DUKU MASTER INNOVATION FUNDING PROCESS

Find out how your business can take advantage of the grants and funding available for your latest product innovation.

SMART grants) as well as smaller funding opportunities. Recent examples include Women in Innovation and Fast Grants of up to £50k, which have been designed to be more accessible to a wider range of organisations. The size of the project or company is not so much of a barrier; it’s the quality and value for money to the taxpayer that is the real decider.

"From small-scale £10k feasibility studies to £3m+ multi-partner consortiums, we’ve learnt what grant funding is about and how it can transform a business idea," said Andrew.

Gaining funding to develop new projects can be a daunting and time-consuming process to navigate. There are numerous acronyms, forms and criteria to understand before finding a grant that might be suitable, leaving business owners feeling like they are trying to find a light switch in the dark.

Cheltenham-based product design consultancy Duku, established by product designers Andrew and Alex, has made considerable strides to ensure the region's pioneering businesses are in the best position to win funding for their latest innovations.

Celebrating its tenth anniversary this year, the company specialises in creating innovative design solutions and developing them through to production; helping over 500 start-ups, SMEs and large-scale companies including Whyte Mountain Bikes, Spirax Sarco and the NHS turn their design ideas into reality.

Duku's team have developed expertise in negotiating the tendering process for grants in recent years, providing clients across a broad range of sectors with design work that has helped achieve over £5 million in funding. Duku themselves have also won several rounds of funding for their own innovations, including the UK's first fully accessible EV charger which launched earlier this year.

"When applying for funding opportunities, the process and questions are often broadly similar. Here are some tips we have learnt along the way," said Andrew.

WHAT'S AVAILABLE?

Innovate UK

Government funding via Innovate UK provides targeted sectors with expertise and funding to test, demonstrate and evolve their ideas, driving UK productivity and economic growth.

There’s a perception Innovate UK only funds large tech corporations, but in fact, the organisation also o ers a considerable amount of non-specific funding (e.g.

Other funding

There are other schemes the government o er to help reduce the outlay for businesses that are looking to innovate. The Patent Box scheme reduces corporation tax on profits if you have a granted patent on your new product. R&D tax credits can be used to recoup expenditures on development work. Lastly, there are regional Growth Hubs and Universities which o er advice and access to any relevant regional funding.