Innovate UK will next week launch a funding call under which UK businesses can apply for a share of up to £15 million to deliver transformational innovations with potential for impact on the UK economy.
The aim of the competition is to help businesses develop new products, processes and services with commercial potential.
It is open to the best business-led, innovative or disruptive ideas or concepts that can be drawn from any technology, engineering or industrial area, UK’s innovation agency informed.
Proposals must demonstrate transformational or disruptive innovation leading to novel, new products, processes or services to be in scope for the call.
Also, a proposal should demonstrate evidence-based ambition and potential for return on investment, growth and scale-up, preferably with access to global markets.
Total costs for the project must be between £25,000 to £1 million, and the projects should last between 6 months to 36 months, according to Innovate UK.
The competition opens on December 5, 2016, and business of any size, working individually or collaboratively, can apply.