Grants offer non-dilutive funding that doesn’t need to be repaid, unlike loans. Receiving a grant can spotlight your achievements, drawing interest from other funders and investors, making future fundraising, and securing additional grants easier. Collaboration is key in grant-funded projects, unlocking access to new markets and technologies, boosting visibility, and nurturing partnerships with companies in your supply chain and beyond. Grant-funded projects not only reduce R&D risks but also accelerate innovation, speeding up the journey to market for new ideas.

Most UK funding programs, notably Innovate UK, welcome applications from UK-based businesses, research organizations, and public sector entities planning to conduct project activities within the UK. Businesses of varying sizes can qualify for funding, though they typically face distinct funding rates and eligibility requirements based on their size.

Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK government. They are responsible for driving productivity and economic growth by supporting businesses to develop and realise the potential of new ideas, including those from the UK’s world-class research base.

Funding bodies such as Innovate UK play a vital role in supporting projects at different developmental stages. Innovate UK’s support encompasses:

• Fundamental Research: Exploratory work aimed at acquiring new knowledge of underlying phenomena and facts, without immediate practical application.
• Feasibility Studies: Assessments of project potential to facilitate decision-making. These studies help businesses determine whether to proceed independently or collaborate with other entities before embarking on larger projects.
• Industrial Research: Planned investigations to acquire new knowledge and skills for the development of products, processes, or services, leading to enhancements in existing offerings.
• Experiment Development: Integration of existing knowledge and skills to create or enhance products, processes, or services.

Eligible activities are outlined in funding call information and typically encompass labour, materials, equipment, and travel expenses. These opportunities provide crucial support for innovative ventures across various sectors.

Applications are usually submitted online using the grant funding bodies website portal. Innovate UK use the “Innovation Funding Service” or IFS portal. The application form typically has 3 sections: Project details, application questions and financial information. For the application questions these are typically score out of 10 and some questions can include appendices to help explain the answers further.

The grant request is stated in the funding call information and can be as little as £50k and be as much as £2m for most programmes within UK funding programmes but there are exceptions to this. Most programmes are not 100% funded so applicants have to explain how they will contribute their portion of costs – remember you don’t put money in its just commitment to labour on the project.

The timeline for funding applications can vary, generally allowing between 4 to 12 weeks to complete and submit your application, including written materials, presentation slides, and any specified documentation for the competition. Following submission, the review process typically takes 6 to 10 weeks, including interviews, culminating in a final decision notification.

If your application is successful, the funding body will guide you through the next steps in the project setup phase, usually within 4 weeks. RCM can assist to ensure compliance with the funding body’s requirements.

Once the project start date is confirmed, activities can begin, and eligible costs can be documented accordingly. This structured approach ensures a smooth transition from approval to project initiation.

If you have the time, there is nothing wrong with applying to a grant funding competition yourself. However, using a skilled grant funding consultant, who can navigate the intricacies of the grant funding landscape can provide a more robust and competitive application. Working with RCM innovation will ensure you select the best option for funding whilst working with a highly experienced person to give your application the best chance of success.

Yes, for Innovate UK and other UK Government Funding programmes your company must be based in the UK. If you are based in Europe there are other funding programmes available on the National level and the EC-wide level.

Yes, there are other programmes at the European level that UK companies can access such as Horizon Europe, the EC’s flagship programme for R&D, for which the UK is an associate country meaning UK companies are eligible to receive funding.