Funding Opportunities – £25 million for smart grants

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 –

https://apply-for-innovation-funding.service.gov.uk/competition/1539/overview/c1be09e2-f448-4559-8a56-2ab5c5c5d090

£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 –

https://www.virginstartup.org/

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.