Innovate UK supports a number of different initiatives that encourage innovation and the Young Innovators Awards are an exciting way for a young person to explore an innovative idea in a low-risk way.
Innovate UK are investing £460,000 in a competition which closes on 28th July to identify young people with great business ideas who have the potential to become future leaders in innovation and successful entrepreneurs. Projects must be innovative, address a problem and be significantly better than what is currently on offer and award holders will be working on a wide range of business ideas, types, sectors, products, processes, and services.
As part of the application process, applicants must pitch their idea in a short video, up to 3 minutes long.
The competition is open to young people aged between 18 and 30 years and Innovate UK will be selecting a portfolio of award winners who have high potential to be future leaders, are inspirational role model to others and are most likely to benefit from the package of support on offer. Winners will represent a diverse range of innovative ideas for business and will be located throughout the UK.
The winners will be young people who would benefit most from the financial support and tailored package of expert advice. The Young Innovators Award includes a £5,000 grant plus a living allowance along with access to innovation tools and connections, tailored coaching and mentoring provided directly to the successful applicants.
The package of tailored support that can include
- media and communications including branding
- business planning strategy
- funding and finance options, for example, introductions to investors and pitch training, financial planning
- a grant of £5,000 to cover eligible project costs, including travel to meet customers and partners, attending relevant training courses, equipment, hiring office space and IT support
- a living allowance grant for 2 days (15 hours) per week throughout the duration of the award at an hourly rate matching the UK real living wage
Full details of the competition can be found at: https://apply-for-innovation-funding.service.gov.uk/competition/935/overview#summary
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