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We have seen many comments recently on both the work involved and the success rates in applying for Innovate UK grants. It seems that there is some concern over the time and expense involved in putting together applications that receive high scores, but subsequently don’t win any funding. The recent announcement of £948m to Innovate UK for 2025/6 is great news, but maybe there needs to be more focus on effective allocation and implementation as mooted by many grant consultants.
Of course, even with great guidance and support, there are no guarantees of success so maybe there needs to be some sort of additional mechanism that gives applicants a better idea of potential success. Additionally, where there is a high score and high potential for commercial success, some sort of process to pick up the failed submission and propose it to a secondary fund where the original submission could be reconsidered – either in full or partially. This would mean that there is greater efficiency and an alternative to the yes/no situation that exists currently so that more businesses receive funds to progress innovation. This would be an encouragement for potential applicants and grant consultants in that they will know that their hard work will have a better chance of success.
Meanwhile, our advice is to speak to grant experts (ideally ones who have expertise and knowledge of your sector), to get a good view of likely success and look at their track record as well in terms of success rates. Secondly, take a look outside of Innovate UK to see if there are alternative grant schemes that might be more suitable. Sometimes, a blend of grant funding, commercial and public sector lending might achieve a good result and of course there are angel investment and private equity routes as well.
Overall, it’s a case of keeping your options, looking for high quality advice and making sure you are aware of the entire grants and funding landscape. But an alternative process to make the most from applications would be a welcome addition to the process!