There are a number of ways you can fund your research and development (R&D) project.
Getting a bank loan
Approaching your bank for a loan will require a well thought-out business plan. Your plan should help investors and lenders understand your vision and goals, explain how you are going to spend the invested or borrowed money and set out how this will benefit both them and the business.
You could try to attract investment from business angels - wealthy individuals who invest in private companies, typically £10,000 to £250,000 - but you must be prepared to relinquish some control of your business.
Read about business angels and how they operate.
Apply for a grant
Applying for a grant could help finance part of your project. There are many sources of publicly funded grants and support schemes:
- UK website offers a UK-wide database of business support - search for finance and support for your business.
- Northern Ireland database of support programmes and assistance is also available - search the Northern Ireland business support finder
- Invest Northern Ireland manage numerous programmes that could offer advice and financial support for R&D projects - look at Invest NI's R&D solutions
- your local councils and enterprise agencies may have additional programmes of support and finance options
R&D tax reliefs
You could claim the tax relief and credits available to small and medium-sized businesses which pay corporation tax for appropriate R&D spending. Read more about research and development (R&D) tax reliefs.
Other sources of help
There are several other sources of assistance:
- The Enterprise Europe Network brings together buyers and sellers of innovative products with the aim of promoting and exchanging new technologies and ideas.
- Business Innovation Centres nurture innovative new businesses helping them through the difficult start-up stage.
- Local Chambers of Commerce can provide access to training, information and networking opportunities. Get in touch with the Northern Ireland Chamber of Commerce.
- Many universities collaborate with local businesses on R&D projects. See how you can work with UK universities and colleges.
- Innovate UK provides R&D funding through various competition programmes. Read more about Innovate UK funding competitions.
Watch the animation below to see how Invest Northern Ireland can help you be more innovative through research and development.