Innovate UK is offering grants of up to £50,000 for creative, construction, transport, and agriculture companies to develop AI and ML-driven solutions.
Closing on 8 May 2024, the Feasibility studies for AI solutions: Series 2 competition will help companies deploy artificial intelligence to address a challenge or opportunity in their internal operations.
Here are the key things you need to know about who is eligible for this competition and how much funding you can apply for.
For a free, no-commitment assessment of your eligibility, just get in touch. Our grants experts would be happy to help.
Am I eligible for this grant?
To help you understand whether you’re eligible for this grant, we need to consider two things: your company and your project.
Your company
To lead a project, you must be a UK-registered micro, small, or medium-sized enterprise (SME), as defined by the government.
To qualify as an SME, your company must satisfy at least two of the following three criteria:
- Its turnover is no more than £36 million
- It has a balance sheet worth no more than £18 million
- It has an average employee headcount of no more than 250
You must also collaborate with another SME or an academic institution, such as a university.
Your project
Your project must:
- Look to develop an AI solution
- Address a business challenge
- Demonstrate an increase in business productivity
- Involve at least one other SME or academic institution
- Have total costs of £25,000 to £50,000
- Last four to six months
- Start by 1 October 2024 and end by 31 March 2025
You must carry out all of your project work and intend to exploit its results in the UK.
Not sure if your company or project are eligible? Get in touch for a free consultation.
How much funding can I apply for?
You can apply for between £25,000 and £50,000 in grant funding.
This competition will cover 100% of your project costs. That means you won’t need to secure match funding.
However, it also means you can only undertake a project with at most £50,000 in eligible costs.
Let GrantTree supercharge your chances
The Feasibility studies for AI solutions grant will help up to 100 companies accelerate success by capitalising on the cutting-edge power of AI.
Like all Innovate UK initiatives, we expect competition to be fierce. However, you can greatly improve your chances of winning with GrantTree’s Grants Collaborate and Strategic Review services.
Grants Collaborate equips your team with the tools they need to write a compelling application, demonstrating your eligibility and suitability for funding. You’ll also receive a round of detailed, personalised, and actionable feedback on your draft from an active Innovate UK assessor with experience winning sizable grants.
Our Strategic Review service, on the other hand, offers two rounds of feedback from an assessor, giving you unparalleled insight into what Innovate UK is looking for and what you need to put in your application to ensure it stands out from the crowd.
To learn more about these services or receive a no-commitment assessment of your eligibility for the Feasibility studies for AI solutions grant, just get in touch. One of our team will be right with you.
