Innovate UK, part of UK Research and Innovation, will invest up to £460,000 in young innovators with this competition.

The aim of this competition is to find a new group of young innovators that, with our help, can turn their great ideas into successful businesses.

We are looking for young people who would benefit most from the Young Innovators Awards, including the financial support and tailored package of expert advice, with access to the innovation tools and connections on offer. The financial support, tailored coaching and mentoring will be provided directly to the successful applicants.

Awards will start on 1 December 2021. The support awarded is for young innovators over a 12 month period.

Lead applicant

This competition is open to sole applicants only. To be eligible for an award you must:

You must be able to commit to:

  • working on average for 2 days (15 hours) per week on your Young Innovators Award, including some weekday time to meet with your Innovation Champion
  • attending 2 bootcamps, each lasting 1.5 days on 7 and 8 December 2021, and 17 and 18 May 2022
  • providing at least 4 days over the duration of the award to be a role model for the Young Innovators Programme

You are eligible to apply if you are receiving support from The Prince’s Trust’s in-person Enterprise programme.

The aim of this competition is to find young people with great business ideas who have the potential to become future leaders in innovation and successful entrepreneurs.

Your project must:

  • address a problem
  • be innovative
  • be significantly better than what is currently on offer including from existing businesses

As an award holder you will receive:

  • tailored business support including but not limited to; media and communications, for example, branding, business planning strategy, confidence, growing your networks; funding and finance options, for example, introductions to investors and pitch training, financial planning
  • a grant of £5,000 to cover eligible project costs, including travel to meet customers and partners, attending relevant training courses, equipment, hiring office space and IT support
  • a living allowance grant for 2 days (15 hours) per week throughout the duration of the award at an hourly rate matching the UK real living wage

We are looking to support award holders across the UK working on a wide range of business ideas, types, sectors, products, processes, and services. Your innovative idea can be:

  • ready to be developed into a new business
  • within an existing business

As part of your application, you must pitch your idea in a short video, up to 3 minutes long. This must be uploaded to either Vimeo or YouTube and provided as an unlisted link in question 18 of your application. If we are unable to view your video or it is not hosted on Vimeo or YouTube, your application will be made ineligible.

We are looking to fund a portfolio of projects.

We will select a portfolio of award winners who:

  • have high potential to be future leaders in innovation or successful entrepreneurs and inspirational role model to others
  • are most likely to benefit from the package of support on offer
  • represent a diverse range of innovative ideas for business
  • are located throughout the UK

An online briefing event will be held at 10am on 15th June: click here to register for a place.

If you want further information about making your application, you can view the webinars and resources delivered by KTN or check out the Frequently Asked Questions article here.