Innovate UK Covid-19 fast-track competition launched today
Posted on 09/04/2020 by IED
Innovate UK has launched a £20m competition looking for business-led innovation in response to global disruption, closing 17 Apr. Up to £50k/project
UK Businesses can apply for a share of £20m in a fast-track competition to develop new ways to tackle global disruption such as that caused by Covid-19.
The requirement to stay at home and to social distance or self-isolate presents new threats to a wide range of businesses and services, from delivery businesses to food manufacturers, entertainment, financial services, healthcare, hospitality, retail, transport and community support.
Business innovation can play a significant role in developing ways to ease the disruption from Covid-19 and any future global disruption. Innovate UK is investing up to £20m in business projects to develop innovative and ambitious ideas to significantly address the needs of society or industry resulting from the coronavirus outbreak.
The solutions must be able to be scaled up quickly, delivered during this lock-down period, started by June 2020 and last up to six months. There is a ten-day turnaround with a streamlined application process for 100% up-front grants of up to £50k.
Ideas can come from any industry and be niche. Whilst solutions are likely to feature cross-cutting digital solutions, they could come from and impact on diverse sectors, for example healthcare, financial services, transport or creative services.
Key competition points
- Competition opens 3 April and closes 17 April
- 100% funding/ intervention rate at £50k per project
- Full funding up front
- Project length 3-6months
- Funding cannot be used for sustainability of a business
- Sole traders will not be eligible
To find out more about the competition scope and application details visit the Innovation Funding Service.
You can view a recording of the supporting webinar from Innovate UK here (32 minutes).