Nurturing innovation
New ideas inspire better ways of doing things and have the potential to make the future smarter, more efficient and sustainable. Research and innovation specialist Pilar Sepulveda takes a look at funding opportunities for businesses to turn a clever concept into an innovative product or process.
From 3D printing to cyber-physical systems, innovation is the lifeblood of manufacturing and it’s at the heart of Industry 4.0. Great ideas can lead to entirely new or more efficient supply chains, bring better quality products to market and help businesses solve design and production problems. But, it often takes money and lots of support and collaboration to turn an idea for a new product, process or material into the next big thing.
There are many funding sources out there, but where do you start? Between bank loans, government and charity grants, and all the different application rules, the only way to unpack the process is to learn from your own experience, persevere and collaborate with other organisations to share ideas and research. Here’s a snapshot of two routes to getting an innovative idea off the ground.
Revolutionise small ideas
Innovate UK
UK-based businesses that want to develop an innovative product or service can apply for between £5,000 and £1 million of government funding through Innovate UK’s award schemes. They’re open to all businesses, from pre-startups and new companies to large multi-nationals across high value manufacturing, emerging technologies, enabling technologies, resource efficiency and other areas.
Funding can be used for feasibility studies to test an idea, create or improve a product or service or facilitate collaboration with other businesses and research organisations. Williams Advanced Engineering, who received the grant in 2015, has developed an affordable version of the Formula One design technology that will soon be used in everyday car manufacturing. The technology is expected to reduce a car’s CO2 emissions by 40 per cent and significantly cut manufacturing costs.
Under the Innovation Voucher scheme, startup, micro-, small- and medium-sized UK businesses can apply for £5,000 to pay for an external expert to help them develop a new product, process or service.
Businesses will need to contribute 30 to 75 per cent to the total cost of an Innovate UK project, depending on the size of the business and scheme.
Find out more at Innovate UK
www.innovateuk.gov.uk
Innovate UK helps manufacturers develop new technologies so they can stay competitive.
Stay competitive on the global stage
Horizon 2020
With nearly €80 billion (£63 million) in funding available to businesses from 2014 to 2020, the European Commission’s Horizon 2020 is the EU’s biggest research and innovation programme.
The initiative funds ground-breaking research and new technology projects to spark growth in sectors like advanced manufacturing and materials and biotechnology, or respond to some of the world’s biggest challenges, like climate change, food security or healthcare for ageing populations.
The Factories of the Future Public-Private Partnership (PPP) falls under the scheme, which helps manufacturers, in particular small to medium sized enterprises, develop key enabling technologies to help them stay competitive. In 2014, Airbus received funding under the PPP scheme to develop ‘mobile manipulators’, which work on multiple tasks on the factory floor, move around factory staff and self-inspect their work using cameras. Once fully developed, the robots will be phased into Airbus factories.
To apply for most Horizon 2020 funding, businesses must be part of a consortium, usually made up of at least three organisations from different EU countries.
Find out more at Horizon 2020
https://ec.europa.eu/programmes/horizon2020
The Horizon 2020 initiative can lead to ground-breaking research, sparking growth in advanced manufacturing, materials and biotechnology.
TIP 1 – Only apply for funding for ideas that are truly innovative, and will promote a step-change in manufacturing knowledge and development.
TIP 2 – Understand how your idea fits into the ‘bigger picture’ and the impact it can have in the future.
TIP 3 – Putting together a proposal can be laborious. Ensure everyone involved is 100 per cent committed from the start.
TIP 4 – Justify why your idea will benefit from public funding; is it high risk or cutting edge? Will it generate lots of value? Do you need the support of a robust team?
TIP 5 – For applications outside of the UK in particular, developing collaborative relationships with other organisations that have a good track record of previous EU innovation projects can help your chances of success.
TIP 6 – If your proposal isn’t funded, learn from the experience and build on the feedback.