This will likely will have a negative impact on productivity and growth in the medium to longer term.
Going forward, securing funding to maintain or kickstart innovation will be critical to businesses across the UK. 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.
One thing that is top of mind for many companies is finance. Securing short-term working capital to get up and running again will be the first challenge for many.
The good news is that there is help out there to get businesses up and running and reinvesting in innovation.
From early stage project grants, to commercial funding (such as loans, asset finance or equity investment) for projects at a more advanced stage, through to R&D tax relief and finally Patent Box for companies developing IP through an innovation project, there are many ways to offset some of the financial risk posed to innovative SMEs.
As we face an uncertain economic outlook through restart and recovery, it is essential that innovation does not fall by the wayside. By accessing the wide range of support available, from the inception to the commercialisation of innovation projects, your business can ensure it continues to be competitive in the global market.
ABGI-UK can review your projects & processes and identify all eligible activity. By doing so, you can be certain your company is claiming its full entitlement and strengthening its financial position.
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