Subsea UK has joined forces with Scottish Enterprise to launch a programme of practical support and workshops to help underwater engineering companies secure funding for research and development and innovation.
Funding from UKRI (UK Research and Innovation) is worth around £6 billion per year but in many cases, subsea companies are missing out on securing funding support because they don’t know it exists or they believe the process for applying is too complex, Subsea UK said.
With grants available from sources as diverse as Innovate UK, the European Space Agency, the UK government’s Defence and Security Accelerator and Eurostars, the potential to apply for and secure vital funds for R&D activity is huge, the industry body noted.
The “Securing Funding for Innovation” programme will help companies increase their chances of adding thousands to their R&D budgets, supporting innovation in the sector.
Subsea UK will launch it with a webinar on 19 November, led by Craig Moir and Jane Watters of Scottish Enterprise. Specialists in helping innovative companies access funding and find partners for their projects, they will lead participants through the funding call process, advise on available support and highlight successful case studies.
Following the webinar a series of practical workshops will cover topics such as writing a winning application and partnering opportunities. One-to-one support will also be available to individual companies.
Neil Gordon, chief executive of Subsea UK said:
“As subsea companies rise to meet the net-zero challenge, look to the green recovery and diversification into renewables, innovation and developing new technology become increasingly important.
“With resources constrained due to the oil price collapse and COVID, companies are finding it difficult to spend time on identifying sources of funding and then going through an application process which may be unsuccessful. But with grants available at a Scottish, UK and European level, we want to make sure our subsea companies are not missing out and can increase their chances of a successful funding award.
“Our aim is to provide a sustained programme of practical advice and support which will arm companies with the knowledge and tools they need to identify the right funding support for them and then make sure they have a winning application. This, in turn, will support wider innovation and ambition across the subsea supply chain.”
Craig Moir, specialist at Scottish Enterprise said: “Although much of the current innovation funding support is focussed on the green recovery, companies need to be aware there are other funding sources out there for their specific innovation.
“This programme of webinars and workshops will bring real practical support to companies aiming to improve their chance of success.”