Some companies who have a new idea, don’t need funding. However, we often come across client that feel they can’t create something without relying on it. so here’s some funding opportunity’s for New Product Development… we are updating this all the time.
Made Smarter is backed by some of the world’s biggest businesses. It is a national pilot scheme designed to boost UK manufacturing with advice, insight and grant funding. The programme is delivered through the five Business Growth Hubs in the North West and other Growth Hubs across the UK and it supports manufacturers to implement digital technologies such as 3D printing, AI, VR, sensors and big data. More information and a list of events is here.
The Manufacturing Advisory Service (MAS) 4D Products is an approved MAS adviser. MAS will consider funding up to £3,000 towards consultancy fees to develop new manufactured products that will improve your company’s growth (50% match funding of total cost of project). They will also potentially fund tooling projects to a similar value. Up to 3 projects per annum are considered.
Innovate UK is the government’s UK’s innovation agency and part of the UK Research and Innovation (UKRI) the national funding agency investing in science and research in the UK. It used to be called the Technology Strategy Board. UKRI operates across the whole of the UK with a combined budget of more than £6 billion, and brings together the 7 Research Councils, Innovate UK and Research England. Available funding with Innovate UK changes all the time so please check the finding site at Innovation Funding regularly
Dont forget that any innovation you fund on product design is eligible for R&D Tax Credits, a UK tax incentive designed to encourage companies to invest in R&D. Companies can reduce their tax bill or claim payable cash credits as a proportion of your R&D expenditure. There is a great guide here for you.
And you could also consider the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) which give generous income and capital gains tax relief to individuals who invest in small early stage businesses alongside crowd funding.
If you don’t see anything to help you here please contact us as new funding streams are coming up all the time and we often know of these for specific cases or regions of the UK.[/vc_column_text][/vc_column][/vc_row]