During these challenging times, funding for innovation can be crucial for businesses. It is therefore welcome news that the UK government has announced a new GBP 1.25bn support package to protect innovative firms that have been hit by the coronavirus outbreak. The announcement can be found here.
The support package includes a GBP 500m investment fund for high-growth firms impacted by coronavirus, which involves GBP 250m from government, combined with equal match funding from private investors. Eligible businesses are unlisted UK registered companies that have previously raised at least GBP 250k in equity investment from third-party investors in the last five years.
In addition, GBP 750m of grants and loans are targeted towards small and medium sized enterprises that focus on research and development. This funding will be issued through Innovate UK, the national innovation agency, and includes grant and loan payments for existing customers of Innovate UK, whilst a further GBP 175k of support will be offered to around 1200 firms not currently in receipt of Innovate UK funding.
We hope that this package of funding can provide vital support for British start-ups through this difficult time, so that they can continue to develop their innovations.
Another source of funding that may be beneficial to innovative start-ups is the Appleyard Lees Growth Fund. Since 2012, the Appleyard Lees Growth Fund has supported high-growth start-ups with winning ideas. Innovative organisations with sound strategic vision could be eligible for financial support from the fund. Appleyard Lees is committed to helping launch inventions and companies at early growth and development stages, needing a boost with funding for their IP. Contact us to find out more.