UK: Future Economy Investor Partnerships SME (Round 3)

Innovate UK, as part of UK Research and Innovation, has selected a pool of investor partners. Innovate UK provides support for your investment readiness and for engaging with suitable investors via Innovate UK Edge and Innovate UK KTN.

The selected investor partners have demonstrated that they have the credibility, capability, capacity and appetite to invest in innovative, technology-led businesses that align with their programmes. These programmes will focus on the future economy as described in the plan for action.

The Future Economy investor partnership programme brings together:

• Innovate UK’s expertise in identifying innovation and using grant funding to change the risk profile of businesses
• investor partners’ aligned funding and expertise in identifying opportunities and teams that can best use extra investment finance

This approach aims to provide you with support for research and development and access to the capital investment you need to develop and commercialise your innovations.

Scope

• Innovate UK is looking to support projects that focus on the future economy areas included in the Innovate UK plan for action. The broad theme areas are:
  • net zero
  • health and wellbeing
  • next generation digital technologies and technology families
• Innovation and ideas can come from anyone and anywhere. They want to see investments unlocked for the diverse and extraordinary talent in the UK. They are encouraging diverse applicants and inclusive project applications, pushing beyond the status quo.
• Innovate UK encourages innovation involving communities that are typically under-represented, including:
  • from regions that have historically accessed lower levels of investment (outside London, Oxford and Cambridge)
  • ethnic minority groups
  • women and other marginalised genders
  • disabled people
  • people with non-traditional education backgrounds
• To support this, they also have a targeted theme on equality, diversity and inclusion (EDI).

Funding Information

Your project’s total costs will depend on your research category and must be between: £50,000 and £300,000 for feasibility studies; £100,000 and £1 million for industrial research; £250,000 and £2 million for experimental development. The aligned investment, led by the investor partner, must be at least as much as the grant funding for feasibility studies and industrial research. For experimental development, the aligned investment must be at least twice as much as the grant.

Eligible Projects

• The eligibility criteria will depend on your research category.
  • For feasibility studies projects:
    • your total project costs must be between £50,000 and £300,000
    • the project duration must be between 6 and 12 months
  • For industrial research projects:
    • your total project costs must be between £100,000 and £1 million
    • the project duration must be between 6 and 24 months
  • For experimental development projects:
    • your total project costs must be between £250,000 and £2 million
    • the project duration must be between 12 and 24 months
  • You must be able to raise the aligned finance needed to draw down the award, through the issue of new shares or convertible debt.
  • You must also demonstrate that if your project is funded, it will:
    • have significant market impact
    • be scalable
    • be attractive to other equity investors.

Who can apply?

• To apply your organisation must:
  • be a UK registered micro, small or medium sized business (SME) by the time the award is contracted
  • carry out its project work in or from the UK
  • intend to exploit the results in or from the UK
  • have discussed and agreed your proposal with your investor partner before submitting your application
• This competition is open to single applicants only. Subcontractors are allowed but should usually be from the UK.

For more information, visit Innovate UK.