Smaller companies often struggle to convert their game-changing ideas into commercially available products and services because of the costs of scaling up production and the difficulty in gaining finance.
Innovate UK as part of UK Research and Innovation is offering up to £10 million in loans to help small and medium-sized companies (SMEs) to commercialise innovative products or services.
Ideas can come from any area of technology or the economy and must lead to sustainable business growth.
The scheme aims to provide businesses with finance that is affordable and flexible and that supports projects in the late stage of development.
Businesses must have developed a game-changing idea
The aim of the competition for innovation loans is to help businesses to overcome the barriers to their cutting-edge ideas becoming sustainable commercial products. Businesses need to show they could not get suitable finance from other sources.
Applicants must demonstrate:
a clear game-changing and/or disruptive idea
a strong and deliverable business plan
the necessary skills and experience to run and complete the project successfully and on time
awareness of all the main risks the project will face
sound, practical financial plans and timelines that represent good value for money
a clear plan to deliver growth through commercialisation