Secured an Innovate UK Grant? Here’s What You Need to Do After

Winning an innovation grant is a significant milestone that can significantly progress your business towards growth and innovation. However, receiving the grant is just the beginning of a series of important steps you need to take to ensure the success and compliance of your funded project.

Securing an Innovate UK grant requires meeting various administrative and reporting requirements. Failure to comply with these requirements can result in the withdrawal of funding, reduction of the grant amount, or exclusion from future competitions. Innovate UK takes these obligations seriously, and so should you.

Key Stages After Winning an Innovate UK Grant

1. Project Setup

Once you receive the notification email from Innovate UK, the first step is to complete the project setup through the Innovation Funding Service (IFS) portal. This stage is crucial as it lays the groundwork for your project.

Essential Information for Project Setup:

• Administrative Data: Provide basic details such as your company’s address and contact information.

• Finance Officer Details: Include the name and contact details of your project’s finance officer.

• Updated Spend Profile: Incorporate any feedback from assessors and monitoring officers.

• Financial Records and Cash Flow Forecasts: Submit as requested by the monitoring officer.

• Exploitation Plan: Outline how you plan to utilise the project’s results.

• Collaboration Agreements: If you are working with a consortium, include the necessary agreements.

You must complete the project setup within 90 days of receiving your notification email. During this period, you will be assigned a monitoring officer who will review your setup and may request additional information or amendments. Once the monitoring officer approves your setup, you will receive an offer letter, allowing your project to commence on the agreed start date.

Tips for Successful Project Setup:

• Act Quickly: Complete your project setup as soon as possible to allow time for any necessary adjustments.

• Collaborate: Regularly communicate with your project partners to ensure mutual agreement on key documents.

• Inform Early: If delays occur due to legitimate reasons, inform your monitoring officer promptly to avoid penalties.

2. Quarterly Reporting

Throughout the project delivery, you are required to submit quarterly reports. These reports are essential for tracking your project’s progress and financial health.

Components of Quarterly Reporting:

• Project Progress Report: Document the work completed, costs incurred, and progress towards milestones.

• Updated Project Plan: Reflect any changes or updates in your project plan.

• Financial Reports: Submit quarterly forecasts and detailed spending reports, including evidence such as timesheets and invoices.

• Independent Accountant Report (IAR): Provide this report alongside your first quarter’s submission.

Significant variances (usually 10% or more) between forecasted and actual expenditures must be justified. If Innovate UK deems your reporting unsatisfactory, it can delay your grant funding instalments and potentially bar you from future funding.

Tips for Effective Quarterly Reporting:

• Partner with Accountants: Select an accountancy firm for your IAR before the project starts.

• Collect Information Continuously: Gather necessary data throughout the quarter to avoid last-minute rushes.

• Keep Detailed Records: Maintain thorough records of all expenditures.

• Communicate Issues Early: Inform your monitoring officer of any problems as soon as they arise.

3. End-of-Project Report

The final requirement is the end-of-project report, which summarises the overall impact and results of your project.

Components of the End-of-Project Report:

• Final Expenditure Statement: Include detailed evidence of expenditure.

• Final Exploitation Plan: Describe how you have utilised the project’s outcomes.

• Project Impact Report: Explain the project’s impact and its alignment with the goals outlined in your application.

• Future Impact Dissemination Plan: Outline plans for ongoing impact and dissemination of results.

You must submit the end-of-project report within 90 days of your project’s end date. Innovate UK withholds approximately 10% of your total grant until this report is approved.

Tips for a Comprehensive End-of-Project Report:

• Gather Documents Early: As soon as the project ends, request timesheets, invoices, and other documents from collaborators.

• Highlight Benefits: Clearly articulate the social and economic benefits of your project.

• Ensure Timeliness and Accuracy: To avoid funding delays, submit the report on time and ensure it meets the required standards.

Innovation Grant Advance Funding for Strategic Financial Support

Securing innovation grants can significantly boost your business, but managing cash flow during the project can still pose challenges. This is where Grant Advance Funding offers a strategic solution to ensure your project’s financial health and timely completion.

Innovation Grant Loans

SPRK innovation grant loans supports your company by providing access to capital based on your projected grant-covered costs. This enables you to fund your innovation spend and complete grant milestones without financial strain. Here’s how grant advance funding can benefit your business:

• Immediate Capital Access: At the start of each period, you receive advance funding for each quarterly or milestone payment, reducing your capital requirements by up to 60%.
• Enhanced Cash Flow: Boost your cash flow by drawing up to 80% of your quarterly grant costs upfront.
• Low-Cost Financing: You can benefit from an establishment fee of up to 1.5%, an interest rate of only 1.33%, and zero early repayment fees.
• Simple Process: Enjoy a quick and easy application process with fast approval and funding times. The process is entirely online with straightforward fees, allowing you to make your capital go further and retain equity.

Why Choose SPRK Grant Advance Funding?

• No Upfront Cash Payments: Access your grant payments sooner without the need for upfront cash.
• Cost-Effective: With low fees and interest rates, SPRK offers a financially savvy option to support your innovation.
• Zero Interest Repayments: During the term of the advance, there are zero interest repayments, making it easier to manage your finances.
• Repayment from Grant Payments: The advance is repaid directly from your grant payments, simplifying the process.
• Standardised Documentation: One set of standardised documents (first-ranking debenture) for all advances ensures clarity and ease of use.

SPRK Grant Advance Funding provides the financial flexibility you need to focus on delivering your project successfully. Maximise the impact of your Innovate UK grant with SPRK Grant Advance Funding. Contact us today to learn more and apply for funding.