Winning an Innovate UK grant could be a game-changer for your company. But don’t get too carried away when you get the good news. You still need to pass Innovate UK’s Due Diligence process before your project can start.
Innovate UK performs due diligence checks using information you submit via the project setup list.
The list will appear on your Innovate Funding Service (IFS) Portal once Innovate UK confirms that have won your grant.
The project setup list has eight steps and includes questions relating to your project, your team, and your finances. You have 30 days to complete the setup list, starting from the day you’re notified of your successful application.
Thankfully, due diligence is the last piece in the application puzzle. Once you finish the project setup list, and Innovate UK runs its checks, you will finally be able to sign the grant offer letter, and your project can formally start.
To help you navigate this process quickly and accurately, we’ve broken down each of the eight steps in the project setup list and what Innovate UK is looking for in each section*.
If you have any questions about the process, don’t hesitate to get in touch. Our grants experts are here to help!
Innovate UK Application Guide
Step 1: Project Details
In step one, you will set up your project by providing its start date and location.
Step 2: Project Team
In step two, you need to select and provide contact details for your project manager and a member of your finance team.
Your project manager will be responsible for setting up your project and will be the main point of contact for Innovate UK’s monitoring officer.
Your finance contact will be responsible for providing bank details for your organisation and handling any Innovate UK queries regarding project costs.
If you choose someone in either role who was not listed as a member of the project team on your original application, they will need to register on the IFS portal. They can do this via email they’ll receive from Innovate UK.
Note: The project manager and finance contact can be the same person.
Step 3: Documents
You must submit the following items in the documents section.
The exploitation plan should confirm your overall project plan and describe any partner activities that will exploit your project’s results.
IFS will provide a template for this document.
Note: Your exploitation plan is not set in stone. You can update it as your project changes over time.
Redacted bank statement
You must provide a copy of a company bank statement to ensure Innovate UK is paying money into the correct account.
Innovate UK only needs the top half of the statement, containing your address, account number, sort code, and IBAN. You can redact the rest.
Step 4: Monitoring Officer
Once the first three steps are complete, IFS will assign your company a monitoring officer, who will be the primary contact for your project.
The officer will check in with you quarterly to go through the project plan, track deliverables, and report progress to Innovate UK.
Once your project has a monitoring officer, you will create a high-level narrative project plan to track progress.
Step 5: Bank details
Provide the following details for your company’s bank account:
- Account number
- Sort code
- Billing address
Step 6: Finance
Once you provide your bank details, Innovate UK will perform a finance check on your company.
The agency may come back with some queries at this point, such as whether your subcontractors will be completing their work in house, or elsewhere.
Innovate UK will post any queries they do have in this section of your IFS Portal.
Step 7: Spend profile
Once your project’s finances are approved, you will complete a spend profile.
The spend profile will break out all your project costs by month from the start of the project until its end date.
Innovate UK bases reimbursements on your spend profile, so make sure you complete this section as accurately as possible.
Note: You will not receive any grant money in the first quarter of your project, but you can begin claiming reimbursement during the second quarter.
Step 8: Grant offer letter
Once all these steps are complete, your project manager can sign and submit the grant offer letter. And then your project can start.
*The steps listed above are common for an Innovate UK proposal involving a single applicant. More steps may be added depending on the type of grant, where your match funding is coming from, or if there is a consortium on the proposal.
I hope this blog has given you a better understanding of completing the project setup list. And of navigating Innovate UK’s due diligence process.
If you have any questions about due diligence or any other part of Innovate UK’s application process, just drop us a line.
Our grants experts would be happy to help.