£25m funding package open to innovative micro-businesses & SMEs through Innovate UK

Micro businesses and SMEs in Staffordshire can access funding of up to £2 million in round 13 of the Innovate UK Innovation Fund.

The funding, which totals £25 million, forms part of the government’s plan to drive the future economy through innovation.

Loans can be valued between £100,000 and £2 million and must be funding projects on at least one of the themes of: Net Zero, health & wellbeing, next-generation & digital technologies or technology families. Applicants must also demonstrate a clear route to commercialisation and economic impact.

Funded projects must lead to innovative new products, processes or services that are significantly ahead of others currently available, or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model. Guidelines also state that there must be a focus on one or more of the future economy areas included in the Innovate UK plan for action.

Round 13 will remain open for applications until 6 March 2024, with round 14 set to open on 7 March 2024. Rounds 15 and 16 are scheduled to open in May and June respectively.

Businesses that receive an award will be contacted about working with an innovation and growth specialist at Innovate UK EDGE. This service forms part of the funding offer. These specialists focus on growing innovative businesses and ensuring that projects contribute to their growth.

More information about the subsidy requirements can be found here.