Grants and tailored business support for UK registered small and micro businesses to support highly innovative ideas in achieving net zero or self-driven healthcare and that have a clear route to commercialisation through business growth.

Innovate UK is launching a new series of Fast Start grants worth £30 million to support UK start-ups and entrepreneurs to develop new innovative products, processes and services, building the UK’s future economy in key sectors from healthcare to climate technology.

The Fast Start: Innovation competition is for UK registered micro or small businesses which have not previously been awarded funding from Innovate UK.

There are two challenge themes:

• Achieving net zero and reducing environmental impact.
• Self-driven and de-centralised healthcare and mental wellbeing.

Grants will back innovation in one or more of the seven technology areas outlined in the Government’s Innovation Strategy.

There is particular interest in proposals which will help applicants:

• Develop both their idea and business
• Create a new revenue stream
• Evidence and enable the market, funding and commercialisation plans
• Show what’s feasible, helping to decide whether to pursue the idea further
• Catalyse further innovation on the path to commercial success
• Respond to changing market conditions

The funding is for projects:

• Between 3 and 6 months with total project costs between £25,000 and £50,000.
• That can start by 1 November 2022 and end by 30 April 2023.

100% of eligible project costs up to the maximum of £50,000 can be claimed.

Commenting on the new opportunity, Innovate UK CEO, Indro Mukerjee said:

“Innovate UK has listened carefully to innovative businesses across the UK, and the new Fast Start scheme is one of the actions that is being taken to help small businesses more rapidly realise the potential of their ideas.”

Applications open on 11 July 2022 with a deadline of 27 July 2022 (11:00 BST).

 

How To Apply

Competition dates:

• Open: 11 July 2022
• Competition closing date: 26 July 2022 (11:00 BST)

Applicants are encouraged to read the general guidance for applicants to help their chances of submitting a quality application.

More details can be accessed at the Innovate UK website.