Frequently Asked Questions
- Where can I get the application forms for this Fund?
- We do not make our application forms publicly available because we do not want to waste anyone's time in completing them if they are unsuitable. Therefore, we have a number of local offices who will spend time with you discussing your company and project eligibility before we ask you to put pen to paper. It is an important part of our scrutiny process that you speak to one of our local offices before applying.
- Are you seeking repayment of the grant?
- As long as you spend the money how you said you would, then the Fund takes no shares, options, nor does it expect repayment. There are some requirements in terms of publicity and properly acknowledging the Fund's support but these are not burdensome.
- What are your objectives for the Fund?
- We want to stimulate innovation in the West Midlands in order to expand the economic impact of key sectors in the region. We can measure this by looking at the number of new businesses we help start, new jobs we help create and even new patents we help file which turn into products in the market.
- Innovation is a major factor in the selection process; how do you define innovation?
- For the purposes of the Advantage Proof of Concept Grant Fund, applicants must show that their innovation is innovative in the context of the whole market not just their company. Either it must be a novel entrant to an existing market or must be creating a new market for itself.
- How do you define innovation for software and web applications?
- When assessing an application from the software/web sectors, in order to be considered for the Fund the application must fulfil completely one of the following criteria:
- Where an IT solution is the delivery mechanism for another product or service, the product or service must be innovative;
- Where the innovation is inherent in the IT solution, then it must pass the following three criteria. It must:
- be new;
- have an inventive step that is not obvious to someone with knowledge and experience in the subject;
- be capable of being made or used in some kind of industry.
- Where the IT solution and the product or service are not innovative unto themselves but the combination of the two is innovative, there must be a demonstrably innovative outcome which creates or significantly expands a new market.
- I have a project that doesn't fit within your five expenditure categories; can I still apply?
- Ordinarily, the Advantage Proof of Concept Grant Fund will not provide funding for projects not falling under the defined categories. If you are unsure about whether your project is eligible, please call us and we will do our utmost to help.
- The Fund will consider applications for market assessment, what about marketing?
- Marketing is an ineligible cost under the terms of the Advantage Proof of Concept Grant Fund.
- I do not fit into one of your priority sectors, can I still apply?
- The Advantage Proof of Concept Grant Fund will consider high quality, innovative applications from any sector.
- I paid for some prototyping earlier this year; can I claim the money back through this Fund?
- Unfortunately, the Advantage Proof of Concept Grant Fund cannot pay for any cost incurred prior to the award of a grant.
- I do my own prototyping; can I apply for a grant to cover my time?
- Unfortunately, the Advantage Proof of Concept Grant Fund will only pay third party costs and we must see invoices for contracted work before we will pay you the grant.
- I act as a consultant to my company therefore invoice my time, is this eligible?
- Anyone who has a significant interest in the business/project is considered an ineligible cost.
- Can I use my time toward the 25% match funding for this grant?
- The grant award must have cash match funding. Since we pay the grant retrospectively of defrayment, before we are able to provide you with any element of the grant, we must see an invoice and evidence that invoice has been paid. Ordinarily, we will only pay 75% of the invoice total net of irrecoverable VAT, therefore the match funding must be cash.
- The grant is retrospective - I can't handle the cash flow!
- We recognise that it is difficult for small companies to handle the cash flow of this retrospective grant. Unfortunately, we are unable to advance the grant to companies. However, we will do what we can in terms of phasing grant claims and providing links with debt providers to help support cash flow.
In most cases, where the applicant has available match funding, the cash flow exposure is not anticipated to be onerous.
- The application form looks complicated; can you support me in completing it?
- We are able to offer up to a day of support in filling in the full application form. If you have been invited to complete a Part B Full Application Form but have not been offered support in completing it, please contact us urgently.
- How do you assess applications to the fund?
- We consider a number of factors when we receive an application, these include the following categories:
- Level of Innovation;
- Uniqueness of the technology;
- Readiness of the technology for production;
- Value of the market;
- Anticipated profit margins;
- Intensity of competition in the market;
- Competitive edge of the product or service;
- Ease of access to the market;
- Customer conservatism;
- Commitment of the team;
- Commercial experience of the team;
- Expected impact of the project;
- Risk of the project.
Ultimately, whilst we undertake assessment and screening of candidates, the decision to award a grant is made by our independent Grant Award Panel. This is made up of volunteers from investors, technical specialists, economic development officers, professional service providers and business support experts from across the West Midlands.
- I already know who I want to use to deliver my project, do I have to go through a procurement process?
- We won't interfere with your business nor your selection of the contractor to undertake work under your funded project. However, we do have a responsibility to ensure that the public money within the Advantage Proof of Concept Grant Fund is spent fairly and achieves best value for money. Therefore, we do require you to ask for a minimum number of quotations for any work done.
- Does procurement have to be based on cheapest price?
- We want companies benefiting from the Advantage Proof of Concept Grant Fund to receive the most appropriate support available. Therefore, we require companies to consider value for money as part of their procurement process, however, it may be that a more expensive supplier provides a higher quality or more technical service which is a perfectly acceptable justification for selecting a supplier.
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Frequently Asked Questions