You’ve made it through the due diligence stage and the project is pending kick-off, but what is the best way to ensure that you remain compliant with Innovate UK’s reporting requirements and also put your company in a good position to secure follow-on grant funding?
Our Project Management Team has put together some helpful advice for successfully managing your project.
The purpose of Innovate UK’s reporting requirements are to ensure your grant funded project is progressing in line with the scope, timeframes, and costs proposed in the original application.
In recent times, Innovate UK has been explicit in their stance to not support organisations that have previously poorly managed grant funded projects. This could be through incorrect reporting, a failure to comply with conditions set out in the Grant Offer Letter, not attempting to exploit project outputs or having an outstanding Independent Accountant’s Report (IAR).
Setting up the project correctly
Before starting your project, ensuring that the right documents and mechanisms are in place will reduce the risk of encountering challenges during the project.
During the project there are set reporting intervals, with required documentation and milestones. We have provided details of the core elements of these reporting stages.
Accurate reporting is critical to the cash flow of a grant funded project. Setting up your project correctly, taking action on Project Change Requests, complying with reporting requirements and making a good impression with your Monitoring Officer sets you in good stead for the progression of your project, but all require dedicated attention to complete correctly.
Our Project Management Team has worked with hundreds of innovative companies on the management of their grant, ensuring they can achieve their project objectives. We have a highly knowledgeable Project Management Team and can provide specific, experienced partners across all aspects of Project Management, covering IARs, IP and wider financial support. If you have just been successful in securing an Innovate UK grant, get in touch to explore how we can assist you in managing your project reporting.