In this challenging and uncertain economic climate, investing in innovation is an invaluable way for manufacturing businesses to build resilience.
16 January 2020
In this challenging and uncertain economic climate, investing in innovation is an invaluable way for manufacturing businesses to build resilience. This is, of course, easier said than done at a time when many companies feel that investing precious resources in R&D or innovation isn’t their top priority. It is therefore essential to look at the range of opportunities to access the appropriate means of funding at each stage of an innovation project.
There’s a wide variety of mechanisms available to help companies stay innovative and boost competitiveness, starting with grants. These tend to be used to support early stage projects where the technical challenges are greater and the risk of failure is highest. Along with European sourced grants, InnovateUK offers a number of initiatives to support British-based companies. These include SMART grants which provide early stage assistance for companies working on disruptive technologies.
Meanwhile the Industrial Strategy Challenge Fund offers support for projects aimed at improving productivity and sustainability in food production, enhancing resource and energy efficiency in foundation industries (these are all streams within the ISCF). There is also a range of grants aimed at encouraging collaborative, cross-border research for UK companies in specific sectors, such as aerospace and rail.
Article originally published on Make UK