7 July 2020
£191 million support package to help innovative businesses bounce back from COVID-19 impact
Innovate UK, part of UK Research and Innovation, has launched a new fund to help cutting-edge companies of all sizes recover and grow in the aftermath of COVID-19.
The COVID-19 Sustainable Innovation Fund will target those innovative companies needing to keep their great ideas alive during the current pandemic, in turn contributing to revolutions across whole sectors and transforming the way people live, work and travel.
The £191 million fund will also support new green innovations, unleashing the sustainable industries of the future along the way, and helping the UK meet its ambitions to cut carbon emissions to net zero by 2050.
As part of this initiative, two funding competitions are currently open.
The Sustainable Innovation Fund: round 1 (temporary framework)
UK registered businesses can apply for a share of up to £55 million for new research and development projects focusing on economic recovery from COVID-19 in a clean and resilient way. This competition is open to single applicants and collaborations and closes for applications on 29 July 2020. Find out more and apply.
The Sustainable Innovation Fund: SBRI phase 1
Organisations can apply for a share of up to £10 million, including VAT, to develop and demonstrate new products or services. Solutions must help businesses and/or the public sector in the UK recover from the COVID 19 pandemic in a sustainable manner, demonstrating the impact and potential of a clean growth led recovery and transition to net zero. This is a Small Business Research Initiative (SBRI) competition. It will close on 5 August 2020. Find out more and apply.
The Sustainable Innovation Fund forms part of a wider £750 million package of grants and loans announced in April to support innovative firms. It sits alongside the £500 million Future Fund for innovative businesses, which provides match-funding to private investors.
Find out more about the Sustainable Innovation Fund.
First published 30 June 2020