New Businesses: Investment
The question
To ask the Secretary of State for Science, Innovation and Technology, how Innovate UK's Tech Readiness Levels relate to investment readiness.
Answered by Feryal Clark
Whilst some UKRI councils use Technology Readiness Levels (TRLs) to determine funding eligibility, Innovate UK takes a more flexible approach, as there is no standardised way of applying them across sectors or non-technological projects. Innovate UK instead uses categories determined by subsidy control regulations: fundamental research, feasibility studies, industrial research, or experimental development. Innovate UK’s programmes support businesses to develop new products and services, which enhances their ability to secure investment. An example of this is the Investor Partnerships programme, which provides grant funding with aligned equity investment. Through this model, £1.44bn of private sector leverage has been achieved from £100m in grant awards.
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