Editorial

Innovate UK wants to give you money for your new tech idea

SMEs can apply for a share of £19m for innovative projects or £12m for business-graduate partnerships in either industry sector area, says Innovate UK

Posted 24 January 2018 by

Innovate UK has up to £19m to invest in innovative ideas for new products, processes and services in the fields of emerging and enabling technologies and health and life sciences – including digital.
It’s also set aside £12m is available in Knowledge Transfer Partnerships (KTP), which allows British businesses to recruit graduates that can help them on an innovation project.
The reason: emerging and enabling technologies have the potential to transform a wide range of markets and generate significant economic growth, the group says, identifying as its four priority areas:
  • emerging technologies, which have either recently developed or are starting to come out of the research base such as biofilms, energy harvesting, graphene and cutting-edge imaging technologies
  • digital technology, specifically in the areas of machine learning and Artificial Intelligence (AI), cybersecurity, big data, distributed ledger, Internet of Things, 5G and virtual and augmented reality
  • enabling capabilities, such as electronics, sensors and photonics, robotics and autonomous systems, as well as opportunities in the creative industries
  • space applications including satellite communications, positioning, navigation and timing and Earth observation.
Bids need to prove they can provide business growth, productivity or an export opportunity for at least one SME and be applied in more than one industry, sector or market, says Innovate UK.
All winning projects must be led by a business or a research and technology organisation, must include an SME, be priced at between £35,000 to £2m and to last from 3 months to 3 years.
Winners can look to get as much as 70% of their project costs covered by Innovate UK, a non-executive non-departmental public body sponsored by the Department for Business, Energy & Industrial Strategy.
If you and your team think you can match these criteria, then get cracking, as the competition to get the support ends midday March 28.
Look for details on Innovate UK briefing events on the competition scheduled for Edinburgh, Cardiff and Leeds in January and February. Find out how to apply here – and good luck!