R&D Funding with AberInnovation’s Industrial Research Development Manager, Dr Rebecca Charnock

Business Funding and Funding for Innovation

Having worked for Aberystwyth University for many years, facilitating collaborations between industry and academia, last year I decided to take the leap and join the new team at AberInnovation. I hold over 20 years of experience in research, working in a number of areas including environmental monitoring, remote sensing, geographic information systems (GIS), and plant breeding. I have found these varied experiences in work both rewarding and hugely interesting as well as being extremely useful - I felt sure my experience would be beneficial for helping to drive AberInnovation forward.

My role at AberInnovation focuses on working with a wide network of stakeholders including companies, academics, local, regional and national government representatives, and funding bodies with the aim of creating opportunities for business to interface with expertise at Aberystwyth University using our fantastic new facilities. AberInnovation provides cutting-edge expertise combined with a wide range of fantastic new facilities and equipment which together are designed to help propel industry innovation and product development forward, translating research into economic, environmental and societal benefit.

Knowledge Transfer and Knowledge Exchange

It is widely accepted that knowledge transfer, the dissemination of knowledge and skills from the latest research in academia into a business is one of the most important elements of successful innovation processes for business. Combining this with innovation centres such as AberInnovation with high calibre and cutting-edge equipment demonstrates an even larger potential for research to yield real benefits to the wider society and economy through those businesses.

One of the areas that companies large or small, new or old often find difficult and particularly in this strange Covid-19 era is securing funding and investment to progress their R&D activities and accelerate and de-risk their innovation and product development. There are however a plethora of funding streams to assist with this and here at AberInnovation we are keen to support and signpost funding streams that can help companies to make their innovation and product development a reality.

We acknowledge that these streams may be tricky to negotiate or wade through, if you’ll pardon the pun, so we are keen to work with companies to ensure they can access the most suitable funding for their needs!

Funding is available to support industry-led collaborative efforts towards industrial challenge(s) with a clear focus on commercialisation and exploitation of new products, processes or services. This funding can cover the costs of access to specialist expertise and equipment/facilities.

Knowledge Transfer Partnerships and SMART Funding

Welsh Government has developed a range of funding streams with this in mind and can be accessed through their funding pages. These funding steams all carry an element of a personal touch providing Knowledge Transfer Partnership (KTP) advisors and Innovation Specialists who we at AberInnovation are very familiar with. The Innovation Specialists and funding advisors will support industry on their innovation journeys, often advising on application forms. We are here to assist industry to link up with these advisors and to help facilitate the process of helping your company bring innovative products and service to market.

Some hugely helpful sources of funding such as Knowledge Transfer Partnerships (Innovate UK) or SMART Partnerships (Welsh Government) can even provide additional workforce, or an associate to work on a specific project. Not only is the associate working on a specific project for the company but the idea is also that the knowledge within the knowledge base (university) is transferred into the company in a way that can increase profit, knowledge and capability.

Wales has taken a big step forward with this and are contributing to the Knowledge Transfer Partnerships (Innovate UK & Welsh Government) funding to provide additional funding to the KTP package for SMEs based in Wales. Companies registered in our AberInnovation offices can take advantage of this boost.

Funding such as SMART Expertise (Welsh Government) provides support to facilitate specialist technology transfer via industry-led collaborative projects that involve 2 or more businesses and a research organisation. This funding is designed to encourage businesses and researchers to work together on innovative projects in strategically important areas of science, engineering and technology. By involving 2 or more industry partners there is the added possibility of supporting supply chain integration.

Through SMART Innovation, industry can access advice and guidance and the SMART Innovation Specialist can assist with accessing SMART Cymru funding which provides funding to allow industry to investigate, research, develop and exploit products and processes. Again, this funding can support the use of AberInnovation facilities and our expertise.

Many types of funding have tight deadlines and require an element of speed to pull together partners so it's always useful to have your ideas well developed prior to applying for these.

Research Council Funding

UK Research & Innovation (UKRI) fund collaborations often with this scenario and will fund collaborative projects that focus on build a thriving, inclusive research and innovation system. Some of their funding areas are particularly useful in helping businesses develop new products, services, and processes. Taking a regular look at their Innovate UK funding opportunities will ensure that you don’t miss out on a suitable fund for your company. Make sure that you’re also subscribed to our mailing list as we often publicise newly-announced funding streams that could well be a good fit.

There are other funding streams out there in addition to those mentioned here so once you’re ready to move forward with innovations, new products and services, we’re more than happy to explore ways in which our facilities and expertise can support you and search for the most suitable source of funding to suit your needs.

Next Steps

Please don’t hesitate to contact me to explore how we could help you - [email protected].

For an at-a-glance look at some of the funding available for Wales-based businesses, check out our Business Funding Page.