Innovate UK, part of UK Research and Innovation, will invest up to £2 million in innovation projects in partnership with the Korea Institute for Advancement of Technology (KIAT).

The aim of this competition is to fund collaborative research and development (CR&D) projects focused on industrial research. Your proposal must include at least one partner from the UK and one partner from South Korea.

The projects we fund are expected to result in a new product, industrial process or service, be innovative, involve a technological risk, and have high market potential in the participating countries.

Your project must focus on one or more of the following sectors:

Your project must:

  • apply for a maximum grant of £350,000
  • start by 1 November 2022
  • end by 31 October 2025
  • last between 24 and 36 months

UK project partners must carry out the majority of their project work in the UK and intend to exploit the results from or in the UK.

The consortium must include at least one business registered in South Korea that is a separate, non-linked entity. All businesses in a consortium must be separate legal and non-linked entities.

Projects should have a balanced contribution of the total eligible project costs among the partners from the participating partner countries. No more than 70% of the total project costs can be claimed by any single partner or by all partners from a single participating country.

To lead a project your organisation must:

  • be a UK registered business of any size
  • be or involve at least one grant claiming UK registered micro, small or medium-sized enterprise (SME)
  • collaborate with a South Korea registered business, which must be a separate non-linked entity to the UK project partners

To collaborate with the lead, your organisation must be a UK registered business of any size, academic institution or research and technology organisation (RTO).

The aim of this competition is to fund collaborative research and development (CR&D) projects focused on industrial research.

Your project must demonstrate:

  • a clear game changing or disruptive innovative idea leading to new products, processes or services
  • a strong and deliverable business plan that addresses and documents market potential and needs
  • sound, practical financial plans and timelines
  • good value for money which will always be a consideration in Innovate UK funding decisions
  • a clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
  • clear, considerable potential to significantly benefit the UK economy or national productivity
  • the benefits of participants from the countries working together and how this adds value
  • a clear definition of where intellectual property (IP) can be used and shared between the participants and countries
  • a clear route to market within 2 to 3 years of project completion

An online briefing event will be held at 12 noon UK time on Tuesday 22nd February: click here for the joining link.

If you would like help to find a project partner, contact Innovate UK KTN’s International team.