Women founders or co-founders of UK registered SMEs can apply for a package of support that includes a grant of up to £75,000 and bespoke business support, to further their ambitious growth plans.
The Innovate UK Women in Innovation Awards support trailblazing women entrepreneurs to maximise the impact of their innovative ideas, accelerate business growth, and contribute to pressing societal, environmental and economic challenges.
Innovate UK, part of UK Research and Innovation (UKRI), is offering up to 60 Women in Innovation Awards to women founders and co-founders of micro, small or medium sized enterprises (SMEs) across the UK.
Successful projects will receive a 12-month package of support that includes a grant of up to £75K, bespoke business support, and a suite of training, networking and role-modelling opportunities.
A proportion of highly commended applicants who have not been awarded grant funding in this competition will be offered bespoke business support for 12 months.
The aims of this competition are to support Women in Innovation Award winners:
- whose innovation aligns with one of the following high growth sectors defined in the UK’s Industrial Strategy; Advanced Manufacturing, Digital and Technologies and Life Sciences
- who have a late-stage startup with ambitions to grow a scalable business which will involve raising considerable investment in the next 12 to 24 months
As a late-stage startup, we would expect you to:
have started forming a team, going beyond original founders
have built a basic version of the idea or product, service, solution (for example a prototype or Minimal Viable Product)
have received early interest from users, customers, or made some money
know who the product is for and have started testing how the business will work
have an understanding of realistic market opportunity
Award
- Your total project costs will be eligible for up to 100% funding subject to MFA subsidy rules. Your total grant funding request must not exceed £75,000.If successful, the grant funding will be paid in three instalments:
- 50% of grant request within a month of project start date
- a further 40% in arrears, after approval of 50% claim and the evidence of spend made, submitted with the claim
- the remaining 10% of the grant up to 30 days after Innovate UK receive and approve the final claim
- training and development, with an expectation to engage in a minimum of 10 hours of dedicated support
- tailored business support and coaching provided by a dedicated expert, an Innovation Growth Specialist, from Innovate UK Business Growth
- press and media training day to amplify the comms opportunity for your business when the winners are announced
- bespoke investment support and connections to accelerate future growth
- access to networks and networking via Innovate UK Business Connect
- access to mentoring, with an expectation to engage in a minimum of one hour of mentoring, and consider providing mentorship for others in the future
- Competition briefing & support