We noticed a couple of interesting funding opportunities which might be useful if you are considering, or already developing a new product idea.
£25 million in grants
Innovate UK, part of UK Research and Innovation, is offering grants totalling up to £25 million for “game-changing and world-leading ideas”.
This smart grants fund focuses on supporting small and medium-sized businesses to develop “disruptive innovations”. The grants can be applied to project budgets between £100,000 and £2 million and up to 70% of project costs can be recovered.
The competition closes on 27 September 2023 and you can create you application here –
£36 million in funding
Virgin StartUp, the non-profit entrepreneurship scheme by Virgin Group has created a new £36m fund to help UK founders. It is distributing the funding on behalf of the British Banks Startup Loan scheme.
You can apply for funding here –
Prepare your application
Preparing a strong application can increase your chances of success. Every funding opportunity is different but we generally find developed concepts with realistic roadmaps have a better chance of receiving further support.
To find out more about planning your project and developing your design – book your free confidential idea review with one of our innovation advisers.