As a part of its initiative to further international collaborative research, Innovate UK has announced that it will invest up to £3 million in innovation projects in partnership with Enterprise Singapore. The aim is to fund business-led industrial research. Proposals must include at least one small or medium-sized (SME) partner from the UK and one partner from Singapore. Large UK companies are allowed to apply but must involve at least one SME. These partners should be separate legal and non-linked entities to ensure genuine international collaboration. The UK partners will be awarded up to £350,000 from Innovate UK while Enterprise Singapore will fund the partners from Singapore.
This is a competitive process, with the highest scoring applications securing funding of between 50-70%, depending on the size of the applicant, as indicated in the table below. Please note that the UK thresholds for SMEs now differ from those of the EU.
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|
Entity Size |
Project Costs Funded |
Definition (must meet at least two) |
||
|
|
Turnover |
Assets |
Employees |
|
|
Micro |
70% |
<=£632,000 |
<=£316,000 |
<=10 |
|
Small |
70% |
<=£10.2 million |
<=£5.1 million |
<=50 |
|
Medium |
60% |
<=£36 million |
<=£18 million |
<=250 |
Any companies not meeting these thresholds are considered large companies and will be funded at 50%.
Applications must be submitted by 20 April 2022.
Projects should aim to result in a new product, industrial process or service and must be innovative, involve a technological risk, and have high market potential in the participating countries.
Sectors of focus include:
Our CTI International team, based in the UK, can answer any of your questions about this new grant. Contact us today.