Innovation, research and development grants

Research and development (R&D) funding helps businesses invest in the development of new products, services or technologies. However, not all businesses will be eligible for an R&D grant. If you don't qualify for a grant, there are other ways to finance your research and innovation projects.

Alternative funding options for innovation and R&D

If you're unable to access government grants for R&D, other options for financing your innovation include:

Venture capital

You may be able to secure funding from private investors or venture capital firms in exchange for equity in your business. Learn more about venture capital.

Business loans

Traditional bank loans or government-backed loans (such as Innovate UK Innovation Loans or the British Business Bank) can help cover R&D costs. Read about getting a business loan.

Crowdfunding

Online platforms can help you raise money from a large pool of small investors. Crowdfunding is ideal for businesses with innovative products that may appeal to the public.

Industry-focused awards, competitions and challenges

Various sectoral organisations run innovation awards, competitions and challenges, some of which may offer cash prizes and support, as well as valuable exposure for your business. These organisations may be:

• charitable organisations - such as The Wellcome Trust
• professional bodies - such as The Institute of Physics
• academies promoting research in specific fields - eg The Royal Academy of Engineering
• independent organisations - like The Carbon Trust, Women In Business NI and more

Contracted initiatives

Many government departments contract businesses for work that addresses specific research challenges. A common way of delivering such contracts is through the Contracts for Innovation mechanism , formerly the Small Business Research Initiative.

Next step towards funding your innovation

If you haven't qualified for government R&D grants, don't give up. New challenges, competitions, and opportunities arise regularly, often with different eligibility criteria and scopes. Here are the key steps to take:

STEP 1: Contact a support organisation

Even if you don't qualify for their funding, these organisations may offer advice and other types of assistance, and signpost you to other sources of support. Reach out to:

• Invest Northern Ireland - Tel 0800 181 4422
• InterTradeIreland - Tel 028 3083 4100
• Innovate UK
• other funding bodies to get specific guidance

STEP 2: Stay updated

Check for new funding opportunities regularly:

• Use the Innovation Funding Service on GOV.UK to find details on different UK government-run funding programmes.
• You can also browse our Business Support Finder to learn about the specific support available in Northern Ireland.
• Finally, you can search the British Council Euraxess database to find funding opportunities. You can filter these based on location, discipline and the type of funding.

On other pages of this guide, you can also review R&D grants and support in Northern Ireland and read details on UK-wide support for innovation and R&D. Information is available elsewhere on this site regarding R&D tax credits.