With the UK economy teetering on the brink of a recession and a cost-of-living crisis sweeping the nation, innovation has never been more important, both to individual businesses, and the country in general.
The government recognises the link between growth and innovation. Fresh ideas and emerging technologies create new opportunities, new markets, and new customers. Supporting research and development is a national priority and the annual budget for UKRI exceeds £7.9 billion per annum.
Much of that budget is allocated to Innovate UK, the UK’s national innovation agency. The funding supports business-led innovation in all sectors, technologies, and UK regions through the development and commercialisation of new products, processes, and services.
The Innovate UK EDGE service is at the core of Innovate UK’s engagement and offers tailored mentoring and support along with specialist advice around access to finance, internationalisation, intellectual property, and research and development.
What that means in practical terms is that a broad range of support, including finance, is available to any UK-based business with less than 500 staff which can be described as innovative, growing, ambitious and scalable. Tackling global challenges such as Net Zero and developing a circular economy involves us all, and for that reason small size is not a bar when accessing the EDGE service.
When it comes to research, Books & Pieces are a good example of a small business punching above their weight thanks to help from Innovate UK. Not only has the company benefitted from tailored EDGE support, but the business also received a £15,000 Innovate UK grant to investigate uses for recycled plastics with the High Value Manufacturing Catapult, one of nine catapults within Innovate UK’s catapult network.
Such support often proves invaluable to businesses engaged in R&D for the first time as the company’s MD Amanda Overend acknowledges:
“Working with Innovate UK has really opened my eyes to the funding and support available to businesses like mine. Not only have advisors helped me review and nail down my current business proposition, but they’re providing invaluable support to help me get my new, innovative product off the ground. Without their help we wouldn’t be where we are in the product’s development, and I know they’ll play a crucial role in the next stages and getting it to market.”
Innovate UK EDGE is here to support growing, innovative, ambitious, and scalable businesses. If your business is looking to innovate and you are interested in exploring what support is available, please get in touch and let us help you – https://www.innovateukedge.ukr
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