Innovate UK is investing up to £10 million in innovation projects. This is part of the £30 million Creative Catalyst programme, created to provide innovation support for businesses in the creative sector. You could claim up to £50k grant funding for your project if you're eligible. The submission deadline for applications is Wednesday 15th February, at 11.00 am. Read on to see if you qualify, and find out how you can apply.
Am I eligible?
To qualify for the funding, your project must:
Have a total grant funding request of no more than £50,000
Start by 1 June 2023
End by 30 November 2023
Must last between 3 and 6 months
Be related to and for the benefit of the creative industries in the UK
Demonstrate a clearly innovative and ambitious idea
Be new to your business, with a demonstrable impact on your growth plan
Respond to the changing market conditions, such as new modes of audience consumption, or the adoption of new technologies within the sector
Demonstrate value for money
Your project should also focus on one or more of the following sub-sectors:
Advertising & Marketing
Arts & Culture
Broadcasting including sport
Below are some examples of projects that would meet the criteria, which should give you an idea of what qualifies for the funding:
Support the fashion and textile’s transition to a circular model
Improve transparency and accountability across the online advertising supply chain
Create new revenue streams and fan engagement activities in the music sector
Demonstrate how advanced digital technologies, including, Metaverse, blockchain and AI, can transform the publishing sector
In addition to the above, your company should also meet the following criteria:
Have not previously received any funding from Innovate UK
Have a demonstrable ambition for growth
Work with an Innovate UK EDGE advisor during your project to maximise its impact
What Project Costs Can Be Claimed?
The summary below gives some guidance on what project costs can be claimed, you can also check out the detailed criteria here to look through in more depth.
In a nutshell, the following costs can be claimed:
A proportion of overheads;
This is either a flat 20% of salary cost (this is the quickest option to get approval as it doesn’t require any checks by innovate UK), or
A spreadsheet can be completed for specific overheads to be claimed
Freelancers, but they must:
Be essential to the success of your project
Involve expertise that does not exist within the project team
Involve skills that it is not practical to develop in-house for your project
What if I already have R&D claims?
If the project detailed above would also qualify for R&D tax relief, this would be classified as specific grant funding. This project is considered under the RDEC scheme, providing a 13% R&D tax credit rate (this increases to 20% from April 2023).
Any other R&D projects, outside the project named above, can be considered under the SME R&D tax scheme if no other grant funding has been claimed.