Innovate UK: Finance
The question
To ask the Secretary of State for Science, Innovation and Technology, if he will make an assessment of the potential merits of changing the Innovate UK technology awards to allow successful applicants to access the funds earlier in the process.
Answered by Feryal Clark
Making innovation support accessible and agile is a key goal for Innovate UK, and they will continue to experiment with new ways to improve their product offering for businesses. They deliver technology funding awards through grants, contracts, and loans. Eligible costs depend on the innovation objectives of the specific programme a business is applying for, but most technology grants allow for the recovery of equipment costs directly related to the project the grant is supporting.
They have reduced the time taken from competition close to grant award by 32% between FY 22/23 and FY 24/25. Innovate UK programmes such as New Innovators and Launchpads also allow for a significant portion of the payment upfront to support SME innovation projects.
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