Innovate UK -funding update, with something for the creative sector

Innovate UK has recently released details of some new loans and grant competitions, including one aimed at businesses in the creative sector and I have picked out some of the key details below which  I think could be of interest.

I would recommend signing up to receive emails from Innovate UK and checking out their website from time to time – specifically the pages detailing funding competitions.  See links below.

Innovation Loans

These are not new in themselves, but a new competition is open and there is an Applicant Briefing Webinar on Thursday 20 May at 10am – “to find out what Innovation Loans are and what we are looking for when we assess your applications”.

Headlines for this competition

• Innovate UK has up to £20m available in Innovation Loans for SME businesses looking to scale and grow through innovation, developing new or improved products, processes or services
• Loans between £250,000 and £1.6m are available to fund later stage research and development with a clear route to commercial success for suitable businesses
• The Innovation Loans competition closes for applications on Wednesday 2 June at 11am
• Full details at link

Industrial Strategy Challenge Fund

Projects mentioned include:

Other funding opportunities

The list of open Innovate UK funding opportunities can be found via link or link

These include:

Creative industries Fund

I think the grant aimed at the creative sector is the one that particularly sparked my interest. Not only do we have a number of clients in this sector, but also the fact that a project could secure 100% funding, with payment of the majority in advance (i.e. to cash flow the project) makes it really interesting.

The projects being sought are those:

• offering a clearly innovative and ambitious idea
• adding something new to your business, with a demonstrable impact to your growth plan
• creating a new revenue stream, for example new products, services or IP
• responding to the changing market conditions, such as new modes of audience consumption, or the adoption of new technologies within the sector
• which will be market ready within 12 months of receiving support
• which will be able to start rapidly
• which represent value for money

Creative industries are defined by Department for Digital, Culture, Media and Sport (DCMS), your project must focus on one or more of the following subsectors:

• advertising and marketing
• architecture
• arts and culture
• broadcasting including sport
• crafts
• design
• fashion
• film
• games
• music
• publishing

PKF Francis Clark

As any of you who have read one of our blogs on grant funding for R&D funding will be anticipating, I suggest that you speak to one of tax team who specialise in R&D Tax Credits at an early stage of your grant application to understand the interaction between the two.

Also, if projections are required and / or any advice on business structure and/ or complementary fund raising, then please do not hesitate to contact me or your usual point of contact at PKF Francis Clark.