UK businesses can apply for a share of up to GBP 15 million to deliver transformational innovations with potential for impact on the UK economy, after Innovate UK launched the funding competition yesterday, 5 December.
The aim of the competition is to help businesses develop new products, processes and services with commercial potential. Proposals should demonstrate disruptive and/or cutting-edge innovations, Innovate UK said, and businesses should demonstrate evidence-based ambition and potential for return on investment, growth and scale-up, preferably with access to global markets.
To be in scope, total costs for a project must be between GBP 25,000 and GBP 1 million. Projects should last between 6 and 36 months. Final date for registration is 1 February 2017 and full applications must be submitted by midday on 8 February 2017.
Applicants will be informed on the decision by the end of April 2017.