Innovate UK Investor Partnerships: SME round 7

This competition is open to single applicants only. To apply your organisation must:

• be a UK registered micro, small or medium sized business (SME)
• carry out its project work in the UK
• intend to exploit the results from or in the UK
• be invited to apply by your investor partner
• have discussed and agreed your proposal with your investor partner before submitting your application

Subcontractors are allowed in this competition. An SME can only submit one application into this round of the competition.

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 15 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 15 months

Innovate UK will cover up to 70% of the costs of your project, depending on business type and project size.

The investment from the investment partners does not have to directly pay for the costs of the project, but must be at least double the amount received from Innovate UK.

If you are successful, you will receive grant funding to cover a proportion of the costs of your project. The project will only be allowed to commence once the agreed aligned investment has been confirmed.

The aim of this competition is to provide you with support for research and development and access to the capital investment you need to develop and commercialise your innovations.

Your proposal must have a clear route to market, a clear link to innovation and evidence that you can create a team to deliver your proposal.

You must be:

• registered in the UK as an SME by the time the award is contracted
• able to complete the aligned investment led by the investor partner needed to qualify for 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 equity investors

Most of the funding for the Future Economy Investor Partnership programme has now been fully committed. The only specific themes with remaining funding available are:

Health and wellbeing

• advancing life-changing cancer therapeutics, focussed on immunotherapies and paediatric oncology (Cancer Therapeutics)
• the application of extended reality for digital mental health, including immersive content that could be delivered as a digital mental health therapeutic in formal healthcare settings (Mindset)

Next generation digital technologies

• projects within the creative industries which are underpinned by innovative digital technology as well as sustainable innovations, such as circular fashion (Creative Catalyst)

Innovate UK Business Connect held an online briefing event for potential SME applicants on Wednesday 8 May: click here to watch the recording.

If you would like help to find an investment partner, or have any other queries, contact Innovate UK Business Connect’s Investment team.