Innovate UK launch pilot programme in which UK businesses can apply for a share of £8.5m to fund feasibility studies in infrastructure systems or health and life sciences.

This pilot programme for Innovate UK provides simultaneous grant funding and venture capital investment for early stage projects led by UK companies.

Up to £3m of grant funding and £1.25m of private equity investment is available for projects related to infrastructure systems. This includes ‘smart’ infrastructure, energy, urban living and connected transport.

Up to £3m of grant funding and £1.25m of private equity investment is available for projects related to health and life sciences. This includes health, agriculture and biosciences.

Innovate UK expect projects to have total costs of up to £150,000. The programme will provide 100% of project costs. Projects should last between 3 and 12 months.

The competition is open to single SMEs who are looking for early stage grant funding and who wish to establish an equity relationship with a UK venture capital firm.

Investor partners and their interests for this competition are listed below.

KEY DATES:

  • The competition opens on 8 May 2017.
  • Applicants must register before midday on 28 June 2017.
  • Applicants must apply before midday on 5 July 2017.