| Grant for Investigating an Innovative
Idea
What is it?
If you've got an innovative business idea, you could qualify for a
grant from the DTI. The aim of the Investigating an Innovative Idea
grant product is to help businesses based in England with fewer than
250 employees develop their ideas by working with external experts.
The outcome will be an action plan, which you can then use to take the
idea forward to develop significantly improved products, processes and
services.
Working up and implementing the action plan can also help you acquire
the skills you need to develop and implement new ideas in the future.
Developing new products, processes or services can be a complex process.
Some businesses, particularly small businesses, lack the knowledge or
skills to manage the process effectively and may need external help.
Once you have an innovative business idea, the first step is to identify
the areas where your business needs help to put it into practice.
A mentor - either a Business Link Adviser or an independent external
consultant - can help you do this using a special diagnostic tool developed
by the DTI. Working through the diagnostic tool with your mentor will
show you exactly the areas - if any - where your business requires additional
expertise in order to develop an action plan to implement your idea.
With the help of your mentor, you can then start to source and cost
the expertise you need. Consultants work in many different areas, including
technology, marketing and skills, and you may need help in one or more
of these to move your idea forward. Once you have identified the right
consultants, and have worked out the cost of using them, you can apply
for this grant.
If your application is successful and you decide to accept our offer
of a grant, you can then plan the work in detail with your mentor and
carry out the project. By the end, you should have a detailed action
plan which will enable you to implement your idea. Alternatively, you
may find out that your idea is not viable, which could save you considerable
cost and effort in the longer term.
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