Have you've been looking for funding to commercialize your innovation but came up empty? One avenue that is growing in popularity are innovation competitions. If your ideas fits the requirements, its a source of innovation funding that doesn't required you to give up any equity.
One example is the recent UK Technology Strategy Board announcement. They will invest up to £15m in collaborative research and development projects that stimulate innovation across key enabling technology areas – advanced materials; biosciences; electronics, photonics and electrical systems; information and communications technology; and nanoscale technologies.
This competition is co-funded by Scottish Enterprise with up to £2.75m of additional funding. Our focus is on projects where recent technological discoveries or breakthroughs have inspired people to innovate in a context of significant technology risk, or have led to ideas that are yet to find applications in a recognised market or business sector. Innovation in these key enabling technology areas can be a significant driver of economic growth and enhance quality of life.
Proposals should be collaborative and led by a business. We expect to invest between £250k and £500k in each project, although projects outside this range will be considered. We are primarily looking to fund applied research projects attracting 50% public funding.
Registration deadline is 30 November.