A guide to Funding - Energy Systems Catapult...Funding Connecting innovation to resource Unleashing...

Funding Connecting innovation to resource

Unleashing the EnergyOpportunity

2016 Annual Review


2016 Annual Review

A guide to

Innovators simply don’t know enough about what

funding is available to them. Some of today’s most

successful global businesses struggled to secure finance

in the early days and as a rule, the more game-changing

and disruptive the idea, the greater the struggle.

The ESC’s mission is to provide a clear innovation

pathway that helps businesses overcome the

technical, regulatory, economic and social barriers

blocking routes to market.

While to date, the EIC have helped innovators in the

energy sector unlock over £17.8 million of investment.

We have created this guide to help innovators address

one of those barriers by outlining routes to funding.

One of the findings of the #CollectiveFuture Insights: Helping SMEs to access the energy industry report commissioned by the Energy Innovation Centre (EIC) and Energy Systems Catapult (ESC) was that access to finance is a challenge for innovators everywhere.

Funding


2016 Annual Review


2016 Annual Review

2

In the following pages you will find a number of organisations and public bodies who we believe can help you secure funding to further your business or innovation.

As you’re probably aware, the funding landscape changes all of the time, so we’ve provided the best overview we can at an introductory level. For this reason, we would recommend that, in addition to using this booklet, you also check the websites listed for updates and specific details.

For each funding body or organisation, you will find the same information laid out in the same order so that you can easily compare options to see which are the best fit for your business.

1) Funders name

2) Website & contact details

3) Overview

4) Funds (applicable for some)

5) Funding pot

6) Type of funding

7) Sector

8) Eligibility criteria

9) Things to know

Funding your business

3

Funding Providers

ENERGYINNOVATIONCENTRE

OverviewOfgem is the Office of Gas and Electricity Markets for the UK. It is a government department focused on protecting the interests of electricity and gas customers. One of the ways Ofgem do this is by promoting value for money, and encouraging innovation through the regulated networks.

You’ll hear RIIO mentioned a lot when it comes to Ofgem and funding, but what does RIIO actually mean? RIIO is Ofgem’s framework for setting price controls for network companies, and stands for Revenue= Incentives+Innovation+Outputs. It was launched in 2013, and is designed to encourage network companies to put stakeholders at the heart of their decision-making process, invest efficiently to ensure continued safe and reliable services, and innovate to reduce network costs for current and future consumers.

FundsNetwork Innovation Allowance (NIA)As part of the RIIO price controls, Ofgem introduced the Network Innovation Allowance (NIA). The NIA is a set amount of money each RIIO network company receives as part of their price control allowance.

The NIA provides limited funding to RIIO network licensees to fund smaller technical, commercial, or operational projects directly related to the company’s network that have the potential to deliver financial benefits to the network . The projects must have the potential to deliver financial benefits to the network company and its customers.

Ofgemwww.ofgem.gov.uk

Telephone: 020 7901 7000

5

http://www.ofgem.gov.uk

MORE INFORMATION CAN BE FOUND HERE:

Electricity: www.ofgem.gov.uk/network-regulation- riio-model/network-innovation/electricity-network- innovation-allowanceGas: www.ofgem.gov.uk/network-regulation-riio- model/network-innovation/gas-network-innovation- allowance

Network Innovation Competition (NIC)As part of the RIIO price controls, Ofgem introduced the Network Innovation Competition (NIC). There are individual competitions for both gas and electricity networks. The NIC is an annual opportunity for network companies to compete for funding for the development and demonstration of new technologies as well as operating and commercial arrangements.

Funding is provided for the best innovation projects which help all network operators understand what they need to do to provide environmental benefits, cost reductions and security of supply as Great Britain moves to a low carbon economy. Up to £20 million per annum is available through the gas NIC, and up to £70 million per annum is available through the electricity NIC.


Electricity: www.ofgem.gov.uk/network-regulation- riio-model/network-innovation/electricity-network- innovation-competition Gas: www.ofgem.gov.uk/network-regulation-riio- model/network-innovation/gas-network- innovation-competition

Funding potUp to £90 million is available per annum for the gas and electricity NICs. The amount available for the NIA pot varies between networks. Ofgem provides network companies a funding opportunity of 0.7% of their overall revenue to be spent on their innovation projects.

6

http://www.ofgem.gov.uk/network-regulation- riio-model/network-innovation/electricity-network- innovation-a



http://www.ofgem.gov.uk/network-regulation-riio-model/network-innovation/gas-network-innovation-allowance



http://www.ofgem.gov.uk/network-regulation- riio-model/network-innovation/electricity-network- innovation-c



http://www.ofgem.gov.uk/network-regulation-riio- model/network-innovation/gas-network- innovation-competition



Types of funding

Sector

Eligibility criteriaTo be eligible for Ofgem funding, all projects must have a direct impact on the network and include one of the following:

- A specific new piece of equipment- A specific novel arrangement or application of existing equipment- A specific novel operational practice related to

the operation of the company’s network- A specific novel commercial arrangement

Things to knowAs an innovator, you cannot apply to Ofgem directly for this type of funding. You must work with a gas or electricity network in order to be eligible. You could link up with an organisation like the Energy Innovation Centre to support you to develop your proposition and approach an industry partner. If a network believes you have an innovation of interest, they will work with you to access the funding required.

Image: Sumarise connceted system - grid version?...continues from front page(illustration brief 1)

Follow us:es.catapult.org.uk@EnergySysCat

Contact us:[email protected]

© Energy Systems Catapult 2017Illustration by Michelle ThompsonDesign by Apropos

Printed by Park Communicationson paper from sustainable sources.

“If you’re really excited about whatwe’re trying to do, send us your CV.It is about your own personal development.Come along and you will grow as anindividual, as well as professionally.”Gail Hatfield,HeadofHR, ESC







7

ELECTRICITY

GRANTS

GAS

OverviewThe Department for Business, Energy & Industrial Strategy (BEIS) brings together responsibilities for business, industrial strategy, science, innovation, energy, and climate change. BEIS is supported by 46 other agencies and public bodies including Innovate UK, Intellectual Property Office, UK Research and Innovation and British Business Bank.

They are responsible for a number of things including:

- Developing and delivering a comprehensive industrialstrategy and leading the government’s relationshipwith business

- Ensuring that the country has secure energy suppliesthat are reliable, affordable and clean

- Ensuring the UK remains at the leading edge ofscience, research and innovation

- Tackling climate change

FundsThe Energy Entrepreneurs Fund

The Energy Entrepreneurs Fund is a competitive funding scheme to support the development of technologies, products and processes in energy efficiency, power generation and storage.

8

BEISDepartment for Business, Energy & Industrial Strategywww.gov.uk/government/organisations/department-for- business-energy-and-industrial-strategy

Telephone: 020 7215 5000

http://www.gov.uk/government/organisations/department-for- business-energy-and-industrial-strategy

http://www.gov.uk/government/organisations/department-for- business-energy-and-industrial-strategy

9

Types of funding

Sector

ELECTRICITY RENEWABLESGAS OTHER

The Energy Entrepreneurs Fund seeks the best ideas, irrespective of source, across these energy technology areas from the public and private sector. The scheme particularly aims to assist small and medium-sized enterprises, including start-ups, and those companies that are selected will receive additional funding for incubation support.

A total of £9 million is available for projects through the Energy Entrepreneurs Fund.

Funding potAlthough the exact figure available to businesses through schemes is unclear, BEIS have committed to spend £4.7 billion on science, research and innovation over the next four years. They have made £250 million available through start-up loans since 2012 and have announced a further £400 million through the British Business Bank.

...

GRANTS LOANS













10

Eligibility criteriaThe eligibility criteria can vary depending on the agency or public body you approach. In general, you must be a UK-based business to apply for funding. Some schemes will require you to work with a partner to obtain the full level of funding.

Things to knowBEIS provide funding through the organisations that they oversee. Innovate UK is an example of this. You can find a list of all departments and agencies that they are responsible for on their website.

OverviewInnovate UK is the UK’s innovation agency, sponsored by the Department for Business, Energy & Industrial Strategy. They work with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy.

Innovate UK’s funding focuses on four sector groups, plus an ‘open’ approach:

Emerging and enabling technologies: identifying and investing in technologies and capabilities that will lead to the new products, processes and services of tomorrow.

Health and life sciences: focusing on agriculture and food and healthcare and underpinned by technologies developed in bioscience and medical research.

Infrastructure systems: covering major global market opportunities, optimising transport and energy systems and integrating them with other systems such as health and digital.

Manufacturing and materials: focusing on advancing manufacturing so R&D and technology developments can be delivered across a range of sectors to increase productivity and grow in the UK.

Open: funding competitions and programmes for all innovative businesses, regardless of the technology or sector in which they are working.

11

Innovate UKwww.gov.uk/government/organisations/innovate-uk

Telephone: 0300 321 4357

http://www.gov.uk/government/organisations/innovate-uk

FundsInnovate UK run regular calls for funding, and these are always changing. At the time of writing this document, some of the live calls include Infrastructure Systems Round 3 (£15m), Emerging & Enabling Technologies Round 3 (£15m), and Commercialisation of Quantum Technologies Round 4 (£9m).

Knowledge Transfer NetworkOne department worth knowing about is the Innovate UK Knowledge Transfer Network. They are not a funding body but they are a key communicator about funding pots from government and are well worth a look.

Funding potThe overall funding pot for Innovate UK is divided up into the various schemes, some of which are found above under Funds, and all have sizeable funding pots which innovators can apply for a share of.

Types of funding

12

Sector


...

GRANTS

Eligibility criteriaThe eligibility criteria can be very different for each funding stream that Innovate UK offer, but you must be a UK-based SME to apply for funding. Some schemes will require you to work in collaboration with a partner to obtain the full level of funding.

Things to knowYou can apply for funding directly through Innovate UK. They host regular workshops across the country where they assist and inform innovators on how best to apply for funding.

13

Unleashingthe EnergyOpportunity

2016 Annual Review


2016 Annual Review

OverviewThe British Private Equity & Venture Capital Association (BVCA) is the best place to start when looking for investment in your business. The BVCA is the industry body and public policy advocate for the private equity and venture capital industry in the UK.

The BVCA membership comprises more than 650 influential firms, including over 250 private equity and venture capital houses, as well as institutional investors, professional advisers, service providers and international associations. They work together to provide capital and expertise to growing businesses and innovators.

Private equity explainedPrivate equity is medium to long-term finance provided in return for an equity stake in potentially high-growth unquoted companies.

Private equity investments typically support management buy-outs and buy-ins in mature companies, as opposed to venture capital which provides funding for early-stage and younger companies.

Venture capital explainedVenture capital is a form of investment for earlystage, innovative businesses with strong growth potential. Venture capital provides finance and operational expertise for entrepreneurs and start-up companies.

14

Private Equity & Venture Capitalwww.bvca.co.uk

Telephone: 020 7492 0400

http://www.bvca.co.uk

15

Funding potThis is entirely dependent on the company that offers you funding. Some organisations have a few million available, and some have several billion.

Types of funding

Sector

ELECTRICITY

EQUITY

RENEWABLESGAS OTHER

Eligibility criteriaEach individual organisation will have their own criteria that you must meet before they choose to invest in your company.

Things to knowThe key point to know about Private Equity and Venture Capital funding is that you will be giving up an equity share in your business to secure funding of this nature.

...













OverviewEuropean Union (EU) has several different funding programmes that one may be able to apply for, depending on the nature of the business or project. There are two different types: direct funding and indirect funding.

The allocation of direct funding capital is managed by the European Institutions. There are two types of funding available: grants and contracts. One may apply for a grant if they run a business or a related organisation that runs projects that further the interests of the EU, or if they contribute to the implementation of an EU programme or policy. You can read about the criteria for eligibility in more detail in the relevant calls for proposals. Contracts are issued by EU institutions to buy services, goods or works that they need for their operations – such as studies, training, conference organisation or IT equipment.

EU funding for small businesses is available for all types of companies of any size and sector including entrepreneurs, start-ups, micro companies, small and medium-sized enterprises, and larger businesses. A wide range of financing is available: business loans, microfinance, guarantees and venture capital. Every year the EU supports more than 200 000 businesses.

16

European Unionwww.europa.eu/european-union/about-eu/funding-grants_en

Telephone: 00 800 6 7 8 9 10 11

http://www.europa.eu/european-union/about-eu/funding-grants_en

17

FundsEuropean Regional Development Fund (ERDF) - The ERDF is a fund allocated by the European Union. Its purpose is to transfer money from richer regions, and invest it in the infrastructure and services of underdeveloped regions. This will allow those regions to start attracting private sector investments, and create jobs on their own.

European Social Fund (ESF) - The ESF is the European Union’s main financial instrument for supporting employment in the member states of the European Union as well as promoting economic and social cohesion. The spending under the ESF amounts to around 10% of the entire European Union budget.

Cohesion Fund (CF) - The Cohesion Fund is a financial tool set up to implement the regional policy of the European Union. It aims to reduce regional disparities in income, wealth and opportunities. Europe’s poorer regions receive most of the support, but all European regions are eligible for funding under the policy’s various funds and programmes.

European Agricultural Fund for Rural Development (EAFRD) - The EAFRD is a European agricultural fund which was set up for the financing of Rural Development Programme (RDP) actions by European Union Council Regulation. The EU’s rural development policy helps the rural areas of the EU to meet the wide range of economic, environmental and social challenges of the 21st century.

Horizon2020As well as these funds, between 2014 and 2020, the EU will provide almost £80 billion in funding for research, mainly through its flagship research programme Horizon2020. This funding usually takes the form of grants, to part-finance a broad range of research projects.

18

Seen as a means to drive economic growth and create jobs, Horizon2020 has the political backing of Europe’s leaders and the members of the European Parliament. They agreed that research is an investment in our future and so they put it at the heart of the EU’s blueprint for smart, sustainable and inclusive growth and jobs.

By coupling research and innovation, Horizon2020 is helping to achieve this aim with its emphasis on excellent science, industrial leadership and tackling societal challenges. The goal is to ensure Europe produces world-class science, removes barriers to innovation and makes it easier for the public and private sectors to work together in delivering innovation.

Horizon2020 is open to everyone, with a simple structure that reduces red tape and time so participants can focus on what is really important. This approach makes sure new projects get off the ground quickly – and achieve results faster.


www.ec.europa.eu/programmes/horizon2020

SME InstrumentA part of Horizon 2020, the SME Instrument aims to provide £3 billion in funding between 2014-2020 to help high-potential innovators develop ground-break-ing ideas for products, services or processes that are ready to face global market competition.

There are three phases that the SME Instrument will support SMEs through – Feasibility Assessment (Phase 1), Innovation Project (Phase 2), and Commercialisation (Phase 3).

During the whole period, the SME Instrument aims to reach and support over 7500 SMEs.


http://ec.europa.eu/programmes/horizon2020/en/h2020-section/sme-instrument/

19

...

Sector

Eligibility criteriaEU funding is available for all types of companies of any size and sector including entrepreneurs, start-ups, micro companies, small and medium-sized enterprises, and larger businesses. A wide range of financing is available: business loans, microfinance, guarantees and venture capital. Every year the EU supports more than 200,000 businesses.

Businesses or related organisations running projects that further the interests of the EU or contribute to the implementation of an EU programme or policy will be eligible.

Projects should have a transnational character, be well thought out and offer added value.

ELECTRICITY RENEWABLES OTHERGAS

Types of funding

GRANTS LOAN

...

Funding potBetween 2014 and 2020, the EU have committed to spending almost £80bn in funding for research, mainly through its flagship research programme Horizon 2020. This funding usually takes the form of grants, to part-finance a broad range of research projects, with more information included above.

20

Things to knowCertain conditions apply to grants provided by the commission.

- They serve as complementary financing, the EUdoes not finance projects up to 100%

- They are meant to help projects break evenfinancially; they cannot result in a profit forthe grant beneficiary

- They cannot be awarded retroactively for projectsalready completed

- They are awarded on a one-grant-per-project basis

...













Funding Facilitators


22

OverviewEnterprise Europe Network (EEN) helps businesses to innovate, grow and succeed in the European marketplace. It’s the world’s largest business support network, but free and simple to use with local contacts across each part of the UK.

The Enterprise Europe Network can help you to:

- Find new markets for your products- Access funding and finance- Promote your innovation across Europe- Find the right partners for new research and

development- Gain free business advice and guidance- Understand how to protect your intellectual assets- Learn how EU regulation and guidance affects you

EEN helps businesses to make sense of the hundreds of funding and finance opportunities available to them. They advise on the best ways to secure funding from sources such as grants, loans and equity investment as well as through R&D tax credits. EEN can help shape business plans and put businesses in touch with the right investors, business angels, venture capitalists and banks. They also help businesses access publicly funded support from regional, national and European programmes.

Funding potEnterprise Europe doesn’t have a funding pot of their own, but signpost businesses to other bodies or organisations that can provide funding.

Enterprise Europe Networkwww.enterprise-europe.co.uk

Telephone: 0300 123 3066

http://www.enterprise-europe.co.uk













23

Types of funding

Sector


Eligibility criteriaEEN signpost businesses to other local and regional funding bodies, so they don’t have any set eligibility criteria of their own.

Things to knowAs well as enabling innovators to find funding opportunities, the EEN also assists with finding collaborative partners to manufacture, distribute, and co-develop innovative ideas.

...

LOAN EQUITY GRANTS

24

OverviewScottish Enterprise is Scotland’s main economic development agency, and a part of the Enterprise Europe Network. They work with partners in the public and private sectors to identify and exploit the best opportunities to deliver a significant, lasting effect on the Scottish economy.

Various grants and funding options are available to businesses of all sizes for research and development, co-investment and technological innovations. By encouraging an innovative approach to products and services, Scottish Enterprise help Scottish businesses drive global growth and boost competitiveness.

- Encourages collaboration between academiaand business

- Helps companies use R&D to generate revenue- Improves support for entrepreneurial companies;- Supports companies to use innovation to succeed

internationally- Capitalises on global supply chain opportunities- Develops Scotland’s low carbon opportunity

Funding potScottish Enterprise doesn’t have a funding pot of their own, but signpost businesses to other bodies or organisations that can provide funding.

Scottish Enterprisewww.scottish-enterprise.com

Telephone: 0300 013 3385

http://www.scottish-enterprise.com













25

Types of funding

Sector


Eligibility criteriaVarious grants and funding options are available to businesses of all sizes for research and development, co-investment and technological innovations. However, you must be a Scottish based innovator to take advantage of the funding available through Scottish Enterprise.

Things to knowScottish Enterprise doesn’t directly offer funding to businesses, they signpost organisations to available funding schemes covering a variety of sectors. If you’re a smaller company, Scottish Enterprise may direct you to their partner Business Gateway who can assist you further.

...

LOAN EQUITY GRANTS

OverviewBusiness Wales is the Welsh Government’s business support agency.

They will provide a range of business grants to ensure that Welsh businesses benefit from, and contribute towards the Welsh economy.

Business Wales is a free service that provides impartial, independent support and advice to people starting, running and growing a business in Wales. With regional centres across Wales, they offer a mixture of online and face-to-face support, as well as training workshops and individual advice.

Business Wales offers a bespoke pre-start and start-up support service. By using a selection of business diagnostic tools, their advisory teams will work with you to establish a comprehensive action plan and help you overcome any challenges you might face.

Whether it’s through sourcing funding opportunities or exploring new international markets, Business Wales has the tools to assist you as you look to expand and grow your business.

Funding potBusiness Wales doesn’t have a funding pot of their own, but signpost businesses to other bodies or organisations that can provide funding.

26

Business Waleswww.businesswales.gov.wales

Telephone: 03000 6 03000

http://www.businesswales.gov.wales

27

Types of funding

Sector


Eligibility criteriaEligibility depends entirely on the schemes. Business Wales focus on helping different Welsh businesses, but do signpost to schemes open to other nationalities.

Things to knowBusiness Wales doesn’t directly offer funding to businesses, they signpost to suitable external funding schemes.

...


2016 Annual Review


2016 Annual Review

LOAN EQUITY GRANTS

OverviewThe primary role of Research Councils UK (RCUK) is to fund research. They invest public money to universities, research organisations and facilities to train researchers or carry out independent research.

- Biotechnology & Biological Sciences ResearchCouncil (BBSRC)

- Engineering & Physical Sciences Research Council(EPSRC)

- Economic & Social Research Council (ESRC)- Natural Environment Research Council (NERC)- Science & Technology Facilities Council (STFC)

Each year the Research Councils invest around £3 billion in research covering the full spectrum of academic disciplines from the medical and biological sciences to astronomy, physics, chemistry and engineering, social sciences, economics, environmental sciences and the arts and humanities.

To maximise the impact of research on economic growth and societal wellbeing they work in partnership with other research funders including Innovate UK, the UK Higher Education Funding Councils, business, government, and charitable organisations.

Funding potThe Research Councils make around £1.5m per annum available through their networking fund. This is just one fund that the research councils offer, and others can be found at https://www.epsrc.ac.uk/funding/ap-plicationprocess/routes/network/networks/intro/

28

Research Councilswww.rcuk.ac.uk

Telephone: Dependent on individual research council

http://www.rcuk.ac.uk

29

Types of funding

Sector


Eligibility criteriaAll UK Higher Education Institutions that receive grant funding from one of the UK higher education funding bodies are eligible to receive funds for research, postgraduate training and associated activities.

Other independent research organisations (IROs) may also be eligible if they possess an existing in-house capacity to carry out research that materially extends and enhances the national research base and are able to demonstrate an independent capability to undertake and lead research programmes. They must also satisfy other criteria related to their financial and legal status.

Things to knowYou must collaborate with a UK Higher Education Institution in order to approach a research council for funding.

...


2016 Annual Review


2016 Annual Review

GRANTS

30

OverviewLocal Enterprise Partnerships (LEPs) are locally-owned partnerships between local authorities and businesses. Growth Hubs are local public/private sector partnerships led by LEPs. The LEP Network is a great place to learn about the individual LEPs and what they can do for your business in your area.

Funding potThe size of funding pot depends on the individual schemes the LEPs may point you to, but the Local Growth Fund is the government’s funding pot of at least £2 billion a year from 2015/16 to 2020/21. Most of the funding is allocated through a competitive process.

Local Enterprise Partnerships & Growth Hubswww.lepnetwork.net

Telephone: Dependent on individual LEP

26. Northamptonshire

27. Oxfordshire

28. Sheffield City Region

29. Solent

30.South East

31. South East Midlands

32. Stoke-on-Trent & Staffordshire

33. Swindon & Wiltshire

34. Tees Valley Unlimited

35. Thames Valley Berkshire

36. The Marches

37. West of England

38. Wocestershire

39. York, North Yorks & East Riding

1. Black Country

2. Buckinghamshire

Thames Valley

3. Cheshire & Warrington

4. Coast to Capital

5. Cornwall & Isles of Scilly

6. Coventry & Warwickshire

7. Cumbria

8. Derby, Derbyshire,

Nottingham & Nottinghamshire

9. Dorset

10. Enterprise M3

11. Gloucestershire

12. Greater Birmingham & Solihull

13. Grt. Cambridge, Grt Peterborough

14. Greater Lincolnshire

15. Greater Manchester

16. Heart of the South West

17. Hertfordshire

18. Humber

19. Lancashire

20. Leeds City Region

21. Leicester & Leicestershire

22. Liverpool City Region

23. London

24. New Anglia

25. North East

31

32

Types of funding

Sector


Eligibility criteriaIndividual LEPs will assist the businesses in their areas. You need to approach your relevant LEP or Growth Hub. Eligibility criteria after that will depend on the individual schemes.

Things to knowAs well as funding, LEPs offer general business advice, and it can be worth approaching your local LEP should you need assistance.

...


2016 Annual Review


2016 Annual Review

LOAN EQUITY GRANTS

33

The EIC and the ESC are committed to providing innovators with the necessary information to make informed choices about funding.

We want to help you secure the funding that you need to bring your game-changing innovation to market.

This booklet provides information about some of the funding sources available to innovators, however, if you have any other queries please feel free to contact us.


How we can help you

Finding the right funding, and knowing what to look out for can be daunting. Here are some things to think about.

Match funding: some funding programmes will require you to match fund what you receive. This means you will need to be in a position to supply the same cash amount as the grant value to be eligible to apply.

Protect your IP: look out for stipulations relating to your intellectual property (IP). Some funding schemes may want you to give up a percentage of your IP in exchange for a grant.

Study the requirements: some funding schemes may specify that you will need to create a certain number of jobs or collaborate with other companies in order to be eligible. Other funding programmes will require you to complete your project within 12 months. To avoid being caught out, always read the small print before you apply!

Timescales: some funding bodies may stipulate that their funding will not be available for a certain period of time. Establish if this is right for you, and if you could continue for that period without the cash injection.

Tips & things to think about

34

Just ask: if you don’t understand a particular stipulation or comment, then ask the finance provider. They will have the answers to your questions.

Look around: don’t assume that the first scheme you come across is the best for you. Find out more about the various funding bodies we have outlined in this booklet to see which funding scheme suits your needs best.

One size doesn’t fit all: in the same way that no one CV will impress a whole host of potential employers, no one funding application will appeal to every funding body. Tailoring your funding application to the agency you are approaching will increase your chances of success significantly.

Do your homework: securing funding is a highly competitive process so having a convincing business plan, a robust financial model and a carefully compiled grant application are the things that’ll help you stand out in a crowd.

Embrace the big picture: when you’re pitching your innovation to a funding agency, don’t forget that a huge part of their interest lies in the bigger economic picture. If you can demonstrate that your project will have significant positive economic impact, then you should be onto a winner.

Look to the future: it’s essential that you have a clear idea of what your business will look like after you have secured funding. For example, you may want to research options for further product development.

35


2016 Annual Review


2016 Annual Review

Energy Innovation CentreThe Technology Centre, Suites 1 and 2

Inward Way

Ellesmere Port

Cheshire, CH65 3EN

[email protected]

Tel: 0151 348 8040 Twitter: @EIC_UK

WWW.ENERGYINNOVATIONCENTRE.COM


Energy Systems Catapult7th Floor

Cannon House

18 Priory Queensway

Birmingham, B4 6BS

[email protected]

Tel: 0121 203 3700 Twitter: @EnergySysCat

ES.CATAPULT.ORG.UK


2016 Annual Review


2016 Annual Review

A guide to Funding - Energy Systems Catapult...Funding Connecting innovation to resource Unleashing...

Documents

Transcript of A guide to Funding - Energy Systems Catapult...Funding Connecting innovation to resource Unleashing...