Innovate UK Launches £19 Million March 2018 Open Sector Funding Competition
UK businesses can apply for a share of £19 million for game-changing innovations with strong commercial potential that will significantly impact the UK economy.
Innovate UK (IUK) has launched a new competition to help businesses overcome barriers to the best cutting edge, game changing innovations and/or disruptive ideas or concepts becoming commercially successful. This includes those making a considerable economic impact and/or resulting in significant, sustainable business growth, in line with the government’s Industrial Strategy.
Projects should aim to lead to the commercialisation of new products, processes or services (or novel use of existing ones) believed to be significantly ahead of anything similar available in the field, and those that will have an economic impact. Priority will be given to those proposals most likely to lead to sustainable productivity gains or access to new overseas markets through export-led business growth.
The programme has a total budget of £19 million. Supported projects should have total costs of between £25,000 and £1 million depending on the type of research and development (R&D) to be undertaken. Project duration should be a minimum of six months, and a maximum of three years.