Young people (aged 18-30 on 28 July 2021) can apply for an award to make their business idea a reality. The award includes a grant for £5,000, a living allowance and tailored business support.
Innovate UK, part of UK Research and Innovation, will invest up to £460,000 in young innovators through this competition. The aim of it is to find a new group of young innovators who can turn their great ideas into successful businesses with the help of the award.
The award is open to young people who would benefit from the financial support and tailored package of expert advice, including coaching, mentoring and access to innovation tools and connections.
To be eligible for an award you must:
- Be a sole applicant
- Be a UK resident who has the right to work in the UK or will have the right to work in the UK for the duration of the award
- Be aged from 18 to 30 on the date of competition closing
- Have not previously received a Young Innovators Award from Innovate UK.
You must be able to commit to:
- Working on average for two days (fifteen hours) per week on your Young Innovators Award, including some weekday time to meet with your Innovation Champion
- Attending two bootcamps, each lasting one and a half days
- Providing at least four days over the duration of the award to be a role model for the Young Innovators Programme.
As the aim of the competition is to find young people with great business ideas and with the potential to become future leaders in innovation, projects must address a problem, be innovative and significantly better than anything else currently on offer from existing businesses.
Award winners will receive tailored business support including media and communications, branding, business planning strategy, confidence, and growing your networks. As well as funding and finance options, such as introductions to investors, pitch training and financial planning.
Each winner will get £5,000 plus a living allowance in the form of a grant based on two days working on their projects each week for a year. It is anticipated that 32 awards will be given.
Innovate UK is looking to support award holders across the UK working on a wide range of business ideas, types, sectors, products, processes, and services. Innovative ideas can be ready to be developed into a new business or already within an existing business.
A wide portfolio of award winners will be selected representing a diverse range of innovative ideas for businesses located throughout the UK.
For further information please visit https://ktn-uk.org/news/young-innovators-awards-2021-22-frequently-asked-questions/.
Registration is now open and closes on Wednesday 28 July. Awards will start on Wednesday 1 December 2021 and the support awarded is for young innovators over a 12 month period.
[Photo by Bruce Mars on Unsplash.]