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Future Economy Investor Partnerships SME: round 2

Fund Name

Future Economy Investor Partnerships SME: round 2

Project Length

6-12 months

Project Value

£50k - £300k

Deadline

05.07.2023

The Future Economy investor partnership programme brings together:

  • Innovate UK’s expertise in identifying innovation and using grant funding to change the risk profile of businesses
  • investor partners’ aligned funding and expertise in identifying opportunities and teams that can best use extra investment finance

Check Your Eligibility

Fund details

Your proposal must have a clear route to market, a clear link to innovation and evidence that you can create a team to deliver your proposal.

You must be:

  • registered in the UK as an SME by the time the award is contracted
  • able to raise the aligned finance needed to draw down the award, through the issue of new shares or convertible debt

You must also demonstrate that if your project is funded, it will:

  • have a significant market impact
  • be scalable
  • be attractive to other equity investors

Broader themes

Innovate UK is looking to support projects that focus on the future economy areas included in the Innovate UK plan for action. The broad theme areas are:

  • net zero
  • health and wellbeing
  • next generation digital technologies and technology families

Innovation and ideas can come from anyone and anywhere. Innovate UK want to see investments unlocked for the diverse and extraordinary talent in the UK and is encouraging diverse applicants and inclusive project applications, pushing beyond the status quo, involving communities that are typically under-represented, including:

  • from regions that have historically accessed lower levels of investment (outside London, Oxford and Cambridge)
  • ethnic minority groups
  • women and other marginalised genders
  • disabled people
  • people with non-traditional education backgrounds

To support this, Innovate UK also has a targeted theme on equality, diversity and inclusion (EDI).

Specific themes

The investor partnership programme will be focused on specific themes for the future economy areas that include:

Net Zero

  • capital intensive technologies
  • power – particularly offshore wind, civil nuclear, hydrogen, carbon capture and storage, and whole systems integration
  • heating and retrofit
  • mobility
  • resource efficiency for materials and manufacturing
  • critical circular materials
  • battery technologies for transport and energy storage (Faraday Battery Challenge)

Health and Wellbeing

  • innovative solutions to health and healthcare challenges (Biomedical Catalyst)
  • advancing life-changing Cancer Therapeutics, focussed on immunotherapies and paediatric oncology
  • the application of extended reality for digital mental health, including immersive content that could be delivered as a digital mental health therapist in formal healthcare settings (Mindset)
  • controlled environment agriculture and alternative proteins

Next generation digital technologies

  • projects within the creative industries which are underpinned by innovative digital technology as well as sustainable innovations, such as circular fashion (Creative Catalyst)
  • adoption of artificial intelligence and machine learning technologies in targeted industries (Bridge AI)

Knows No Limit (equality, diversity and inclusion)

  • innovations from diverse founders or senior decision-makers that are from under-represented groups and are role models
  • innovations outside of the future economy theme areas, including those that support under-served communities and groups

Eligibility

The eligibility criteria will depend on your research category.

For feasibility studies projects:

  • your total project costs must be between £50,000 and £300,000
  • the project duration must be between 6 and 12 months

For industrial research projects:

  • your total project costs must be between £100,000 and £1 million
  • the project duration must be between 6 and 24 months

For experimental development projects:

  • your total project costs must be between £250,000 and £2 million
  • the project duration must be between 12 and 24 months

To apply, your organisation must:

  • be a UK-registered micro, small or medium-sized business (SME)
  • carry out its project work in or from the UK
  • intend to exploit the results in or from the UK
  • have discussed and agreed your proposal with your investor partner before submitting your application

 

For feasibility studies and industrial research projects, Innovate UK will fund:

  • up to 70% of eligible project costs for micro or small organisations
  • up to 60% for medium-sized organisations

The investment led by the investor partner must always be at least equal to the grant funding.

For experimental development projects, Innovate UK will fund:

  • up to 45% of eligible project costs for micro or small organisations
  • up to 35% for medium-sized organisations

The investment led by the investor partner must always be at least twice as much as the grant funding.

Talk to us today if you would like to apply for this opportunity.

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