Our funding team’s persistence pays dividends for customers

    Two applications for distinct Innovate UK (IUK) projects were written in July 2016. Whilst scoring high, neither were initially funded. Following announcement of the Government’s flagship Industrial Challenge Strategy Fund, our customer was informed both projects would now receive funding. We prepared the contract paperwork for both applications, as is standard of our service; however, IUK had since contacted the customer to say they had “reviewed the two projects and decided they were sufficiently similar in scope to justify only funding one”. We prepared documentation comparing both applications and planned R&D to demonstrate clear and significant differences in the two projects. Simon Day, our Head of Funding followed up the documentation with a face-to-face meeting with the customer’s CEO and the Lead Technologist at IUK, whereby sufficient differences were explained to justify awarding both grants – the value of both grants combined is worth £900k to the customer.

    On another occasion, we prepared a successful SBRI Phase 2 application for an up-and-coming start-up in the field of mobile energy storage and electric vehicle charging solutions. The application was for a £3.1m project funded at 100% in partnership with Heathrow Airport and E-Car Club. Prior to award, the customer was challenged on the R&D spend profile. Application guidelines stated that at least 50% of costs must be appropriated towards R&D. The awarding body believed a significant amount of expenditure related to capital expenditure rather than materials to be consumed during the R&D process. The customer was given 48 hours to respond or have the application withdrawn. Within 24 hours, we had drawn up a comprehensive 1000-word document clearly articulating the costs in question and how each item was to be consumed during R&D. With £3.1m at stake, getting the details right in time-critical situations is imperative. With the comprehensive justification at hand, the awarding body approved the costs and the customer was awarded the full contract.

    These are excellent examples of the expertise we have in the team. Simon, Matt and Marc’s thorough understanding of ‘the system’ and our clients' technology clearly helped in both cases. It’s this deep specialism which makes our service so attractive to accountants and referral partners.

    For further information and help with grant funding please contact Simon Day on 0345 223 2727 or s.day@abbeytax.co.uk