Diversity and Inclusion investment readiness package of support – Expression of Interest (EOI)
Innovate UK is seeking to establish a tailored investment readiness package of support to level the playing field for all innovators.
Opportunity Details
When
Registration Opens
25/07/2023
Registration Closes
30/08/2023
Award
No funding will be provided in this EOI competition at the design workshop phase. Following the initial EOI stage and the co-design workshop, successful applicants will be invited to submit a full proposal to deliver bespoke investment readiness support for up to 300 innovators by March 2025. The total budget for the investment readiness support is expected to be up to £1.5 million, with the anticipation that funding will be split between multiple partners.
Organisation
Innovate UK
This EOI application has closed. We are in the process of reviewing applications and we will get back to all applicants by week commencing 11 September 2023.
Innovate UK is seeking to establish a tailored investment readiness package of support to unlock the potential of diverse talent. The purpose of the package of support is to level the playing field for all innovators, equipping them with the knowledge and understanding to navigate the private investment journey.
To design this new package of support, Innovate UK is promoting a collaborative approach. We are bringing together organisations from across the UK that have a depth of experience in promoting diversity and inclusion in investment, and deep understanding of the barriers faced by groups currently considered by Innovate UK as underrepresented in innovation. This is informed by the outcomes of a market consultation event held with key stakeholders on 28 March 2023.
Innovate UK invites interested organisations and companies across the UK with a track record in supporting innovators from diverse backgrounds to submit an Expression of Interest (EOI) to be part of designing the package of support in a collaborative two-day workshop on 27-28 September 2023 in London.
Following the initial EOI stage and the co-design workshop, successful applicants will be invited to submit a proposal to deliver bespoke investment readiness support for up to 300 innovators from diverse backgrounds and support them in understanding how to attract private investment (or grow their businesses through other routes) by March 2025. The total budget for the investment readiness support is expected to be up to £1.5 million, with the anticipation that funding will be split between multiple partners.
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To qualify, you must:
- Be a UK-based organisation working on investment readiness training, accelerator programmes, or any other training programme for innovators and founders
- Commit to attend and participate in a two-day workshop in the Autumn (date to be confirmed shortly)
- Have experience working with micro and small and medium-sized enterprises (SMEs) looking to raise investments
- Have a good understanding of the investment ecosystem in the UK
- Have experience supporting innovators who are underrepresented in the innovation ecosystem
- Have capacity to deliver an investment readiness package of support
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- Strong understanding of the challenges faced by innovators from diverse backgrounds to access investment
- Track record of supporting innovators to raise investment with a focus on underrepresented groups
- Demonstrated ability to contribute to designing a tailored investment readiness programme
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Following the submission of the Expression of Interest (EOI), organisations will be selected to participate in a closed workshop on 27-28 September 2023 in London to design the approach and specification for the tailored investment readiness package of support. In the workshop, participants will get an opportunity to partner with other organisations to create a comprehensive delivery proposal for the investment readiness programme.
The number of successful organisations selected to attend the workshop will depend on the evaluation of the EOIs. All organisations invited to participate in the design workshop will be eligible to submit a full proposal for delivering the investment readiness programme.
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No funding will be provided in this EOI competition at the design workshop phase.
Following the initial EOI stage and the co-design workshop, successful applicants will be invited to submit a full proposal to deliver bespoke investment readiness support for up to 300 innovators by March 2025. The total budget for the investment readiness support is expected to be up to £1.5 million, with the anticipation that funding will be split between multiple partners.
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The training programme will cover at least three cohorts of innovators in an 8-to-12-week investment readiness training programme, and post training follow ups. At the end of each training programme, participants must be able to comfortably navigate the investment journey.
The first cohort must be able to start before March 2024 and all activities must be complete by March 2025.
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We welcome and encourage applications from people of all backgrounds and are committed to making our application process accessible to everyone. This includes providing support, in the form of reasonable adjustments, for people who have a disability or a long-term condition and face barriers applying to us.
You must contact us as early as possible in the application process. We recommend contacting us at least 15 working days before the competition closing date to ensure we can provide you with the most suitable support possible.
For any reasonable adjustment support, you can contact us by emailing support@iuk.ukri.org or calling 0300 321 4357. Our phone lines are open from 9am to 5pm, Monday to Friday (excluding bank holidays).
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For more information about the EOI, a drop-in session is being held to answer questions on 3rd August 2023. Register here.
If you have any questions email: shiemaa.ahmed@iuk.ktn-uk.org