ÌÇÐÄTV

is the new name for Innovate UK’s ‘Open grant funding’ programme. These support 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:

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

•an idea that is significantly ahead of others in the field, set for rapid commercialisation;

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

•a 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;

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

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

The lead applicant must be a UK-based business or a research and technology organisation and must carry out the project in the UK. Only SMEs may work alone, and must be included in all collaborations. Academic institutions cannot lead projects or work alone. Collaborators may be UK businesses, academic organisations, charities, public sector organisations or RTOs ÌÇÐÄTVes claiming funding must be eligible to receive state aid. Non-eligible organisations may participate but cannot receive funding. Lead RTOs must have two or more business collaborators.

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. For feasibility studies and industrial research, 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 experimental development projects that are nearer to market, 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.