Grant Funding
What is the IMPACT Torbay UKSPF Grant Fund?
The IMPACT Torbay UKSPF Grant Fund is designed to help local businesses and entrepreneurs in the Torbay area experiment, validate and launch their innovation propositions. Grants of up to £10,000 may be awarded to businesses looking to launch truly innovative projects.
Applications are open to business who are currently enrolled in, or have previously completed an IMPACT Torbay Accelerator and will be assessed on a rolling basis at the end of each cohort. Please note that while we strive to fund as many businesses as possible, the grant is highly competitive and not all businesses will receive funding.
The funding is available for businesses looking to:
Adopt new technologies or processes
Create and safeguard jobs within their organisation for innovative new products/services
Introduce new products or explore new markets
Improve productivity across their operations
Enhance focus on R&D activities
What we cannot fund:
Equipment purchases for already established products/services
Hiring a new team member for BAU activities
Administrative documentation or training
How do I apply?
Applications are open for those enrolled in an Accelerator. Your solution coach can provide you with the application link.
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Existing businesses of any size based in the Torbay district (TQ1 - TQ5) are eligible to apply.
Please note that all organisations receiving funding have to have completed, or be in the process of an IMPACT Torbay Accelerator.
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The application will ask for the following information:
Details of your business.
A description of your business proposition, what problem(s) it addresses, who it affects and how it’s different or more effective than existing solutions.
How you plan to test and launch your proposition, including: the resources required, key milestones, a timeline and the measures for success.
Which of the UKSPF outcomes you believe your solution will achieve.
Details of your financial capacity and expenditure intent.
FAQs
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The grant funding must be used for at least one of the following UKSPF outcomes:
To introduce new products to the firm.
To adopt new-to-the-firm technologies or processes.
To start research and development activities.
To create or safeguard jobs.
To improve productivity.
To engage in new markets.
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We want to support businesses to maximise the funding available so all grant recipients will be invited to undertake support sessions with the IMPACT Torbay team.
Recipients will be invited to participate in an 8-week IMPACT Torbay Accelerator programme alongside their grant funding. Where this is not possible, recipients can agree to a minimum of 10 hours business support.
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The applications received will undergo an initial screening to ensure they meet our eligibility criteria for the fund.
Eligible applications will be reviewed and shortlisted. Shortlisted applicants will be asked to interview to gain additional clarity on their goals, requirements, and expenditure.
A final panel will then select the top-scoring proposals to be awarded the grants.
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All applicants will be notified of the decision. Successful applicants will receive further details on the grant disbursement process.
Applications will be assessed on a rolling basis during the course of the accelerator.
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Unsuccessful applicants are eligible to apply again.
They will be provided with feedback on why their application was not selected, which should be used to refine their future applications.