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Funding news - 09/08/2017

Nesta Launches £50,000 Inventor Prize to Realise Innovations that will Improve Lives

Nesta's new Inventor Prize is intended to inspire and harness the potential of the UK's home-grown inventors and stimulate user-led innovation.

The Prize aims to identify and support the country's best inventions that will help make people’s lives better. The Prize is athematic, and therefore it is open to projects that relate to any issue, providing the end-product has the capacity to improve lives, thereby helping to tackle a social issue affecting the UK.

In November 2017, a panel of judges will select 10 finalists to each receive a grant of £5,000, coupled with bespoke mentoring to develop their products. The overall winner of the Inventor Prize will be announced in September 2018 and they will receive a £50,000 grant to realise their innovation. Two further promising products will receive runners-up prizes in the form of grants of £5,000 and £15,000.

The scheme is open to individuals and small organisations based in the UK. It is targeting individual inventors, teams or companies that may struggle to otherwise access resources and support. To be eligible, entrants will need to have a working model and be able to show that their invention will help to tackle an important societal issue.

The Prize will seek to:

  • support the development of selected products;
  • build the capacity of prize participants (inventors); and
  • champion and raise the profile of the lone or small scale inventor.

Nesta is looking to support both physical and digital products that can make the lives of people in the UK better. It should be clear how the product is achieving this aim (how it tackles issues faced by people in the UK, from energy and the environment, jobs and the economy, to public health, education and ageing, for example).

The Prize is now open to entries until 11pm on 22 October 2017.

More details can be accessed at Nesta's dedicated Inventor Prize website

Source: Nesta, 09/08/2017

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