If you are looking for funding to help support the development of an innovative healthcare product or service there are a number of potential funding sources available to companies working alone or in collaboration with an NHS organisation.
In some cases, the funding may need to be applied for by an NHS partner organisation and in others a company can apply directly for funding. In most cases a condition of the funding will be that a collaboration agreement is put in place between all of the parties involved in the work to cover IP ownership and revenue sharing arrangements. In addition to the funds listed below, it is always worth carrying out a general search for funding in the area in which you are working, as grants are often topic-specific.
The Momentum Fund has been established to support the introduction and adoption of needs-led, evidence-based innovations into our healthcare system within the Health Innovation Manchester footprint. This will improve the health of our citizens and also promote economic development and wealth creation through the growth of local businesses and jobs.
The Momentum Fund is specifically designed to provide funding support to help SMEs with innovative products or services accelerate progress to significant milestones. These innovations must be either market ready or close to market ready.
There are many types of grants and they can be broadly categorised into grants that are given for early stage R&D type developmental work or later stage evaluation studies. Many grants are announced and awarded on a cyclical basis, i.e., bi-annual calls, or are announced and awarded on a short term and reactive manner to a current issue, i.e., Healthcare Associated Infections. Some grants are regionally focused others are topic specific. The majority of the large grants are awarded by national charities and research councils, but other smaller awards are often awarded by local initiatives such as councils and discipline specific charities.
Knowledge of what grants are available is a full time occupation and some of the Innovation Nexus Associates can provide this knowledge.
Investments are provided by institutions or individuals to help develop products and services with an intention of paying back the investment with a return.
Like grants, investments range in size and scale from small investments from local investors and Business Angels to large Venture Capital organisations and Corporate Financiers.
Knowledge of what investments are available and the terms associated with them is a relatively complex business, however some of the Innovation Nexus Associates can provide this knowledge.