Time is running out to apply for Innovate UK funding

This week, London corporate solicitors Joelson look at new Innovate funding for UK tech entrepreneurs.

The Government has reopened its Innovate UK tech funding scheme with more than £20 million available to help fund and develop start-ups.

The project welcomes applications from all areas of technology, including science and engineering, arts, design and media and creative industries, with grants ranging between £25,000 and £2 million.

Entrepreneurs can apply for funding to finance early stage prototyping and feasibility projects or to fund research and development projects to take products to market.

To be deemed eligible for funding, entrepreneurs must present a “game-changing” idea that could lead to new products, processes or services, as well as show that they are significantly ahead of others in the field.

Other requirements include demonstrating a “strong and deliverable” business plan, an assembled team, financial plans and how they will deliver economic impact and growth.

Applicants must also be able to show that their business could attract up to 70 per cent of their project costs.

Entrepreneurs interested in applying for funding should act fast. The deadline for applications ends on 14 November 2018.

In August, the Government announced new Innovate UK funding as part of its billion pound backing for British innovation.

Commenting on the programme, Business Secretary Greg Clark said: “This government wants to make the UK the most innovative nation in the world and the investment in our world leading catapult network will play a key role in building on UK strengths, bringing new ideas and products to market and helping drive local economies across the UK.”

If you require pragmatic and proactive corporate advice, please contact the team at London corporate solicitors Joelson.

Phil Hails-Smith

Phil Hails-Smith

Partner – Corporate & Commercial

+44 (0) 20 7580 5721

phil@joelsonlaw.com

This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.