MARKET DISRUPTORS AND INNOVATORS SET TO GAIN IN 2017
Market Disruptors and Innovative Businesses at the forefront of cutting edge technology are likely to benefit from the current Government’s ongoing commitment to support research and development and EU grant funding.
Late in 2016, Theresa May outlined the first steps in a modern, ambitious Industrial Strategy to build on the country’s strengths with plans to secure the UK’s long-term commitment to research and innovation.
The budget speech set out her vision for the UK as “a secure, prosperous, tolerant country – a magnet for international talent and a home to the pioneers and innovators who will shape the world ahead”.
Following this announcement the Brexit white paper, published in February, confirmed that UK businesses and organisations will continue to be able to apply for and receive grant funding from the EU during the course of Brexit negotiations and beyond, stating that the UK government “recognises the importance to business of having certainty about funding arrangements over the coming years.”
Two major funds stand out as the most likely to benefit the market disruptors and innovatorsof 2017 and beyond:
Horizon 2020 - the biggest EU Research and Innovation programme ever with nearly €80 billion of funding available over 7 years. Phase 1 is a €50k grant which will fund a feasibility study to verify the viability of the proposed disruptive innovation or concept. Phase 2 is a prototype grant which will fund the testing phase, covering demonstration, testing, piloting, scaling up, and miniaturisation activities; taking the idea from concept to market maturity over 1 - 2 years.
Innovate UK - which supports high quality innovation from any company, in any area of the UK economy and is open to the best business-led ideas or concepts. Businesses could benefit from an R&D grant of up to £1 million.
Alex Chalkley, Grant Funding Expert and Director of Granted Consultancy confirms:
“We are pleased that despite the uncertainty, the government is continuing to support innovative businesses to ensure that the UK remains at the cutting edge of scientific and technological discovery.
We work with a large number of ambitious businesses and entrepreneurs seeking funding for their company or ideas with our most recent success (May 2017) being the award of a £670k grant from Innovate UK for a tech company.
In our experience, we often find that even those who are not eligible for these funds could still receive R&D tax credits, which offer an excellent opportunity to re-coup expenditure on Research and Development costs.
Businesses who would like to check their eligibility for funds can contact us to find out more"