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Funding: innovation in response to pandemic

Innovate UK has launched a funding competition awarding 100% of project costs up to a maximum of £50,000.

The aim of the competition is to support UK businesses to focus on emerging or increasing needs of society and industries during and following the Covid-19 pandemic.

Applications must demonstrate both realistic and significant benefits for society (including communities, families and individuals) or an industry that has been severely impacted and/or permanently disrupted by the Covid-19 pandemic.

Proposals must focus on a clear need and the proposed innovation to address it. Businesses must have the ability to deliver the project during the working restrictions of the Covid-19 pandemic.

The key headlines at this point are:

  • Competition opened 3 April
  • 100% funding/ intervention rate at £50k per project
  • Full funding upfront, in advance of project start date
  • Project length 3-6 months
  • Funding cannot be used for sustainability of a business
  • Sole traders will not be eligible

More details, including registration, are available here.

NB Registration closes at 12:00 on 17 April 2020. 

 

Tags: investment