Creative Industries Fund: fast start business growth pilot

Innovate UK, part of UK Research and Innovation, is to invest up to £2.5 million in innovation projects.

The aim of this competition is to provide a package of targeted support for growth so ambitious, creative businesses can reach their potential.

This package is designed to help creative businesses to explore new revenue streams by creating new products, services or IP which respond to changing market conditions.

Your proposal must:

• be from the creative industries or support the creative industries
• focus on a clear opportunity and the proposed innovation to address it
• demonstrate the impact funding and support can have to the growth plan of your business

If your application is successful, you must work with an EDGE advisor to maximise your project’s impact.

Your project must:

• have total eligible costs up to £25,000
• end by 31 March 2022
• last between 3 and 6 months

To lead a project your organisation must:

• be a UK registered micro or small business
• have not previously received funding from InnovateUK
• be from the creative industries or support the creative industries
• have a demonstrable ambition for growth
• carry out its project work in the UK
• intend to exploit the results from or in the UK

For more information on company sizes, please refer to the company accounts guidance.

You can claim 100% of eligible project costs up to the maximum of £25,000.

Funds will be released in two instalments:

1. Total grant less £5,000 will be paid in advance of the project start date.
2. The remaining £5,000 will be paid at the end of the project, on receipt and approval of statement of expenditure, and completion of a three-month action plan with your EDGE advisor.

The aim of this competition is to provide a package of targeted support for growth so ambitious creative businesses can reach their potential.

Your project must:

• offer a clearly innovative and ambitious idea
• be new to your business, with a demonstrable impact to your growth plan
• create a new revenue stream, for example new products, services or IP
• respond to the changing market conditions, such as new modes of audience consumption, or the adoption of new technologies within the sector
• be market ready within 12 months of receiving support
• be able to start rapidly
• represent value for money

We welcome applications which can demonstrate benefit to the wider creative industries sub sector or regional cluster.

We want to fund a portfolio of projects, across a variety of creative subsectors from every part of the UK.

The creative industries are defined by Department for Digital, Culture, Media and Sport (DCMS). Your project must focus on one or more of the following subsectors:

• advertising and marketing
• architecture
• arts and culture
• broadcasting including sport
• crafts
• design
• fashion
• film
• games
• music
• publishing

An online briefing event was held on 14th May: to see the recording, click here.