Non-departmental public body Innovate UK will invest up to £2.5 million in innovation projects from UK businesses in the creative sector.
The Creative Industries Fund will look to support micro and small businesses with a “package of targeted support for growth”, competition details explain.
Ensuring businesses can “reach their potential”
Micro and small businesses have suffered badly during the pandemic.
A report from business insurance firm Simply Business reveals an estimated 234,000 SMEs have already ceased trading amid the coronavirus crisis. The total cost to UK small businesses could exceed £69 billion, the report adds.
The support on offer from Innovate UK aims to ensure micro and small businesses can “reach their potential”. The package will include funding up to £25,000 and ongoing support from Innovate UK EDGE, a dedicated arm of the body focused on helping SMEs.
“Clearly innovative and ambitious”
The competition highlights several kinds of projects that Innovate UK is looking to fund.
These include “clearly innovative and ambitious” ideas; those that are new to the business applying for the support; and those that create a new revenue stream, be it with a new IP, service or product.
Additionally, Innovate UK says it’s keen to fund ideas that respond to the “changing market conditions” of the creative industries.
Those with ideas that will be market ready within 12 months, are able to start rapidly and present good value for money are asked to apply too.
Applications for the funding will open on 17 May 2021. The support is open to all UK registered micro and small businesses working in or supporting the country’s creative industries.
Crucially, applicants must not have previously received innovation grant funding from Innovate UK.
Those interested in the opportunity are encouraged to attend an online event hosted by KTN on 14 May 2021. The event will provide more insight into the competition, including practical guidance around the application process.
More details on this event can be found on the registration page.