Finance Carly Hacon · 27 March 2018
£10m innovation fund launched for small UK companies
UK business owners will soon be able to apply for innovation loans worth up to 1m to fund late-stage projects with strong commercial prospects. Britain’s innovation agency, Innovate UK, is going to invest up to 10m into game-changing projects from small or medium-sized enterprises (SMEs). Innovate UK is looking for the most disruptive ideas and concepts. Successful projects will have a clear route to commercialisation and economic growth for the business and the UK economy. A statement from Innovate UK read: The programme recognises that innovations need different types of funding support. It offers flexible, low-interest loans for innovation projects that are nearer to market than those which typically receive grant funding. Only single, UK-based business owners can apply and successful applicants will be offered between 100, 000 and 1m. Projects must aim to develop new products, processes or services that are ahead of others in the field and be classified as late-stage experimental development. Ideas can be in any technology area, including the arts, design media and creative industries, as long as they last a minimum of five years. The competition will open on April 9 2018 and the deadline of registration is midday June 6 2018. There will also be a number of briefing events all across the UK throughout April and May 2018. This is the third of five loan competitions. A total of 50m will be made available.
ABOUT THE EXPERTCarly Hacon
Carly Hacon is a reporter for Business Advice. She has a BA in journalism from Kingston University, and has previously worked as a features editor for a local newspaper.