Innovate UK Launches £6.2m Award to Fund Diverse Innovators

Grants, coupled with tailored business support, are available for UK innovators to make their business idea a reality, or grow their existing business.

The Innovate UK (IUK) Unlocking Potential Award is a two strand pilot competition that aims to empower new innovators and businesses, in order to increase investment in diverse talent across the UK.

The programme aims to level the playing field and unlock potential for innovation by supporting and funding innovators from groups that are currently underrepresented or overlooked in innovation.

IUK is looking for a diverse group of innovators and wishes to help them turn their ideas into successful businesses.

A total of £6.2 million will be invested through two competition strands:

  • The Begin strand will provide £5,000 of grant funding, plus a living allowance of £10,000, and tailored business support.
  • The Build strand includes £50,000 of grant funding and tailored business support.

The competition is open to a range of innovators (sole applicants only), from those who are just beginning their career, to those who are expanding their businesses. Applicants must identify with a community that is currently considered by IUK as underrepresented in the innovation ecosystem.

Applicants to the Build strand should be a founder, co-founder or senior decision maker within a UK registered micro, small or medium business (SME) which has been active for at least 12 months by the competition closing date.

The deadline for applications is 6 September 2023 (11:00 BST).

(This report was the subject of a GRANTfinder Newsflash.)