Professional & Financial Services Data Access Innovation Lab: ESG
Up to £2m
Innovate UK and ESRC (Economic and Social Research Council), both part of UKRI (UK Research and Innovation), will invest up to £8 million to develop responsible data access methods in the professional (including legal and accountancy) and financial services sectors (including insurance, lending, advisory, and payment and transaction systems).
This is phase 1 of a 2-phase competition. In phase 1, individuals can apply to take part in a 3-day residential innovation lab on behalf of their organisation.
The innovation lab will run from 10 to 12 October 2023. The participants will work together to develop collaborative proposals for research and innovation projects.
After the innovation lab, during phase 2 of the project, consortia will have 8 weeks to finalise their proposals before submitting them for assessment.
This competition aims to speed up the responsible adoption of AI and data technologies and solutions in the professional (including legal and accountancy) and financial services sectors (including insurance, lending, advisory, and payment and transaction systems) by enabling better access to data.
The process and activities within the innovation lab may be unconventional, challenging and unexpected. By applying, you are agreeing to take part fully, enthusiastically and constructively.
Project proposals submitted after the innovation lab must focus on solutions that:
Your project proposal must:
Innovate UK and ESRC want innovation lab attendees to come from a variety of different areas: Professional and Financial Services (PFS), businesses, technology suppliers, research and technology organisations, and public bodies.
They intend to fund a variety of projects in phase 2 across the different professional and financial service sectors, technologies and varying technological maturities.
In phase 2, following the innovation lab, Innovate UK and ESRC are particularly encouraging applications that:
ESG (Environmental, Social and Governance)
Projects must focus on ESG under this theme.
Projects may explore:
This list is not exhaustive.
Following the innovation lab, Innovate UK and ESRC will fund business-led industrial research projects and experimental development projects, as defined in the general guidance.
Projects they will not fund:
To apply to attend the innovation lab, you must:
In the two weeks before the innovation lab, Innovate UK and ESRC will have an online webinar to start the process of introductions and background material so that they can make the best use of the limited time in the lab. Details will be released closer to the time.
They are looking for a broad range of expertise, disciplines and backgrounds, bringing together people who would not normally work collectively. The aim is to ensure diversity of thinking, experience and expertise.
Your application to attend will be considered by a range of assessors, which will include an occupational psychologist.
The assessment will look for evidence that you have:
Consortia created at the innovation lab will submit their collaborative project proposals through phase 2 of this competition on the Innovation Funding Service.
The lead applicant organisation must be a UK-based business and must have attended the innovation lab.
To be eligible to submit a final project proposal after the innovation lab each of the organisations in your project team must:
If selected, your phase 2 project must start by 1 April 2024 and be completed by 31 March 2026.
For phase 2, Innovate UK and ESRC have allocated up to £8 million to fund innovation projects developed based on innovation lab proposals. Each project can claim a maximum grant of up to £2 million.
Any research organisations collaborating as part of a consortium may share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation, this maximum will be shared between them.