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Innovate UK is investing up to £15 million innovation projects that inspire and stimulate the products and services of tomorrow.

The aim of this competition is to help UK businesses broaden their innovation activities, disrupt existing markets and find new revenue sources. It should support the competitiveness of small and medium-sized enterprises (SMEs), as well as large companies.

Grants can be awarded to projects led by a UK-based business of any size. In certain circumstances a research and technology organisation (RTO) may also be eligible to lead.

Innovate UK welcome projects led by SMEs. An SME can apply on its own for funding up to £100,000. All consortia must involve at least one SME.

They expect projects to last from 6 months to 3 years and range in size from total project costs of £35,000 to £2 million.

An organisation may only lead on 1 project, but they could be a partner in 2 further projects.

There is also funding available for Knowledge Transfer Partnerships (KTPs).