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In the third and final part of this 3-part blog we look at grant funding amounts, Innovate UK sectors and the types of businesses for projects started in 2021.
How much funding are businesses getting?
Projects that received funding of between £100,000 to £250,000 were the most common at 31.2% of the total in 2021. Smaller value projects with amounts up to £25,000 were the fourth highest, making up 11.8% of the total. There were only 6 large scale projects which required a funding amount of over £10 million.
Which sectors are getting the most or least funding?
There were three main sectors that took most of the funding and they were Responsive, Manufacturing, Materials and Mobility and Ageing Society, Health and Nutrition, which when combined, made up 83.3% of the total projects in 2021. The innovate sectors which had the least number of projects were Strategy, Connect and Investor Portfolio Lending.
What type of businesses are getting funding?
Micro and small businesses, academic, large businesses made-up the top three types of organisations that were getting funded with 80.4% of total projects. PSRE, Charity and SME were the bottom three types of organisations getting funded with just 1.1% of total projects.
So what does this mean for your business?
If you’re a small business based in London or the South East looking for £100,000 to £250,000 in funding for your manufacturing innovation project then you’re the type of business Innovate UK has a track record of funding. However, if you’re a medium-sized business based in Wales looking for £750,000 for your AI project then the opposite is true.
Hopefully this blog has given you insights into what the winning grant applicant profiles are for Innovate UK.
If you’re thinking of starting an innovation project and want to know what are the latest innovation grants available right now then click here to order your Grants Report, if you prefer to get in touch please use our contact form.