The UK has a program to incentivize startups to seek the advice they need to get, or keep things rolling. Frequently young companies skip over direct professional advice as it is costly for lean startups. Innovate UK is a program where a business can receive a voucher for up to £5000 for a small business. The “Innovation Vouchers are now open to all kinds of smaller businesses. The program is designed to encourage people to reach out to get the necessary knowledge to help a business grow. There are five key criteria:
- you need to be a start-up, micro, small or medium-sized business located in the UK
- this should be the first time that you have worked with your chosen knowledge supplier
- the idea that you want help with should be a challenge for your business that means you need to look for specialist help
- your idea should be applicable to one of the priority themes
- you have not had an Innovation Voucher from the Technology Strategy Board before.
Until today these vouchers were only available to those companies working in specific technology areas but the program is now open to any business that meets two simple tests:
- you need specialist help to meet a business challenge
- it’s the first time you have worked with the knowledge supplier
The first round of applications for Innovation vouchers under the new rules opens on 10 November.
The government program acknowledges that every bit helps when you are a small business. The UK wants to encourage small business growth as it is a key economic driver and creator or jobs. Economic growth in the UK was recently revised downward but in contrast to much of Europe the British economy is doing far better.