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Introduction
According to a recent research paper from the House of Lords, it is estimated that innovative science and technology activity contributed a total of £91.6bn to the UK economy in 2023. This breakdown includes £71bn for IT and other information service tech activities and £20.6bn for scientific research and development activities across other sectors.
Whilst these are promising numbers and total innovation contribution to the UK economy is expected to increase over the next few years, the research paper also outlines certain key challenges that affect businesses in the UK innovation environment. However, these issues can be overcome with access to the right funding and support.
Challenge 1 – Business Investment Amount – Whilst overall British research and development (R&D) spending has increased, a large number of businesses have found their annual investments into innovation has stagnated in recent years due to other cost pressures, such as an increase in the cost of doing business.
Solution – Businesses can apply for wide range of innovation grant funding from the UK Government (particularly Innovate UK, UK Research and Innovation and the Catapult Network), European Commission (via the Horizon Programme and European Space Agency) and a number of other sector specific innovation support organisations or universities across the UK. In many cases if businesses want to boost their own investments into an innovative funding project, match funding is available from grant sources which can add in up to 80% of the total funding required for smaller businesses.
Challenge 2 – Funding Application Burden – For many innovation grant funds, the current application processes are very cumbersome and full of bureaucracy, particularly for small businesses and those looking to make an application for the first time who are unfamiliar with the process.
Solution – There is a lot of business support available from different organisations where experts can help a business select the right grants for their projects and help them with the grant writing and application process.
What Are Some Of The Latest UK Innovation Grants Available?
i) Innovate UK Smart Grants: November 2024
Innovate UK is providing funding to support game-changing and commercially viable R&D innovations that can significantly impact the UK economy. Funding up to £700,000 is available and businesses of all sizes may apply.
Application Deadline: 22nd January 2025
ii) HADeS Competition 2024
The Connected Places Catapult is providing a funding competition for the aerospace sector that is focused on alarm resolution and any operating concept that can enhance the performance of checkpoint systems to screen aviation passengers and their cabin baggage. Funding up to £80,000 is available.
Application Deadline: 13th December 2024
iii) Commercial Applications of Space Weather Data
The European Space Agency is inviting bids for funding for feasibility studies for projects that support the European space industry in assessing the technical and economic viability of commercial services that leverage space weather data in a subset of the above domains. Funding up to £200,000 is available.
Application Deadline: Applications are currently invited on an ongoing basis
iv) Scotland CAN DO Offshore Wind Innovation Feasibility Challenge Call
Scottish Enterprise is seeking companies that are developing innovative technology solutions that could address important challenges in Scotland’s offshore wind sector. The call provides funding to support businesses to conduct new detailed design, technical, and/or commercial feasibility assessment for relevant products and services, over a period of three months. Funding up to £50,000 is available.
Application Deadline: 10th January 2025
v) India – UK Collaborative R&D for Industrial Sustainability Round 2
Innovate UK provides a competition that aims to provide funding for business-led, collaborative research and development projects focused on Net Zero Technologies in India. UK registered organisations must collaborate with at least one Indian business applying under the equivalent Technology Development Board programme. Funding up to £300,000 is available.
Application Deadline: 12th February 2025.
vi) Innovate in South Staffs
South Staffordshire Council is providing a fully funded support programme that aims to support businesses in the area that are looking to advance or improve innovation within their organisation. The programme comprises 1-2-1 diagnostic support from a dedicated business consultant, the opportunity to apply for an innovation grant and attendance at workshops led by experts. Funding up to £3,000 is available.
Application Deadline: Applications are currently invited on an ongoing basis
vii) Design Foundations Round 6
Innovate UK is running a competition that aims to support projects that use people-centred and system-aware approaches to develop new or significantly improved services, products, places or business models. Funding up to £80,000 is available.
Application Deadline: 15th January 2025
viii) Salford Business Innovation Growth Fund
The University of Salford is providing funding for businesses to access the university’s knowledge and expertise for transformational and innovative consultancy projects which will develop solutions to address a specific business need or issue. Funding up to £10,000 is available.
Application Deadline: Applications are currently invited on an ongoing basis
How To Apply For Business Innovation Schemes
Full details about how to apply for schemes and the eligibility criteria is available on each individual scheme page on the relevant website. Any deadlines, who can apply and what eligible costs the grants will cover will also be outlined on these pages. Interested businesses can speak to innovation advisors based at each provider who can guide them through requirements and eligibility criteria to see if the relevant funding is a match with their needs and help them to apply. There are also application forms and other supporting guidance available on scheme pages as well.
Want To Find The Latest UK Business Innovation Funding Opportunities?
If you want to see the full set of UK business innovation funding currently available, please visit https://getbusinessgrants.com/
