Scottish businesses are being urged to apply for a place in a new competition led by UK Research & Innovation (UKRI).

The Innovation in Professional and Financial Services competition will offer financial support to R&D projects which aim to develop products and services that deliver value to UK consumers.

In particular, the programme will offer vital funding for projects that increase access to services for underserved or excluded communities, individuals and businesses.

UKRI hopes to attract a broad range of businesses operating across a host of industry verticals, including legal services, insurance, open finance, regulatory compliance and payments.

Winn Faria, Knowledge Transfer Manager at Innovate UK KTN, said the competition will place a strong focus on “transforming the way that people, communities and businesses engage with finance.”

He explained: “We’d like to attract everyone we can. Particularly around sustainable and inclusive innovation, projects that are positively impacting the economy, exploring the better use of data or tackling fraud and broader environmental challenges.

“This is an opportunity where we are trying to attract and support entrepreneurs, small businesses that have innovative ideas but, for one reason or another, haven’t been able to access funding or bring their ideas to life.”

Other focus areas for the competition include the development of new, innovative ideas, increasing access to data for professional and financial services, and the creation of products and services in sustainable areas.

Faria added: “We’re looking for innovative applications. We’re looking for cohorts that are underrepresented. We’re looking for the ability to showcase how the UK can really be a world beater through its innovation talent.

“We want the UK to be outward looking and that those global economies outside the UK to look and see what we’re doing in professional and financial services.”

Funding Options

With a pot of up to £7 million available to businesses and entrepreneurs, successful applicants to the competition will be able to access funding via two avenues, Faria said.

“Single applicants” – which applies to a single business or entrepreneur – could secure grants of between £50,000 to £200,000.

For single applicants, Faria said that participants must be a UK-registered micro, small or medium-sized business. Similarly, their project must also be carried out in the UK and aim to deliver tangible benefits for UK consumers.

Meanwhile, collaborative projects will be granted access to a larger pool of funding and could secure up to £500,000 in total.

This funding route is available to UK registered organisations of any size, and can be used as part of a collaboration with other eligible UK businesses.

The competition criteria does require larger businesses to include micro businesses and SMEs, however.

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While the competition launched in September, Faria said applicants can expect more information on project awards in the coming weeks.

The deadline for applications is currently set for 9^th November at 11am.

Projects granted funding must also begin by 1^st April 2023, and will last between six and 18  months.

Faria commented: “With this competition, we are looking to take a portfolio approach where we make sure that we look at all the sectors and make sure that the whole breadth of the economy is represented.

“Each application will also be processed on its merits independently. So realistically, in the run up to Christmas we should have an idea of where we are with the with the applications.

“We need to be equitable in the way we approach this, so giving us that time to process applications is the right thing to do.”

Additional information on the competition can be accessed here.

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