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News – 18.11.24
International Men's Day - breaking the silence around men's mental health
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A change in US Presidency: How might it affect your finances?
In this article, we explore the potential economic and financial impacts of Donald Trump's return to power. … Read more
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Funding innovation in the technology sector: Are the government doing enough?
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As Innovate UK manages various types of funding opportunities, each competition has its own eligibility, criteria, and scope. However, projects that will be considered must seek to develop an innovative product, process, or service which has a great chance of having an impact and has a clear and realistic business plan. Innovate UK funding is open to UK-based business, research organisations, and public sector entities which seek to undertake all project activity within the UK. Companies of a variety of different sizes, including large companies, SMEs, and start-ups, can all be eligible for Innovate UK funding, however, they may be subject to different eligibility criteria.
The Innovate UK website can be used to explore and search for available grant opportunities. Most competitors have very specific application criteria, so it’s important to carefully review the eligibility and scope of each grant to identify the competition that aligns with your project’s goals and objectives. There are also several factors which should be considered when selecting the right competition, including the type of project, the size of project, the location, and the stage of project development.
To apply for an Innovate UK competition, candidates should initially check their eligibility and identify the right competition that aligns well with their R&D project. Once a competition has been selected, an online application should be completed using Innovate UK’s innovation funding service to submit information on the project, the team, the budget, and the anticipated impact that the project will have. Once the application has been submitted, Innovate UK will provide notifications on the outcome of the application.
Innovate UK grants are highly competitive, with success rates typically ranging from 5% to 10%. This is because Innovate UK receives a large number of high-quality applications for each competition. To be successful, an applicant must demonstrate that their project is innovative, disruptive, and has the potential to deliver significant economic and societal benefits to the UK. Buzzacott’s R&D team can help you create and submit a high quality submission that increases your chances of successfully receiving the grants.
When reviewing a grant application, the assessor will review multiple factors which are included in a strong and well-defined project, including a strong team, a clear and achievable business plan, and a realistic budget. The application must align with the grant’s objective and criteria and have the potential to be successfully exploited in the UK and globally.
Yes, applicants can typically apply for multiple Innovate UK grants simultaneously. However, there are certain restrictions applicants must adhere to when submitting concurrent applications. For example, a company can only be the lead applicant for one grant at a time. This means you can be a partner on multiple grant applications but not the lead applicant. It’s worth noting that if Innovate UK judges that the applications are materially similar, only one of the applications will be counted towards the maximum number of submissions.
The typical timeline per application can range from 6 to 12 months from the competition opening to the start date.
There is nothing to prevent candidates from applying to Innovate UK grants independently, without support or advice. However, engaging with an advisor who is familiar with the intricacies of the grant application process, such as Buzzacott, can provide you with a competitive edge when applying. If you choose to work with Buzzacott, we will help you select the most suitable grant competition to apply for. We can write the proposal to make the content as strong as possible to adhere to the competition criteria and submit an application with the highest chance of success.
You can choose to either re-submit your application to the same competition in the next funding round or submit your application to a new grant application that is more suitable to your project. However, it’s worth confirming that applicants can only apply twice to the same competition, and the original application should be significant changed using the feedback from Innovate UK before re-submitting. Applicants should also consider seeking professional advice on how to improve their chance of success.
The reporting and compliance requirements for successful grant recipients vary depending on each individual competition, however, there are some common requirements which most grants adhere to. Typical reporting requirements include technical reports which describe the projects progress and financial report which detail how the grant funds are being spent and how the how is meeting its budget. Successful applicants will also need to adhere to compliance requirement, such as data protection regulations, employment regulations, and financial management regulations.
Should you choose Buzzacott to assist with your grant application process, our specialist R&D team can help you apply and secure innovation funding. We can assist you with your R&D strategy to determine the viability of a variety of grant financing mechanisms or determine whether your business should be focusing on other sources of funding to maintain flexibility. We’re familiar with the intricacies of an innovation project and understand what it takes to be successful.
Working with a team of experts that are aware of the grant application complexities will increase your chances of success. We know what funding agencies require for an application to be successful. From coaching, advising, and assessing your application, we can provide the specialist support you need to apply with the highest chance of success.
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