Funding Innovation through Grants

The UK, like any developed country, seeks to maximise economic growth, as its correlation with living standards is undeniable. Fundamentally, to achieve economic growth, innovation and increases in technological capabilities should be continually increasing, and, so long as this is true, then the economy should naturally grow with it.

Whilst years of budget cuts have made austerity the new reality in the UK, the latest government statistics show that expenditure on research and development increased by £1.6 billion to £34.8 billion in 2017 – an increase of 4.8%. This ties in with the government’s target of increasing its R&D investment from £7 billion per year in 2016-2017 to £12.5 billion in 2021-2022, which will provide access to multiple avenues of government-led innovation funding, including many highly lucrative grants open to both research institutes and businesses alike.

For your business, innovation and R&D grants can provide valuable funding for innovative projects. If your company’s activities sit anywhere between pure research and commercialisation but are considered to be too risky for private sector investment, then being awarded grant funding can provide you with the crucial financial injection needed to help you cross the line.

UK Research and Innovation (UKRI) is a new body which collectively groups all of the UK’s innovation funding entities (Research Councils, Innovate UK and Research England). Whilst sitting on a combined funding budget in excess of £7 billion, unlocking funding in the form of a grant proposal has become harder than ever for many companies. Whilst the required level of innovation hasn’t increased to qualify for grants, they are very competitive and there is a large variety available, which means that choosing and respectively winning an R&D grant has evolved into a highly complex process. For those familiar with the process, creating a grant proposal has often been referred to as becoming as challenging as the innovation itself. Any proposal put forward must comprehensively describe the wider economic benefits and scientific or technical advancements through risky or innovative R&D with realistic cost forecasts and an assessment of feasibility. This requires an in-depth understanding of both financial and technical details, and with a team based entirely of PhD qualified technical consultants and chartered accountants, GKA Innovation can lend you an essential helping hand, allowing you to focus on innovation as opposed to administration.

At GKA Innovation we will search for and cherry pick the best grants for you and your activities and then navigate their respective criteria, develop the proposition, and submit the proposal; maximising your chances of winning a grant and minimising the headaches that accompany the application process.

What’s out there for your business?

Whilst UKRI consists of several research councils, companies not solely based on pure research would benefit the most from UKRI funding through Innovate UK and the wealth of grants it offers. It may also come as a surprise that companies can also benefit from European innovation grants, such as Horizon 2020. At GKA Innovation we will guide you at every step, from identifying a grant opportunity to submitting the application.

Innovate UK

Funding from £25,000 to £2 million is available if you are aiming to do any of the following:

• Test the feasibility of your idea and make sure it will work
• Create a new product, process or service, or improve an existing one, through research and development
• Work with other businesses or research organisations on collaborative projects

Innovate UK runs grant funding competitions that can help you develop your idea and make it successful. They are open to innovation projects led by a UK-based business, from start-ups to large multinationals or research and technology organisations, with funding awarded to the winners.

Horizon 2020

Horizon 2020 is the biggest EU Research and Innovation programme with nearly €80 billion of funding available over 7 years (2014 to 2020). It creates breakthroughs, discoveries and world-firsts by taking great ideas from the lab to the market, as well as making companies highly attractive to private investors, once awarded. The scope of application is broad and open to anyone, especially those working towards scientific excellence, industrial leadership and solving societal challenges.

Although Horizon 2020 funding comes from the European Commission, UK companies can still benefit from it in the short-term as the UK has secured an extended guarantee for funding until the end of 2020.