Congratulations! If you’ve recently secured a grant from Innovate UK, you’re now on an exciting journey towards realising your innovative project. However, the journey doesn’t end with the notification email. In fact, it’s just the beginning. Let’s delve into what you need to know and do once you’ve been awarded the grant.

Project Setup

Before diving into your project, there’s groundwork to cover. Within 90 days of receiving your notification email, you’ll need to complete your project setup in the Innovation Funding Service (IFS) portal, if it’s not completed in this time period the funding may be withdrawn. This involves providing essential information such as administrative details, financial forecasts, collaboration agreements (if applicable), and an exploitation plan by the lead applicant. You have 7 days to complete the project team, project details and bank details.

Your assigned monitoring officer will review this setup, offering feedback and guidance. Ensure timely and thorough communication with them, as their approval marks the transition from conditional to confirmed funding, allowing your project to kick off. You will be assigned a Delivery Executive to guide you through this process.

Any partners with individual total project costs of up to £50,000 must provide evidence with a Statement of Expenditure (SoE) and any partners with costs above £50,000 must provide evidence with an Independents Accountants Report (IAR).

Top Tips for Project Setup

• Act promptly to complete setup early, allowing time for adjustments if needed.
• Foster collaboration among project partners to align on key aspects like spending and exploitation plans.
• All communications are through the IFS so ensure that this is what you are communicating through.
• Communicate any delays transparently, demonstrating proactive engagement.

Quarterly Reporting in Project Delivery

All grants are paid quarterly in arrears unless otherwise stated and paid following necessary reporting and audits. Claims can be made for costs incurred and paid between the project’s start and end date.

Quarterly reporting serves as a vital checkpoint, offering insights into project progress and financial management. Detailed project reports, updated plans, and financial statements are key components. Be prepared to justify any significant deviations from initial plans to your monitoring officer.

Watch this video from Innovate UK to learn more about project set-up:

Best Practices for Quarterly Reporting:

• Establish a partnership with an accountancy firm early to streamline reporting processes.
• Maintain meticulous records of expenditures to ensure accuracy and transparency.
• Address issues promptly and proactively, maintaining open communication with your monitoring officer.

End-of-Project Report

The culmination of your grant journey is the end-of-project report. This comprehensive document showcases the impact of your project, backed by evidence of expenditure and an updated exploitation plan. Timeliness and thoroughness are paramount, as Innovate UK withholds a portion of the grant until this report is approved.

Navigating the End-of-Project Report

• Begin collating necessary information from collaborators immediately post-project completion.
• Emphasise project impact and ROI, highlighting social and economic benefits.
• Ensure punctual submission and adherence to high-quality standards to secure full grant disbursement.

Avoiding Common Pitfalls

Throughout your grant journey, adherence to deadlines and quality standards is non-negotiable. Failure to meet requirements can lead to funding delays or even disqualification from future opportunities. By prioritising clear communication, meticulous record-keeping, and proactive problem-solving, you can navigate the post-award process successfully.

Final Thoughts

Securing a grant from Innovate UK is a significant achievement, but it’s just the beginning of your journey. By understanding and fulfilling post-award requirements diligently, you can maximise the impact of your project while strengthening your relationship with funding bodies. Remember, success lies not only in securing funding but also in effectively delivering on your promises and realising the full potential of your innovation.

Contact Us 

If you ever need guidance or support along the way, don’t hesitate to reach out to us at MPA. We’re here to help you navigate every step of your grant journey with confidence.