The Business Tailor Innovation Fund and our knowledge of a range of funding opportunities means we can provide advice and guidance on the financial opportunities available for business development.
Business Tailor Innovation Fund
Innovation funding of up to £5,000 is available to Scottish based SMEs to support projects with our Business Tailor partners to develop or improve products, processes or services that will benefit your business.
The fund is neither sector nor technology specific - we simply require full commitment from you through match funding which can either be monetary or in kind (your time toward the project).
The overarching focus of the award is that projects should have the potential to increase the profitability and turnover of your business, therefore benefiting the Scottish Economy.
Priority is given to applications that have the potential to develop follow on activities and long term relationships with the Business Tailor partners and, where relevant, can demonstrate a clear route to market and indicate a step change in the current processes within the company.
You will be eligible to apply for the Business Tailor Innovation Fund if:
- Your company is based in Scotland
- Your company meets the European Commission's definition of an SME, e.g.:
- has less than 250 members of staff and;
- a turnover of less that 50 million Euros or
- a balance sheet total of less than 43 million Euros
- Your supporting academics are based at one of the partner institutions; and
- Your company can demonstrate that the funding will not take them over the ceiling for de minimis aid to an SME. The ceiling is currently 200,000 Euros for all de minimis aid given to any one company over a three year period; and
- Your company has not previously collaborated with a Business Tailor partner.
How to apply
In the first instance please contact us to discuss your business requirements. We will advise and assist you in completing an application. Applications should demonstrate:
- The need for academic support
- The requirements of the initial feasibility work
- The potential for follow-on work
- Value for money
- The likelihood of the development or improvement of new products, processes or services
- A clear route to market or a clear understanding of how the new processes will financially benefit the business
- The impact the expected outcomes will have on the company (e.g. increased turnover, profitability, new staff employed or jobs safeguarded).
A member of our business development team will work closely with you to complete the application form, ensuring the process is as simple as possible.
Other funding opportunities
We can also identify, and offer advice on, alternative funding opportunities which may meet your needs and assist with the application process. These opportunities include:
- Knowledge Transfer Partnerships
- SMART Awards
- Scottish Funding Council Innovation Vouchers
- Scottish Funding Council Innovation Vouchers - Follow on Funding