Funding opportunities are available for all UK-based businesses or research organisations, if you need financial support to develop a new or improved product, process or service, test your innovation ideas and collaborate with other organisations.
Many innovation funds are available in terms of cash grants with no obligation of repayment, while some are repayable loans with little to no interest and are repaid over a longer period than a typical business loan. Both UK and EU grants can be accessible, depending on your research areas, budget and other factors.
KEY GRANT BODIES
- Innovate UK The UK's innovation agency, Innovate UK, supports innovative ideas and business growth through grant funding, loans or procurements. Various types of funding opportunities are available throughout the year. It offers grants of between £25,000 and £10 million, and innovation loans of between £100,000 and £1 million.
- Arts and Humanities Research Council (AHRC) The intention of AHRC's research grant is to assist researchers in all areas of the arts and humanities, with well-defined research projects, to improve the breadth and depth of our knowledge of human culture both past and present.
- Biotechnology and Biological Sciences Research Council (BBSRC) The funding from BBSRC is to promote and support high-quality basic, strategic and applied research and related postgraduate training relating to the understanding and exploitation of biological systems. This includes advancing knowledge and technology in the agriculture, bioprocessing, chemical, food, healthcare, pharmaceutical and other biotechnological related industries.
- Economic and Social Research Council (ESRC) This is the UK's largest organisation that funds research on economic and social issues. Funding is available for individuals based at approved universities and Independent research organisations in the UK. Co-Investigators from business or government can also be included in the proposal.
- Engineering and Physical Sciences Research Council (EPSRC) EPSRC provides funding into chemistry, engineering, information and communications technologies, materials, mathematical sciences, and physics. A full EPSRC studentship will cover your PhD tuition fees along with your living costs and provide a grant to cover the cost of lab equipment.
- Medical Research Council (MRC) This national funding agency is dedicated to improving human health by supporting R&D across the entire spectrum of medical sciences. Organisations such as universities, hospitals and scientific research organisations can apply for studentships, fellowships for new and experienced investigators.
- Natural Environment Research Council (NERC) The council supports research, training and knowledge transfer activities in atmospheric, Earth, biological, terrestrial and aquatic sciences. It provides a number of grants and fellowship schemes through its Discovery Science (Responsive Mode), Innovation (Knowledge Exchange) and Strategic Research (Research Programme) funding.
- Science and Technology Facilities Council (STFC) STFC provides research grant funding to UK higher education institutions and research organisations for astronomy, particle physics, nuclear physics, and for associated technology development, research infrastructure and knowledge exchange.
There are many local business grants/Trusts across the UK to support organisations, whether you are a start-up or multinational business.
Contact us and we can help you find the right one by location or industry sector.
Despite Brexit, you can still continue to receive any EU funding you’ve already been awarded. The UK is also continuing to participate in the following funding programmes under the next EU spending framework from 2021-2027:
- Horizon Europe This is the EU’s key funding programme for research and innovation with a budget of €95.5 billion. The budget is divided into four pillars and 15 components to create a programme that will support all the areas of research and innovation.
- Euratom Horizon Europe is complemented by the Euratom 2021-2025 research and training programme. The Euratom Programme will pursue nuclear research and training activities with an emphasis on the continuous improvement of nuclear safety, security and radiation protection, as well as to complement the achievement of Horizon Europe’s objectives. This programme has a budget of €1.4 billion over the period 2021-2025.
Key Points for Consideration
- Plan Ahead A grant needs to be secured before a project starts. If you are seeking financial support for ongoing projects, there are other incentives programs (such as the R&D tax credit scheme) which you may be eligible for. Contact us to find out more
- Sufficient Funding Make sure you have a reasonable amount of funds to begin with, as in most cases the grant funding may not cover the project budget in full
- Payment Plans Bear in mind that cash grants are usually paid in arrears over key milestones of the project lifecycle, so make sure you have sufficient funds to keep your project going before the grant payments are issued
- Potential Audit Many grants are subject to an audit, and it is recommended that you keep a clear record of your spend against project progression
- Time Limit Some grants have a short time limit for applications, so make sure you know the filing deadline and submit on time
OUR SERVICE OFFERINGS
Identifying the appropriate grant and developing a strong and compelling case for the application can be a complicated and challenging undertaking. Our Grants experts are here to counsel your business across all possibilities of receiving government/regional grants that can help your organisation, big and small, in accessing financial support. Our services are :
Helping you plan your grant strategy and your investment priorities in the immediate future (typically the next three to five years).
Assisting you to identify the appropriate grant for your project.
Providing handheld end-to-end navigation throughout the application process, assisting you with preparation of your project/business plan all the way to application submissions.
Post approval of the grant, advising you on the key terms and conditions of the offer letter to make sure you stay compliant with the grant guidelines.
Updating you on the latest funding rounds to ensure you get first-hand Information on the latest opportunities.
Souvik heads Innovation Incentives & Product operations in the UK. He is a versatile professional with a successful track record of over 10 years in the Innovation Incentives space and over 12 years overall in UK technology landscape with 360 degree innovation strategy. He has a background in Computer Science Engineering with MSc. Information Systems Management from the University of Sheffield. Souvik is an ex-Disruptive Technologies lead with 9 years of experience at Deloitte UK.
Souvik has led over 200 client engagements ranging from start-ups to FTSE 100 which includes some of the very big names in the industry, while successfully generating and securing over £1 Billion qualifying R&D expenditure. Souvik’s experience also includes managing the delivery of emerging AI and Digital solutions, product development and client strategy, specifically focusing on end-to-end lifecycle planning, commercials, launches and operations.
Martin has over 10 years of experience working mainly in innovation incentives which includes R&D Tax incentives and grant funding for organisations who want to grow in their sector. Martin has a great track record working with diverse organisations from large multinationals to SME’s across multiple industries and continues to establish and maintain strong relationships and trust amongst our client portfolio.
Martin also works closely across other service lines within Invenics to provide a holistic 360 degree service to our clients.
Steve is a seasoned Business Development Senior Manager with more than 18 successful years working in sport in various commercial and sponsorship positions for a Premier League football club. Steve moved into the finance sector with a successful track record and a wealth of skill within in the Research and Development (R&D) sector where he has successfully worked on claims from SMEs to those listed on the FTSE 250.