UK Coronavirus Innovation Response Package

28 apr 20

In response to the Covid-19 pandemic the UK government is committing a sizable budget to support businesses tackling the issues brought about by the virus. Innovative SMEs could benefit greatly from the financial support on offer. At 3fD we are encouraging businesses to utilise this opportunity to work with us and develop products that help grow their business and assist in the battle against Covid-19.

The UK economy is taking a hit from the impact of Covid-19 and as such many businesses are suffering. However, as with any disaster, opportunities do present themselves. For SMEs and individuals looking to develop new products and offer services that support the UK economy there is plenty of funding available.

What financial support is on offer?

The Chancellor has announced that a £1.25 billion support package will be made available to UK based innovative companies. The support package will come in the form of loans, grants and equity investment through a multitude of schemes set up by government initiatives and local authorities.

  • Innovate UK will be accelerating up to £200 million of payments though grants and loans to its current 2500 customers.
  • Up to 1200 new Innovate UK customers could receive a maximum of £125,000
  • For R&D intensive small and medium sized companies £750 million will be made available.
  • The Future Fund will offer £500 million of matched funding to companies who are registered in the UK and have managed to raise £250,000 third party investment in the last 5 years.

Funding will support the development of new products

For companies heavily involved in R&D these schemes will provide a strong level of financial support. This is great news for SMEs and individuals looking to develop new products that will have a positive impact on the UK economy.

The Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden, stated that “We are the tech and creative capital of Europe, and it’s crucial to maintain our place. This funding will protect high growth businesses and enable the unicorns of tomorrow to thrive so that tech is in pole position to drive our post COVID recovery”

For those looking to develop new technology or new applications of existing technology these grants and funding will be readily available. At 3fD we offer a full turnkey solution for the R&D, design and manufacturing for such projects.

What further information is available?

At this current point in time the UK government is yet to announce the full details of its Covid-19 package. However, more information about the UK Coronavirus Future Fund can be found on the government's website.

Further information is to be announced during May 2020.

If you are looking to kickstart the development of a new product or expand your business offering then please feel free to get in touch with us to discuss your needs.