Creative Industries Fund Opens: £25K For Creative Business Growth

As part of the £750 million COVID support fund, Innovate UK, part of UK Research & Innovation, is investing up to £2.5 million in innovation projects, through the Creative Industries Fund, to help businesses bounce back from the effects of the pandemic.

UK registered micro and small businesses in the creative sector can now apply for a package of support to grow their business. This package includes ongoing support from Innovate UK EDGE and funding of up to £25,000 for innovation projects.

The aim of the competition is to provide a package of targeted support for growth so ambitious, creative businesses can reach their potential.

This package is designed to help creative businesses to explore new revenue streams by creating new products, services or IP which respond to changing market conditions.

Proposals must:

  • be from the creative industries or support the creative industries
  • focus on a clear opportunity and the proposed innovation to address it
  • demonstrate the impact funding and support can have to the growth plan of your business

Scope

Your project must:

  • offer a clearly innovative and ambitious idea
  • be new to your business, with a demonstrable impact to your growth plan
  • create a new revenue stream, for example new products, services or IP
  • respond to the changing market conditions, such as new modes of audience consumption, or the adoption of new technologies within the sector
  • be market ready within 12 months of receiving support
  • be able to start rapidly
  • represent value for money

Innovate UK welcomes applications which can demonstrate benefit to the wider creative industries sub sector or regional cluster.

Eligibility

Your project must:

  • have total eligible costs up to £25,000
  • end by 31 March 2022
  • last between three and six months

Lead organisation

To lead a project your organisation must:

  • be a UK registered micro or small business
  • have not previously received funding from InnovateUK
  • be from the creative industries or support the creative industries
  • have a demonstrable ambition for growth
  • carry out its project work in the UK
  • intend to exploit the results from or in the UK

If your application is successful, you must work with an EDGE advisor to maximise your project’s impact.

To find out more and to submit a Creative Industries Fund application, visit the Innovation Service website.

The competition closes at 11:00 UK time on 16 June 2021.

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