Innovative Product Design QUALITY, EFFICIENCY, CLARITY

DUKU'S TIPS & TRICKS

It’s not just about the idea

Although your product may be great idea, that isn’t enough in isolation to win funding. Grants need to be repaid through commercial success, job creation or export opportunities for the UK. Ultimately, as any investor will attest, it is about risk versus reward. Your application needs to demonstrate you understand that and don’t under or overplay the opportunity. Evidencing what you say will be key, if you think it will create a revenue of £50m in year one and 100 new jobs, then you will need to show how you got to those figures.

Be ready

You will be asked about more than just the idea in the application, including your financial forecasts, market opportunity, competitors, delivery team, intellectual property... the list goes on. Any questions you’re unsure about will become a weakness in your application, focus on those and seek advice until you can confidently answer every point.

Consortiums are good

Finding partners to work with is generally seen as a positive. It spreads risk, keeps everyone involved accountable and benefits more than one organisation. Ideally finding a mix of development partners, academics, and stakeholders that represent the end user should be considered. If a company owns vital IP for your project, then bringing them in as a partner would make sense, however, make sure to approach them well before an application starts (not the week before!). Bear in mind they may need to input a significant amount of time and information themselves.

Value the experts

Not all funding or grants o er cash, some o er time from experts, this can be just as valuable to act as a sounding board and expand the opportunity. We’ve been fortunate to receive support from Innovate UK's EDGE and KTN programmes, giving access to experts that don’t have a vested interest in your business and will dig out the weak points in your plan, ultimately making it more investable or ready for funding.

Stand out from the crowd

Creating a professional and well-thoughtout design is integral in giving you the best chance when pitching your idea. Whether this is a digitalised render created with computer-aided design, or a physical prototype, it helps prove the viability of the idea and helps judges or potential investors understand your concept more easily.

Duku o er a complete product development service, combining design and engineering to give you the best possible chance of achieving funding and delivering the project.

“After winning Innovate funding, we needed a design company with the skills and experience to deliver the project. Duku reassured us that they would take care of the design and prototyping, finish it on time and to a high quality. Not only did they keep their promise, they also opened doors for us, introducing us to other funding opportunities, whilst also taking care of regulatory compliance and IP. Thank you, Duku!”

Mirjana Prokic

DON’T GIVE UP

Although there can be a limit to the number of times you can apply for certain grants, the feedback and score you receive will be valuable even if you’re not successful. It will give a good steer as to where the project needs more clarity or work.