Grants & Funding.

A lack of funding is the main reason why many products fail to get to market.
We can help you identify sources of finance to ensure your project is sufficiently resourced.

You’re likely to have questions such as how much does it cost to develop a new product? How do I fund my project? Where can I find private investment? And is there any government support available for my business? These are all valid questions and ones that require clear answers when developing a new product innovation. Yet, the amount of money you will need will depend entirely on what you are aiming to create.

When partnering with us, we will walk you through the numerous options that are available to you – inclusive of self-funding, crowdfunding, government grants and private investment. These are the main avenues for securing the necessary capital to bring a new product to market.

In a nutshell, self-funding the project involves using your own money. Nice and simple, especially if you have the funds readily available and you are prepared to back your own idea. Crowdfunding your project is when you put your product onto an online platform and ask people to buy the product before its even been made. It creates awareness of your product, and when consumers decide they need your product, you can use their revenue to manufacture it. We have had lots of direct experience of government grants, through working with both InnovateUK and Welsh Government . If you are part of a business, then applying for a grant to assist you in research and development could be beneficial. Then there is private investment, which involves pitching your idea to high-net-worth individuals in the hope that they share your vision and offer investment in your business.

Each of these options will have pros and cons and your ability to access these will depend upon your personal situation, market and product offering. Have a conversation with us to help identify the most appropriate route forward for your business and your product.

Start Your Journey With Us

Our Approach.

Our trademarked Rapid Product Development (RPD) Pathway is central to every project. Whether you want to work with us to design an award winning consumer product, or a game changing medical device – we will walk you through a series of stages so that we can achieve the best outcome for your business. Our design management approach ensures that your technical, commercial and financial risks are mitigated throughout the entire development journey.

1 - Foresight

We will determine the technical and commercial viability of your design idea at the start of your journey.

2 - Concept

Then, using digital sketching, we'll explore a variety of possibilities to establish the best design direction.

3 - Development

Our expert team will create your product in a virtual environment with specialist in-house 3D CAD software.

4 - Detail

Prototyping technologies will allow us to test your design - ensuring that it meets the needs of its users.

5 - Optimise

Final refinements will be made so that we can prepare the engineering data needed to manufacture your product.

6 - Verify

It may then be necessary to engage an external test house to verify that your product meets safety regulations.

7 - Handover

Finally, we'll provide access to our network of manufacturing partners to produce the product we have created.

Case Study.

Copner Biotech is a biotechnology company based in South Wales. ITERATE supported the business via the Welsh Government’s SMART Productivity & Design programme, which enables fledgeling companies, such as Copner Biotech to access up to 8 days of fully funded design consultancy to stimulate the development of new products. The company is focussed on producing novel 3D cell cultures and has developed an innovative bioprinting platform. ITERATE worked with the Copner Biotech to explore possible aesthetic design concepts for their 3D print unit. This involved an analysis of existing machines and technologies in the market – subsequently leading to the creation of a new enclosure design that considered factors such as usability; ease of maintenance; material selection; and design for manufacture.

Our Work.

We have achieved ISO 9001 & 13485 accreditation, enabling us to offer product design, research, development and
prototyping consultancy to private companies and public sector organisations in medical, consumer and industrial markets.

More Success Stories

Customers & Partners.

“Great design work delivered as part of the SMART Productivity and Design programme. Precise, accurate and of great value. They helped us by embracing our need to innovate, looking for alternative solutions and prototyping some tools to improve our packaging manufacturing system. I would highly recommended this team to work with for all sort of projects.”

Dr Gianmarco Sanfratello, Co-Founder & CTO, PlantSea Ltd.

FAQs.

What types of grants and funding are available for product design projects?

In the UK, product design projects can access various funding options:

  1. Government Grants: Innovate UK offers grants for innovation and development. Local councils may also provide support.
  2. Research Councils: Funding from councils like the Engineering and Physical Sciences Research Council (EPSRC) for research-driven projects.
  3. Private Foundations: Organisations like the Design Council offer grants for design-led innovation.
  4. Corporate Sponsorships: Companies provide funding for projects aligning with their strategic interests.
  5. Crowdfunding: Platforms like Crowdfunder enable public contributions.
  6. Angel Investors and Venture Capital: Investors provide capital for high-potential projects in exchange for equity

Please ask ITERATE for more information.

What are the eligibility criteria for securing grants and funding for product design projects?

Eligibility criteria for securing grants and funding for product design projects in the UK typically include:

  1. Innovation: Projects must demonstrate significant innovation or advancement in design.
  2. Feasibility: A clear, feasible plan with defined milestones and outcomes.
  3. Impact: Potential for economic, social, or environmental impact.
  4. Business Structure: Often limited to registered businesses, startups, or SMEs.
  5. Location: The project or business must be based in the UK.
  6. Sector Fit: Alignment with the funding body’s strategic priorities or sectors.
  7. Financial Viability: Evidence of financial stability and the ability to co-fund if required.

ITERATE can help support you with this process so get in touch for further information.

What are the terms and conditions associated with grants and funding for product design projects?

Grants and funding for product design projects in the UK typically come with specific terms and conditions. Recipients must use funds exclusively for the approved project, adhering to outlined objectives and timelines. Regular progress reports and financial audits are often required. Any changes to the project scope or budget usually need prior approval.

Intellectual property developed may need to be shared or managed according to funder guidelines. There may be requirements for public dissemination of results and acknowledgment of the funding source in all publications and materials. Non-compliance can result in funding withdrawal or repayment demands. ITERATE recommend that you always seek legal advice.

 

How can I find grants and funding opportunities for my product design project?

To find grants and funding for a product design project in the UK, start by exploring government resources like Innovate UK and UKRI, which offer grants for innovation.

Check regional support through Local Enterprise Partnerships (LEPs) and or the Welsh Government for grants. Additionally, investigate private foundations such as the Design Council and NESTA for specialised grants.

Corporate sponsorships and partnerships can also provide funding, as can crowdfunding platforms like Kickstarter and Indiegogo. Lastly, consider angel investors and venture capital through networks like the UK Business Angels Association and accelerators like Techstars for substantial investment and support.

How do I prepare a successful grant or funding application for my product design project?

To prepare a successful grant or funding application for a product design project in the UK, here are some useful steps:

  1. Research: Thoroughly understand the funding source and its criteria.
  2. Clear Proposal: Write a clear, concise proposal outlining the project’s innovation, objectives and impact.
  3. Detailed Plan: Provide a detailed project plan with timelines, milestones and budget.
  4. Evidence: Include evidence of feasibility, market need and potential impact.
  5. Partnerships: Highlight any collaborations or partnerships.
  6. Alignment: Ensure your project aligns with the funder’s strategic goals.
  7. Review: Proofread your application and seek feedback before submission.

ITERATE are always happy to share our experiences with you and offer support where required. Please do get in contact if needed.

How can I increase my chances of securing grants and funding for my product design project?

To increase your chances of securing grants and funding for your product design project in the UK:

  1. Research Thoroughly: Identify and understand the right funding sources and their criteria.
  2. Strong Proposal: Develop a compelling, clear and detailed proposal with a solid business plan.
  3. Demonstrate Impact: Highlight the innovation, feasibility and potential impact of your project.
  4. Align Objectives: Ensure your project aligns with the funder’s strategic goals and priorities.
  5. Build Relationships: Network with funders and industry experts.
  6. Seek Feedback: Get feedback on your application from mentors or professionals.
  7. Professional Presentation: Ensure your application is well-written, error-free and professionally presented.

 

ITERATE are always happy to share our experiences with you and offer support where required. Please do get in contact if needed.

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