Innoventique's Innovation Grants are awarded help winning Innovations succeed. Grants can be up to £3000, but the average Grant is about £1000. The Grants are self funded, which means that the number and size of Grants awarded are dependent on contributions received. Applications for a Grant must be made by a Manager, and Grants are awarded purely on merit with help from a professional panel. Although Innovators contribute the funds, they themselves may not apply for an award.

What is an Innovation Grant?
Once a Manager has selected what he believes is a good business opportunity, he needs to design and specify the 'Proof of Concept' Project, and find the money to run the Project. This is usually sourced from Investors through a Business Angel network. Sometimes, however, the Project really doesn't suit the needs of Investors. Perhaps it simply doesn't require much money to complete, or perhaps the opportunity is already at a more mature stage and doesn't really need 'proving'. Or sometimes, the award of a Grant will lend extra credibility when seeking funding from Investors. In such cases, so long as the opportunity is eligible, a Manager can apply to Innoventique for a Grant to enable him to proceed with the opportunity.

How is the Grants Fund built up?
When an Innovator posts his or her Innovation on the Innoventique Exchange, they have to pay a posting fee. At the same time, they are given the option to make an extra contribution of £100.00 to the Grants Fund. There is about a 1 in 10 chance that any individual Innovation will be awarded a Grant, and there are no guarantees.

Which Innovations are eligible for a Grant?
Only those Innovations whose Innovators have contributed to the Grants Fund are eligible. No applications from Managers for opportunities where a contribution to the Grants Fund has not been made will be considered.

Who decides who gets a Grant?
Innoventique has created a panel of highly experienced businessmen who are asked to comment upon the merits of all Grant applications. The decision on individual Grant awards is made by the Directors of Innoventique Communications community interest company and there is no right of appeal.

How does a Manager apply for a Grant?
The first step is for the Manager, at his own time and reputation risk, to define a not-for-profit 'Proof of Concept' Project to test and confirm that all the factors needed to realise commercial potential are there - protectable intellectual property, market, price points, manufacture, and so forth. Once this is written and the Manager has confirmed that the opportunity is eligible, he can apply simply by forwarding - in soft format - the completed Proof of Concept specification to Innoventique with a covering note requesting consideration for a Grant.

What does the Grants scheme cost to run?
The Grants Fund is self financing from contributions and takes no administration fees. Neither Innoventique nor the Panel take any fees from the Fund, it is run purely as a benefit for contributing Innovators.