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Future Innovation Fund

Our whole economy is experiencing extraordinary changes resulting from the COVID-19 pandemic. While this is a very challenging time, these changes can also drive innovation, create opportunities, and make businesses stronger and more resilient.

Following consultation with industry representatives, the £3m Future Innovation Fund pilot programme has been established by the Metro Mayor to support Liverpool City Region’s (LCR) small and medium sized enterprise (SME) community. The fund aims to incentivise SMEs to innovate, adapt and diversify in response to the challenges and opportunities presented by the pandemic and its associated impacts on the economy and society.

We ask prospective applicants to consult the Application Guidance and FAQs for detailed information, but an overview of the pilot follows.

Funding

Grant funding to cover eligible costs between £25-£100k on a strictly needs-justified basis.

Timescales

Funding will be available in £1m tranches or “calls” so that the pilot programme can be refined on an ongoing basis. The first call will close for applications on 6 July 2020.

Scope

Eligible projects must demonstrate alignment to the following priority areas for the LCR:

  • Delivering a sustainable industrial future: businesses seeking to take advantage of new opportunities in materials, manufacturing and engineering.
  • Open health innovation: business initiatives to enhance health & wellbeing, during and following the pandemic.
  • Global cultural capital: activities to support the resilience of LCR’s cultural vibrancy during and following the pandemic.
  • Zero carbon economy: businesses pioneering sustainable approaches to living, travel and doing business in a post-pandemic world, for example linking to the circular economy, mitigating single-use plastic and non-reusable PPE.
  • Tech for good: businesses that use technology and data to drive growth and improve society, including but not limited to “smart city” applications, high performance computing, data science and AI.
  • Digitalisation: initiatives in any other sector that will yield a clear improvement in business productivity, adaptability and/or diversification.

Who should apply?

Any SME based, or with significant operations, in the Liverpool City Region, who can demonstrate a viable project plan, capability to deliver, value for money and a clear need for grant funding. Applicants must satisfy the following eligibility criteria:

  • You were carrying out trading or pre-trading activities / registered as active on Companies House on or before 1 January 2020;
  • You have paid all relevant taxes your company is liable for as at the date of application submission (unless deferred/delayed in line with HMRC’s pandemic support measures);
  • Any grant funding awarded to you will be used to fund activities with demonstrable impact within 6 months from date of the grant award;
  • You shall not use any grant funding for:
    – working capital and other ordinary course business purposes;
    – operating directly or indirectly in the tobacco industry;
    – production of products/services used solely in the defence industry;
    – operating in the gambling or adult entertainment industries;
    – any activities with impact on religious movements;
    – any illegal activity; and
    – any activities with an adverse impact on human or animal rights.
  • Prior to funding being awarded, you will not have received more than £180,000 of public funds in the three years preceding the date of application; and
    (NB if you have received more than this amount then please refer to the State Aid Guidance below to check whether your organisation is still eligible to apply)
  • You agree to participate in:
    – webinars or similar events to showcase the innovation activity funded by the grant and promote future calls under the fund;
    – peer to peer engagement and mentoring activity to other businesses where appropriate; and
    – promotional marketing and communications activity.

The first round of applications has now closed. Details of the second round will be announced later in the summer.

LINKS

If this fund isn’t suitable for your business, please explore other support available through Growth Platform here.