ÌÇÐÄTV

Innovate UK invites applications for its open sector competition – round three. This supports cutting-edge or disruptive ideas or concepts with a view to commercialisation, that may come from any area of technology, science or engineering, including arts, design, media or creative industries, and be applied to any part of the economy. Proposals must demonstrate:

•clear game-changing or disruptive innovative ideas leading to new products, processes or services;

•ideas that are significantly ahead of others in the field, set for rapid commercialisation;

•strong and deliverable business plan that addresses market potential and needs;

•team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time;

•awareness of all the main risks the project will face with realistic management, mitigation and impact minimisation plans for each;

•sound, practical financial plans and timelines;

•good value for money;

•clear, evidence based plan to deliver significant economic impact, return on investment and growth through commercialisation, as soon as possible following project completion.

Priority will be given to proposals that demonstrate realistic, significant potential for global markets.

UK-based businesses of any size that will carry out their project alone or in collaboration with others in the UK may lead the project.

The total budget is £20 million. Projects that last between six and 18 months should cost between £25,000 and £500,000. Projects that last between 19 and 36 months should cost between £25,000 and £2m. Small businesses are eligible to receive up to 70 per cent of eligible project costs, medium-sized businesses up to 60 per cent, and large businesses up to 50 per cent for feasibility studies and industrial research. Small businesses are eligible to receive up to 45 per cent of eligible project costs, medium-sized businesses up to 35 per cent, and large businesses up to 25 per cent for experimental development projects which are nearer to market.