There has been an increase in technology sector funding within the UK. This is due to increased investment as both the private and public sector who are looking to drive innovation.
So, you may be wondering what funds are available to help drive innovation in the UK tech sector? The following opportunities are available across a considerable number of sub-sectors. This is because multiple sectors are turning to innovative technology to progress and adapt to the modern world. Especially whilst remote working has been essential for many businesses.
The British government is not only encouraging innovation but awarding technology sector funding that has a focus on innovation.
Innovate UK Smart Grants
Innovate UK helps businesses develop new services, products and processes that they need to grow via innovation. It launched in 2018 and is a non-departmental public body. They are made up of UK Research and Innovation and sponsored by the Department for Business, Energy and Industrial Strategy. Innovate UK brings together nine disciplinary research councils as well as Research England.
Smart is Innovate UK’s open grant funding scheme. Innovate UK have a considerable amount of technology sector funding. They are investing up to £25 million in commercially viable, innovative and game-changing ideas. Innovation is obviously at the heart of these funding opportunities and all proposals much be business focused. A Grant Writing Consultant can help get grants for businesses. They can help you bid for funding efficiently, optimising your funding proposal. They know what funders are looking for when it comes to proposals.
Funding grants are available with amounts between £25,000 and £10 million. The funding is only available for UK-based businesses only. All kinds of businesses can apply from start-ups to large multi-nationals.
Applicants can come from any area of technology. They provide funding to researchers, businesses, universities, NHS bodies, charities and non-governmental organisations (NGOs). They can be applied to any part of the economy including, but not limited to:
- Creative industries
- The arts, design and media
- Science and engineering
- Health
- Manufacturing and materials.
Who can apply?
When applying for Innovate UK grants, your project must:
- Include at least one SME as the lead collaborative grant claiming partner.
- Start by 1st November 2021 and end by 30th November 2024.
- Follow specific rules dependant on its duration.
Each opportunity has its own specific eligibility criteria. So, it’s best to check on their funding finder to see if you’re eligible.
Small Business Research Initiative (SBRI)
The SBRI hopes to bring together ideas from business and the government to create innovative solutions. It is a programme delivered by Innovate UK. Currently, it encourages digital technologies that supports psychological therapies. Projects should look to develop new solutions that use digital technology aiding the availability and accessibility of psychological care.
The Industrial Energy Technology Fund (IETF)
 Although this technology sector funding opportunity is not open yet, it promises a total of £40million in grants. These grants are to go towards improving the energy efficiency of industrial processes, reducing energy bills and cutting carbon emissions. It will do this by supporting the onsite deployment of technologies that improve the industrial process(es).
The competition opens on the 8th March 2021 and closes on the 14th July 2021 at 11am. IETF will award up to £40 million across two stands. These are:
- Deployment projects
- Feasibility and engineering studies
Never miss a technology sector funding opportunity
There’s plenty of technology sector funding that could benefit your business. Watch a demo about how Discover Grants can help you access other grant and funding opportunities for your business. Our Grant Writing Service is for businesses who want to start applying for grants, but don’t know where to begin. If you don’t have the resources or the time in-house to write a winning grant – we can help. Our Bid Writers have over 60 years of experience in bidding for funding and grants. Whether it’s start-up business grants, council business grants or grants for charities. They can take care of the whole thing for you – they’ll even submit it on your behalf.
Get in touch to find out how we can help your business grow!
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