The third round of Innovate UK's Open Programme Funding Competition of 2018 opens on Monday 24th September.
Do you have a cutting-edge project? Do you have disruptive ideas or concepts with a view to commercialisation? Then you may want to apply to the third round of Innovate UK Open Programme Funding Competition! The application deadline is Wednesday, November 14th at noon, and here is a recap of what you need to know before you start.
Innovate UK has allocated up to £20 million and you can apply for any amount between £25k and £2 million, depending on the length of your project: Project duration Total costs
6 to 18 months £25.000 to £500.000
19 to 36 months (collaborative projects only) £25.000 to £2.000.000
NB: the percentage of the costs covered by the grant will vary depending on the type of research being led and on the size of the applicant(s). For example, the fund will cover up to 70% for the feasibility studies done by small businesses but only up to 60% for those made by medium businesses.
The competition is open to UK-based companies who will carry out the project and exploit the results in the country. If several entities, gathered in a consortium, can apply, all projects must include at least one SME. To apply for the grant, your project has to:
be a game changer, potentially leading to novel products, services or processes
have a clear market potential
be carried out by a skilled and experienced team
demonstrate an awareness of risks and a plan to mitigate them
include financial plans and timeline
How to apply to the funding competition
Innovate UK has produced a guide - which is available here - to help you through the process.NB: the application is split into three sections:
Project details: this section, though not scored, helps the assessors decide if the prokject fits in the scope of th competition.
Applicable questions: ten questions help you present projectin details. Assessors will score your application, the success of which depends on this score.
Finances: the last section covers the project and the organisational and funding details.