Innovation Grants – Points to Consider

Innovation Grants – Points to Consider 1280 808 Bishop Fleming

Albert Einstein said: “We cannot solve our problems with the same thinking we used when we created them”. 

Problem solving can require a fair degree of innovation, which in turn can involve investment in time and money. If you’re considering a grant application to bodies such as Innovate UK as a means to fund your investment, here are four key points to think about:

  • Is there a market big enough for your innovation? There might well be a gap in the market, but does that mean there is a market gap? Ask yourself – who will benefit in the UK, how many will benefit and how much will they benefit?
  • Is your idea distinctive, world leading and strong enough to be successfully exploited in the UK? You need to be able to compare your innovation to what already exists and be very honest in your assessment on how it differs.
  • What stage in development are you at? If its early research, how will you plot a viable route to market? Whilst funding for early-stage research does exist, you still need to be convincing as to how you plan to commercialise your idea.
  • Why should you receive a publicly funded grant? Does it represent good value for money for the taxpayer and does it benefit more than just you? Look at your project’s wider economic, social and environmental impacts.

Choosing the right competition is key and Innovate UK can help you before you start your application. It’s also important to consider other funding options, such as Research & Development Tax Credits, which our specialist tax team can assist you with.

For further details of the Innovate UK funding competitions, visit the UK Research & Innovation website

About the author

Bishop Fleming

A leading UK accountancy firm committed to providing businesses and individual clients with the full range of proactive support and advice.

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