For this EoI competition, your spin-out must:

• be a UK registered micro, small or medium sized enterprise (SME) created in the last 24 months (if you are not an SME you must be formally incorporated by 20 August 2026)
• be led by an applicant who has completed the ICURe Exploit programme, or an equivalent market and customer validation equivalent programme, in the last 24 months
• have a signed supporting statement either from your Technology Transfer Office (TTO) or ICURe Delivery Partner or an equivalent programme provider
• have already undergone rigorous market and customer validation
• be defined as having the Intellectual Property created and exploited from UK Universities, Public Sector Research Establishments or Research Institutes
• focus on at least one of the three specified UK Government Industrial Strategy technology sectors
• not have received more than £100,000 in investor funding, including any Convertible Loan Notes, University or TTO investment
• be able to fulfil the eligibility criteria for stage two if successful

See the Background and Further Information sections on the Innovation Funding Service for more detail on the scope of activities under the technology sectors, market traction evidence requirements and qualifying as an ICURe equivalent programme.

We cannot fund spin-outs that have previously received an ICURe Exploit follow-on fund grant.

A spin-out can only make one application to this competition.

For stage two of this competition, your spin-out must:

• have a grant funding request of up to £150,000
• start by 1 October 2026
• end by 30 June 2027

If you are successful at stage two of the competition, you must work with your university or Technology Transfer Office, to complete all the necessary arrangements. We call this step ‘company hygiene’ that ensures you are ready to start the Venture Builder programme in October, 2026.

Any funded organisation needs to carry out their project work in the UK and must intend to exploit the project results from or in the UK.

The aim of this competition is to close the gap between validated customer discovery and investment readiness by supporting spin-outs to become investor‑ready companies and secure their first investment.

The Venture Builder Programme will support newly spun out companies with early characteristics of high-growth potential. This could include companies:

• being driven by disruptive innovation
• requiring significant investment backing
• developing specialised technology, and aiming for rapid scalability

Your spin-out must:

• have a grant funding request of up to £150,000 when applying for stage two of this competition
• use the funding specifically for activities that help grow the business into an investable proposition
• include spend that either creates a proof point that an investor can assess, or removes a specific barrier that would prevent you from raising your first round
• provide evidence of good market traction from at least one potential customer, partner or industrial collaborator
• have Intellectual Property that is created and exploited from UK universities, Public Sector Research Establishments or Research Institutes

Your project must focus on one or more of the following Industrial Strategy technology sectors:

• Frontier AI
• Engineering Biology
• Advanced Materials and Manufacturing

If you need more information about how to apply or you want to submit your application in Welsh, email support@iuk.ukri.org or call 0300 321 4357.

Our phone lines are open from 9am to 12pm and 2pm to 5pm UK time, Monday to Friday (excluding bank holidays).

If you are unsure about whether your technology is in scope, contact Innovate UK Business Connect’s Artificial Intelligence, Engineering Biology, Materials or Manufacturing teams for advice.

Qualifying as an ICURe Programme equivalent programme

To qualify you must:

• have an equivalent programme to ICURe that have supported your research-based project or spin-out
• be able to evidence a value proposition and development of a business model that has been achieved by a formal market and customer validation journey with associated skills and learning