Innovate UK, part of UK Research and Innovation, is inviting UK registered investors to partner with us. Together we will distribute a share of up to £12 million in grants to micro, small or medium-sized enterprises (SMEs) and social enterprises registered in the UK, alongside private equity capital. Grant funding is from the Industrial Strategy Challenge Fund.
The aim of this competition is to encourage early private investment in innovative healthy ageing technologies, including products, services and business models. This is phase 1 of a 2 phase competition. The second phase will be open to SMEs to apply for grant funding and equity investment.
The investor partners we select, will work over a 2 year timeframe after we pay them the grant funding (approximately March 2020 to March 2022) to:
- identify innovative SMEs working in ‘healthy ageing’ technology that are suitable for investment but outside your typical risk preference, which might involve changing your target market
- help those SMEs deliver a healthy ageing project, with 50% of the total eligible project costs grant funded and the remaining 50% from equity investment into the business
Over a further year (approximately March 2022 to March 2023) the investor partners will manage any remaining grant deployment to ongoing projects.
We will only offer grant funding to SMEs with research and development projects we consider to be highly innovative.
This partnership approach aims to improve access to the financial and commercial support SMEs need to develop and market innovations in the healthy ageing market. Investor partners must provide wider business skills, networks and experience as well as capital investment.
This competition closes at midday 12pm UK time on the deadline stated.