Innovation can play a key role in addressing the needs of society or industry in these unprecedented times. As such, UK businesses can apply for a share of £20 million in a fast-track competition to develop new ways to tackle global disruption such as that caused by COVID-19.
The competition from Innovate UK is open until the 17April 2020 and businesses can attract up to £50,000 as an upfront grant payment. This would be to cover the full cost of a project lasting up to 6 months.
Ideas should aim to help key industries and services, and could be based around creating new ways to: connect; respond; support; adapt; and/or grow. This could be through the use of new technology and platforms or tools and resources.
Any size of business can apply and projects must be started by June 2020. More details about the competition and how to apply can be found at the government website.
For more information about financial help during the Coronavirus outbreak, visit our dedicated Coronavirus support page.
This article runs through the business finance options available once government support comes to an end.
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