Innovate UK has announced more seed capital is available for ambitious UK start-ups.
An additional £25m has been freed up for UK business innovation projects in two new competitions, with the aim being that you can get a loan to help your businesses develop the “cutting-edge innovations” that can become “successful commercial realities”. Loans between £100,000 and £1m are available.
The decision follows on from the 2018 success of an existing programme, the Innovation Loans pilot, which saw £12m being offered to 17 businesses to undertake a number of innovative manufacturing and materials R&D projects.
The first tranche is of £10m for micro, small or medium-sized enterprises (SMEs) who can come forward with what the government describes as “highly innovative, late stage projects with the most game-changing ideas and concepts”. These can come from any technology and in any part of the economy, says the government, as long as they are sufficiently disruptive.
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Projects must focus on commercialisation, growth or scale-up, and priority will be given for projects likely to lead to growth in productivity, it adds, and briefing events will be held throughout July 2019 in Brighton, Birmingham, London, Daresbury and Sheffield so you can find out more about the competition, and the process of applying.
But be quick about it – registration closes on 11th September 2019. And good luck!
Innovate UK is the UK’s innovation agency – we spoke to them here.