Taking a look at the Advanced Research and Invention Agency

The Advanced Research and Invention Agency (ARIA) represents a bold initiative by the UK government to revolutionise the nation's research and development (R&D) landscape. Established to fund high-risk, high-reward scientific endeavours, ARIA aims to propel the UK to the forefront of global innovation by empowering scientists and engineers to pursue groundbreaking projects that have the potential to yield significant societal and economic benefits.

Genesis and Mission
ARIA was formally established in January 2023 with an initial budget of £800 million, following the enactment of the Advanced Research and Invention Agency Act 2022. Inspired by the US Defense Advanced Research Projects Agency (DARPA), ARIA operates with a mandate to support ambitious research projects that traditional funding mechanisms might overlook due to their inherent risks. The agency's mission is to unlock scientific and technological breakthroughs that benefit everyone, recognising that many of society's most important advances have stemmed from those with the foresight to pursue new capabilities that most believed to be unattainable.

Operational Framework
ARIA distinguishes itself through a flexible and dynamic operational model. Unlike conventional funding bodies, it operates independently of UK Research and Innovation (UKRI) and is designed to function with minimal bureaucracy. This autonomy enables ARIA to swiftly allocate resources to emerging research areas and adopt innovative funding approaches, such as inducement prizes and rapid seed funding. The agency's structure is intentionally lean, allowing for agile decision-making and the ability to pursue unconventional research avenues.

Leadership and Governance
ARIA is led by CEO Ilan Gur, a physicist and entrepreneur with extensive experience in translating scientific research into market-ready technologies. Prior to joining ARIA, Gur founded Activate.org, a US-based organisation that empowers scientists and engineers to bring groundbreaking research to market. He also served as a program director at ARPA-E, the US Department of Energy's advanced research agency. Under his leadership, ARIA aims to challenge the traditionally cautious British science funding system by supporting pioneering projects considered too improbable by conventional standards.

The agency's governance structure includes a board of directors comprising distinguished figures from the scientific and business communities. Notably, Matt Clifford serves as the chair of ARIA. Clifford has been instrumental in bridging the gap between government and private companies in the development of cutting-edge technologies, particularly in the field of artificial intelligence (AI).

Funding Strategy
ARIA's funding strategy is centred on empowering scientists and engineers with the resources and freedom to pursue breakthroughs at the edge of the possible. The agency funds projects across the full spectrum of R&D disciplines, approaches, and institutions, seeking to unlock scientific and technological breakthroughs that benefit everyone.

The agency employs a variety of funding mechanisms to support its mission:

• Programmes: ARIA's programmes are directed by Programme Directors, scientific and technical leaders with deep expertise and a focused, creative vision for how technology can enable a better future. These programmes are designed to tackle specific scientific or technological challenges and are the primary means through which ARIA directs its funding.
• Opportunity Seeds: With smaller budgets and less structure than programmes, opportunity seeds support individual research teams to uncover new pathways that could inspire future programmes or might justify additional support as a standalone project. This approach allows ARIA to explore a diverse array of innovative ideas and identify promising research directions.

Current Initiatives

ARIA has launched several initiatives that exemplify its commitment to high-risk, high-reward research:

• Programmable Plants: This initiative explores the potential of engineering plant genomes to address challenges such as food insecurity, climate change, and environmental degradation. By developing programmable plants, ARIA aims to secure a sustainable and thriving biosphere for future generations.
• Safeguarded AI: Recognising the transformative potential of artificial intelligence, this programme focuses on developing technical solutions to ensure that powerful AI systems interact as intended. The goal is to usher in a new era for AI safety, allowing society to unlock the full economic and social benefits of advanced AI systems while minimising risks.
• Robot Dexterity: This programme aims to transform robotic capabilities and unlock a step change in human productivity. By funding cutting-edge research across robotic hardware and advanced simulation, ARIA seeks to demonstrate a paradigm shift in robotic abilities, creating vastly more capable and useful machines.

Collaborative Approach
ARIA emphasises collaboration with a broad spectrum of stakeholders, including academic institutions, industry partners, and other research organizations. The agency engages openly and seeks feedback to refine its programmes and funding strategies. This inclusive approach ensures that ARIA remains responsive to emerging scientific opportunities and societal needs.

Challenges and Outlook
While ARIA's mission is ambitious, it faces challenges inherent in funding high-risk research, including the potential for failure in many of its funded projects. However, the agency embraces this risk, understanding that the pursuit of audacious goals can lead to transformative successes that outweigh the setbacks. By fostering a culture that tolerates failure as a pathway to innovation, ARIA aims to inspire the next generation of scientists and engineers to push the boundaries of what is possible.

For more information about ARIA, please visit their website here.

by Dayne Hodgson

UK-India Collaboration Funding for Net Zero Technologies

In an ambitious move to tackle the global challenge of achieving net-zero emissions, Innovate UK, part of UK Research and Innovation, has partnered with the Department of Science and Technology (DST), Government of India, to launch a competition that promises to catalyse groundbreaking advancements in Net Zero Technologies. With a substantial investment of up to £2 million, this initiative invites collaborative research and development (CR&D) projects from the brightest minds and most innovative businesses across the UK and India.

A Shared Vision for a Sustainable Future
The competition highlights the power of international collaboration in addressing climate challenges. With a focus on business-led, bilateral projects, this initiative aims to support the development of transformative technologies that can significantly reduce carbon emissions. By uniting UK and Indian expertise, the program seeks to accelerate progress toward a sustainable future while fostering economic growth in both nations.

Key Objectives of the Competition
The competition is structured to deliver impactful outcomes, emphasising the following objectives:

1. Disruptive Innovation: Projects must demonstrate groundbreaking ideas that lead to the development of new products, processes, or services.
2. Economic Impact: Initiatives should outline clear pathways for commercialisation and economic benefits in both countries.
3. Collaborative Value: The partnership must showcase the advantages of bilateral collaboration, ensuring balanced contributions from both nations.
4. Net Zero Focus: Proposals should directly contribute to achieving net-zero emissions, addressing key areas such as renewable energy, advanced materials, decarbonising manufacturing, and more.

How the Competition Works
The process ensures fairness, transparency, and genuine collaboration:

• Dual Applications: UK participants must apply via the Innovation Funding Service (IFS), while Indian partners submit a parallel application to the Technology Development Board (TDB).
• Independent Selection: Both Innovate UK and TDB must independently select the project for it to receive funding, ensuring mutual alignment on priorities and standards.
• Collaborative Teams: Each consortium must include at least one registered business from both the UK and India, with no single partner undertaking more than 70% of the project work.

Funding and Eligibility
Grant Details:

• UK Grant Range: £100,000 to £300,000
• Project Duration: 6–18 months, starting by 1st September 2025 and ending by 31st March 2027.

Eligibility Criteria:

• UK lead applicants must be registered businesses and involve at least one SME.
• Indian partners must apply separately through TDB and are not eligible for funding from Innovate UK.
• Proposals must focus on activities undertaken primarily in the UK and India, ensuring a balanced and equitable partnership.

Thematic Areas for Innovation
To maximise impact, the competition invites proposals in specific priority areas that align with the overarching goal of achieving net zero. These include but are not limited to:

• Advanced Materials: Developing materials that enhance energy efficiency or reduce carbon footprints.
• Decarbonising Manufacturing: Innovating processes to minimise emissions in industrial production.
• Renewable Energy Sources: Advancing technologies for clean, sustainable energy generation.
• Energy Storage and Distribution: Improving systems for storing and transmitting renewable energy.
• Decarbonising Mobility: Innovating transportation solutions to reduce greenhouse gas emissions.

This thematic focus ensures that the funded projects contribute meaningfully to addressing critical challenges in achieving net zero.

Why This Competition Matters

1. Global Impact Through Collaboration: The programme highlights the importance of leveraging diverse expertise to solve global challenges. By combining the UK’s advanced research capabilities with India’s dynamic innovation ecosystem, this initiative exemplifies the potential of cross-border partnerships to drive meaningful change.
2. Economic Growth and Market Opportunities: Beyond environmental benefits, the competition offers participants a unique opportunity to tap into new markets. With clear pathways to commercialisation, the projects are expected to generate substantial economic returns and foster sustainable growth in both countries.
3. Advancing Technological Frontiers: By supporting high-risk, high-reward projects, the program encourages participants to push the boundaries of existing technologies, ensuring that the UK and India remain at the forefront of the global innovation landscape.

Application Process

1. Prepare Your Proposal: Develop a compelling project idea that aligns with the competition’s themes and objectives. Ensure that it includes a clear business plan, financial viability, and potential for significant economic and environmental impact.
2. Build Your Consortium: Collaborate with at least one registered business in India that is independent of the UK partners.
3. Submit Applications:
   o UK participants: Apply via the IFS portal.
   o Indian participants: Submit a parallel application to the TDB program.
4. Demonstrate Collaboration: Showcase a balanced technological contribution from all partners and ensure the project is truly bilateral.
5. Meet the Deadlines: Ensure your application is submitted before 11 am (UK time) on Wednesday, 12th February 2025.

Key Considerations for Success
To stand out in this competitive process, applicants should focus on:

• Clear Commercial Intent: Highlight how the project results will be commercialised and generate value in domestic and global markets.
• Robust Collaboration: Demonstrate genuine cooperation between UK and Indian partners, with balanced contributions and shared benefits.
• Sustainability Impact: Provide evidence of how the project will contribute to reducing carbon emissions and achieving net zero.
• Financial Soundness: Ensure the project offers good value for money with well-defined financial plans and timelines.

A Portfolio Approach
Innovate UK and TDB aim to fund a diverse range of projects to ensure a balanced portfolio across different technologies and sectors. This approach maximises the competition’s impact, fostering innovation in multiple areas critical to achieving net zero.

For more information about this opportunity, contact RedKnight.

by Dayne Hodgson

Climate Change Adaptation and Smart Cities Funding Opportunities

by Dayne Hodgson

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.

by Dayne Hodgson

Eureka Programme Support & Partner Brokerage Event - 7th March 2024

Are you an innovative company based in the UK considering applying for an upcoming Eureka Network opportunity? The Eureka Programme Support & Partner Brokerage event aims to provide innovative UK companies with information on funding opportunities within the UK Eureka Network and support the building of international consortia through project idea pitching to broker partnerships.

The Eureka Network is an intergovernmental network connecting 47 countries through a joint platform for international cooperation in innovation. Organisations and companies applying to a Eureka programme can access funding and support from national and regional ministries or agencies for their international R&D projects.

Benefits of attending the event include:

• Finding Eureka programme partners to form strategic international collaborations for submission to the upcoming Eureka calls.
• Meeting experts in breakout rooms that are currently working on project ideas and pitch presentations. In addition, speaking with the UK Eureka Programme Management team who will be able to answer specific questions about applying for a Eureka opportunity.

Discover more about the upcoming Eureka funding opportunities including Eureka Eurostar's supporting SMEs and Eureka Clusters for supporting industry-led international communities focused on strategic technology areas including next-generation communications, low carbon energy, software innovation, advanced manufacturing & production and electronic components and systems development.

To register for the event, click here.

by Dayne Hodgson

Pioneering the Future of Research Funding: Learn more about UKRI's Innovation and Research Caucus

In June 2023, UK Research and Innovation (UKRI) launched an ambitious move to revolutionise research and innovation funding by establishing the Innovation and Research Caucus (IRC). This initiative, backed by a £7 million investment, signifies UKRI's commitment to elevating the United Kingdom as a global leader in research excellence. The IRC aims to become a world-leading centre of excellence, shaping the future of research and innovation through evidence-based strategies and investments.

The IRC is conceptualised as a think tank and strategic unit within UKRI, dedicated to enhancing the effectiveness and impact of research and innovation funding. Its establishment responds to the growing need for a more evidence-driven approach in funding decisions, ensuring that investments are aligned with both national and global research priorities. The IRC will serve as a hub for gathering, analysing, and utilising robust evidence and insights, directly influencing UKRI's strategic direction over the next three years.

The creation of the IRC is also a response to the rapidly evolving research landscape, marked by emerging technologies and interdisciplinary challenges. By harnessing data and insights, the IRC aims to foster more informed and agile decision-making within UKRI, enhancing its ability to respond to new opportunities and challenges in the research domain.

The IRC's mission goes beyond merely optimising funding strategies. It is poised to play a crucial role in shaping the future of UK research and innovation, driving forward-thinking policies and initiatives. This includes identifying emerging research areas, fostering collaborations across disciplines, and ensuring that UK research remains at the cutting edge of global innovation.

The benefits of such an approach are wide ranging. For researchers and business, it promises more strategic and targeted funding opportunities, aligning with the latest trends and needs in various fields. For the wider society, it translates into research that can effectively address societal challenges, from healthcare breakthroughs to technological advancements.

Implementing such a visionary project is not without its challenges. The IRC has to navigate the complexities of the diverse research landscape, ensuring its recommendations are inclusive and representative of the entire research community. Looking ahead, the success of the IRC will depend on its ability to remain adaptive, inclusive, and forward-looking, setting a global standard in research and innovation funding strategy.

The establishment of the IRC marked a transformative step for UK research. By prioritising evidence-based strategies and foresight, UKRI is not just enhancing its funding mechanisms; it is positioning the UK as a visionary leader in global research and innovation, ready to tackle the challenges of tomorrow.

For more information about the IRC please visit: UKRI's Innovation & Research Caucus

by Dayne Hodgson

UK's Scientific Renaissance: Re-joining European Research Council (ERC) Grants Post-Brexit

In a significant turn of events for the UK's scientific community, January 2024 marks the re-entry of UK-based scientists into the European Research Council (ERC) grant schemes. This re-engagement with one of Europe's most prestigious funding bodies symbolises a new chapter in UK-EU research collaboration, overcoming the post-Brexit hiatus that had temporarily sidelined UK researchers from these crucial funding opportunities.

The ERC grants, known for their competitive nature and substantial funding, are instrumental in advancing cutting-edge research. Post-Brexit, UK scientists faced uncertainty regarding their participation in these programs, leading to concerns about the potential isolation of UK science from broader European research initiatives. The reinstatement of UK eligibility for ERC grants comes as a relief and an opportunity for the scientific community. It ensures continued access to significant funding and collaborative opportunities with European counterparts, vital for maintaining the UK's position at the forefront of global research and innovation.

The re-inclusion in ERC grant schemes provides a much-needed boost to UK researchers, particularly in fostering international collaborations and enhancing the scope of their research. ERC grants are not just about funding; they are about building networks, sharing knowledge, and pushing the frontiers of scientific discovery. For early-career researchers, access to ERC funding is a gateway to establishing themselves in the competitive world of academia. For established scientists, it means the continuation and expansion of ambitious projects that require cross-border cooperation.

The move also signals a broader message of collaboration and unity in science, transcending political boundaries. It is a recognition that scientific progress thrives on diversity of thought and international cooperation. The reintegration is expected to yield significant advancements in various fields, contributing to both UK and European research agendas.

Despite the positive outlook, challenges remain. Navigating the post-Brexit landscape requires adaptation from both UK researchers and European partners. There will be logistical and regulatory hurdles to overcome, ensuring seamless integration and cooperation under the new frameworks. The future, however, looks promising. The re-entry into ERC grants is a stepping stone towards reinforcing the UK's commitment to global scientific collaboration, potentially paving the way for more integrated UK-EU research initiatives.

The UK's re-engagement with ERC grants is a pivotal moment for its scientific community. It not only reinstates critical funding avenues but also symbolizes a renewed commitment to international research collaboration, essential for addressing the complex, global challenges of our time.

by Dayne Hodgson

European Innovation Council (EIC) 2024 Work Programme

Funding and Support in 2024
The European Innovation Council's (EIC) Work Programme 2024 marks a significant step forward in fostering research and innovation across Europe. With a comprehensive funding structure and support system, the programme is set to revolutionise the landscape of technological and scientific advancement. Worth over €1.2bn, the majority is dedicated to SMEs and start-ups to develop and scale up “deep tech” innovations in critical fields such as generative artificial intelligence (AI), space, critical raw materials, semiconductors and quantum technologies. You can download the full EIC 2024 Work Programme here.

The funding is provided across three main schemes.
• EIC Pathfinder: Allocating €256 million, the EIC Pathfinder scheme stands as a cornerstone of the 2024 programme. It aims at empowering multi-disciplinary research teams, encouraging them to engage in visionary research with the potential for groundbreaking technological advancements. Grants under this scheme can reach up to €4 million, providing substantial support for ambitious projects.
• EIC Transition: With a budget of €94 million, the EIC Transition scheme focuses on transforming research results into tangible innovation opportunities. This scheme is a natural progression from EIC Pathfinder projects, extending its reach to include European Research Council Proof of Concept projects and, for the first time, results from Horizon collaborative projects from Pillar 2/ societal challenges. Grants under this scheme can go up to €2.5 million.
• EIC Accelerator: The EIC Accelerator, with a massive €675 million budget, is tailored for start-ups and SMEs. It aims to aid in the development and scaling up of innovations with the potential to disrupt or create new markets. The scheme offers grants below €2.5 million and investments ranging from €0.5 to €15 million. Notably, €405 million of this is earmarked for investments managed by the EIC Fund, which also receives an additional €180 million for follow-on investments in companies selected under previous EIC Accelerator calls.
All projects supported by the EIC gain access to Business Acceleration Services, offering expert coaching, mentoring, and partnership opportunities.

Proactive Management and Structural Changes
The EIC adopts a proactive approach in managing funding. EIC Programme Managers play a crucial role, developing visions for innovation and technology breakthroughs, and guiding project portfolios to achieve these ambitious goals. The European Commission has also restructured the EIC Fund, transferring its shares to the European Investment Bank. This restructuring, alongside the EIC work programme’s measures, enhances the Fund's flexibility in managing its investment portfolio, which already includes over 500 of Europe's most promising start-ups and high-growth companies.

Simplification and Other Novelties
The EIC Board's recommendations have led to several simplifications and improvements to be implemented in the 2024 Work Programme:
• Introduction of lump sum funding in most EIC calls, eliminating financial reporting requirements for beneficiaries.
• Updated Intellectual Property rules to empower Technology Transfer Offices.
• Introduction of consensus meetings for EIC Accelerator applications to strengthen the evaluation process.
• Increased flexibility for the EIC Fund to adjust investments in response to company needs and market trends.
• Expansion of EIC Transition funding to include Horizon collaborative project results.

Investing in Strategic Technologies
A significant portion of the EIC funding (€420 million) is reserved for novel technologies and SMEs/Startups addressing challenges directly supporting the European Green Deal, REPowerEU, Chips Act, future AI Act, Net Zero Industry, and other EU policies, aligning with the New European Innovation Agenda. In line with the Commission’s strategy on economic security, applications in critical areas like AI and quantum technology will undergo screening for foreign ownership and investment safeguards by the EIC Fund.

Information Days
The EIC has scheduled two Information Days in January 2024. These events, conducted online, will provide potential applicants with insights into the new work programme and an overview of the three main funding schemes. The first day (15 January) is dedicated to the overall work programme, while the second day (16 January) focuses on the EIC Accelerator Challenges. You can read more about these info days here.

by Dayne Hodgson