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Innovation

Business innovation is all about the successful exploitation of new ideas. Innovation plays a fundamental role in the success of many of the world’s leading businesses. Often, the objective of dynamic, growing businesses is to innovate as well as to generate profits.

Support for Innovation

Bournemouth University offers 3 schemes for businesses

SMART
You can get £25,000 to £250,000 from Innovate UK to run an R&D project. You could use this funding to develop a new product, process or service. The scheme operates on 3 levels  Proof of Market, Proof of Concept and Prototype Development.

Innovation Vouchers

You can get up to £5,000 from Innovate UK to pay for an external expert to help your business grow.

You can use this expert to develop or improve an innovative idea for a new product, process or service. Or they could show you how to use design within your business or how to manage and use intellectual property.

Visit https://www.gov.uk/apply-funding-innovation for more information.

Knowledge Transfer Partnerships

You could get funding of around £80,000 from Innovate UK to improve your business by working with a research organisation and newly-qualified graduate.

This funding covers part of the cost of a graduate working in your company on a specific innovation project. Your research partner will supervise the graduate’s work.

Grant levels vary. If you are a small or medium-sized business you can get funding of up to 67% of the project costs. Larger businesses can get up to 50%. You will need to fund the remaining costs yourself.

visit www.ktponline.org.uk for more details.

 

UWE Bristol has launched a funding scheme for businesses across the South West:-

Innovation 4 Growth (Round 2): Funds up to 35% of R&D project costs with grants of between £25k and £150

The scheme is open to businesses (including social enterprises, charities and sole traders) from a wide range of sectors and cover a diversity of innovation/R&D activities.

Full details and registration links can be found here:-  www.southwest-innovation.co.uk 

Eurostars

Innovate UK can help you access EU funding through the Eurostars programme.

You can use this funding for research or to develop an innovative product, process or service. You can find partners from other European countries to work with on your project.

You can get up to €300,000 to cover 50% of your project costs. You will need to fund the remaining costs yourself.

Read more at https://www.gov.uk/apply-funding-innovation

 

Small Business Research Initiative (SBRI)

You can win a contract to research and develop a new product or service for the public sector. Your innovative idea can help improve public services by solving a specific problem.

You can win initial funding of around £50,000 to £100,000 to test your idea and see if it will work. You can win a contract further worth up to £1 million or more to develop this idea.

Read more at https://www.gov.uk/apply-funding-innovation

Innovate UK

(formerly The Technology Strategy Board)

Innovate UK has brought together a list of all the innovation voucher schemes they are aware of that are currently operating across the UK.https://www.gov.uk/apply-funding-innovation

 

Enterprise Europe Network

Enterprise Europe Network can help you do business in Europe and beyond. Through our network you’ll get the specialist support you need.

 

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Improve the way you manage innovation, commercialise great ideas and grow your business.
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Grow your business by tracking down long-term finance from the public and private sectors.
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Take an international view with a network spanning more than 60 countries, including USA, Canada,
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Work with tried-and-tested partners to develop your products or services.
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Expand into new countries with help from local experts.
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Rapidly expand your business to become world-beating

Innovate UK Funding

– Innovation Loans

Innovation loans are a financial product offered by Innovate UK. They are for UK businesses that want to scale up and grow through innovation, developing new or improved products, processes or services.

Through innovation loans, Innovate UK aims to give businesses support to gain the competitive edge and also grow the UK economy.

https://www.gov.uk/guidance/innovation-loans-what-they-are-and-how-to-apply

 

– SMART – for R&D projects in areas of science, engineering and technology.

Outline of the funding via the following link:-

https://www.gov.uk/apply-funding-innovation

 

You don’t have to get Proof of Market, then Proof of Concept to get Development of Prototype funding. You can apply to the one best suited for you.

 

– Collaborative R&D – encouraging partnerships between businesses, and businesses and academia

Outline of funding via the following link:-

https://www.gov.uk/apply-funding-innovation

 

You can view the latest competitions for this fund by clicking the link below, click the + by the Filter bottom and select Collaborative R&D.  You can search Open, Forthcoming & All competitions via the tab button.

https://interact.innovateuk.org/funding-competitions#

 

– Feasibility Studies – Let’s businesses investigate the technical feasibility of a new idea.

Outline of funding via the following link:-

https://interact.innovateuk.org/-/feasibility-studies

 

You can view the latest competitions for this fund by clicking the link below, click the + by the Filter button and select Feasibility.  You can search Open, Forthcoming & All competitions via the tab button.

https://interact.innovateuk.org/funding-competitions#

 

– Knowledge Transfer Partnership – Employment of recently qualified high caliber Associates

Outline of funding via the following link:-

https://connect.innovateuk.org/web/ktp

 

– SBRI – Small Business Research Initiative – To connect public sector challenges with innovative ideas from industry.

Outline of funding via the following link:-

https://sbri.innovateuk.org/

 

You can view the latest competitions for this fund by clicking the link below, click the + by the Filter button and select SBRI.  You can search Open, Forthcoming & All competitions via the tab button.

https://interact.innovateuk.org/funding-competitions#

 

Innovation Vouchers – Up to £5000 to pay for an external expert.

Outline of funding via the following link:-

https://interact.innovateuk.org/-/innovation-vouchers-round-11

Research and Development Tax Credits

R&D Tax Credits form a key part of Government strategy to boost innovation in business. It’s a Corporation Tax relief that may reduce your company or organisation’s tax bill.

The scope of qualifying is activity broader than most think. Numerous activities undertaken to develop & grow your business will qualify, irrespective of the industry you are in.

The R&D scheme remains one of Government’s biggest funding mechanisms for business, yet an estimated 80% of eligible companies are yet to make a claim. With average HMRC claim pay-outs
to SMEs of £55,000pa, the scheme can deliver timely and significant cash injections to your business. Since the scheme’s inception in 2000/1, over £14bn in tax relief has been given to over 141,000 companies, many of whom claim every year.
If you are a UK Limited Company that has undertaken projects seeking to achieve an advance in science or technology through the resolution of scientific or technological uncertainty, either directly or by a contracted 3rd party supplier, you are probably eligible to make a claim.

HAS YOUR COMPANY…
Developed new or changed the way you make your products?
Developed or tried to improve your manufacturing or engineering processes or services?
Developed or sought to appreciably improve your products, materials or devices?
Developed existing industry products in an appreciably improved way?
Developed IT solutions, software or bespoke systems and/or products?
Needed to create prototypes, samples or undertaken testing as part of your development or validationprocess?
Employed staff with a technical or scientific background?

Eligible companies, whether in profit or loss making, are able to recover up to 33% of their development costs back. To find out more about the scheme and to see if you qualify, contact Dorset Growth Hub to be put in touch with a Dorset-based specialist advisor 03454 586 480.

Alternatively click on the following link to access a free eligibility check www.businesscashenabler.co.uk .

DID YOU KNOW…
95% of scheme claims are for technical development projects with pure science R&D claims accounting for 5%. Does not have to be a new innovation to qualify.
Can recover cancelled or failed project investment.
Qualifying R&D activity can be undertaken anywhere in the world.

 

Find out more on the government website:- https://www.gov.uk/guidance/corporation-tax-research-and-development-tax-relief-for-small-and-medium-sized-enterprises