Innovate UK Unlocking Potential Award (Build Strand)

It aims to level the playing field and unlock potential for innovation by supporting and funding innovators from groups that are currently underrepresented or overlooked in innovation.

Scope

They are looking to fund and support a diverse portfolio of innovative award holders:

• who will be relatable role models and inspire people from all backgrounds
• from all regions across the UK
• who are solving a range of pressing societal, environmental and economic challenges in a variety of innovation areas
• who are most likely to benefit from the package of support on offer.

Funding Information

• The Innovate UK Unlocking Potential Award Build strand includes £50,000 of funding and tailored business support.
• As an award holder you will receive tailored business support, including but not limited to:
  • Funding and finance options and how to access these, including introductions to investors and training on pitching
  • Media and communications, such as branding
  • Intellectual property
  • Developing new business models
  • Evaluating market opportunities
  • Finding new partners
  • Growth and scale up
  • Developing international collaborations and accessing global markets
  • Business planning strategy
• Your award will:
  • start on 1 December 2023
  • end on 30 November 2024
  • last for 12 months

Eligibility Criteria

• This competition is open to sole applicants only.
• Projects must always start on the first of the month and this must be stated within your application. Your project start date will be reflected in your grant offer letter if you are successful.
• You must only include eligible project costs in your application.
• Under current restrictions, this competition will not fund any procurement, commercial, business development or supply chain activity with any Russian or Belarusian entity as lead, partner or subcontractor. This includes any goods or services originating from a Russian or Belarusian source.
• You will be made ineligible if you exceed the Minimal Financial Assistance limit. You must submit a complete declaration as part of your application.
• Lead applicant
  • Your application must be made as a representative of a business but the award will be for you as an individual.
    • To be eligible for an award you must:
      • Identify with a community that is currently considered by Innovate UK as underrepresented in the innovation ecosystem.
      • Be a founder, co-founder or senior decision maker within a UK registered micro, small or medium business (SME) which has been active for at least 12 months by the competition closing date.
      • Be a UK resident, carry out all project work in the UK, and exploit the results from or in the UK.
      • Be aged 18 or above on the date of competition close.
  • You must be able to commit to:
    • Attending two development sessions.
    • Providing at least five days over the duration of the award to be a role model to inspire others.
    • Innovate UK wants to support untapped talent from anywhere in the UK. They are looking to find people with exciting, breakthrough innovative businesses or ideas driving positive economic, environmental and societal change.
    • They particularly encourage women and young people to apply to the Innovate UK Unlocking Potential Award which builds on the success of the Women in Innovation and Young Innovator programmes. In addition, they want to attract and support underrepresented innovators from a variety of backgrounds or experiences. This also includes intersectionality, recognising the way multiple characteristics interconnect and can worsen inequities.
  • For the purpose of this competition, Innovate UK considers the following groups of people as underrepresented in the innovation ecosystem:
    • Disabled, including and not limited to mental health conditions, learning disabilities, neurodiversity and physical disabilities
    • Ethnic minority groups
    • LGBTQIA+
    • Non-binary and all marginalised genders
    • People with primary caring responsibilities
    • People from low socioeconomic backgrounds
    • People from non-traditional educational routes into innovation
    • Women
    • Younger (aged 18 to 30) and older (aged 60+) people
    • This is a pilot competition and who Innovate UK considers as underrepresented is based on Innovate UK and ecosystem evidence. The underrepresented groups will be regularly reviewed, and where necessary updated.
• Subcontractors
  • Your project cannot include collaborative partners but subcontractors are allowed in this competition.
  • Subcontractors can be from anywhere in the UK and you must select them through your usual procurement process.
  • You can use subcontractors from overseas but must make the case in your application as to why you could not use suppliers from the UK.
  • You must also provide a detailed rationale, evidence of the potential UK contractors you approached and the reasons why they were unable to work with you.
  • They expect all subcontractor costs to be justified and appropriate to the total eligible project costs. They will not accept a cheaper cost as a sufficient reason to use an overseas subcontractor.

For more information, visit Innovate UK.