Industry Insights: Funding for Innovation and R&D in Professional Services
Public and private enterprise came together as we partnered with UKRI (UK Research and Innovation) – Innovate UK, and KTN to explore funding for innovation projects and R&D in professional services firms. From cutting-edge tech platforms through to risky AI ventures, our panel of law and accountancy specialists revealed how Innovate UK funding not only jumpstarted and sustained their R&D and innovation projects but stimulated a culture of innovation far beyond the initial grant.
Top 3 takeaways:
- Innovation projects often require external collaboration – UKRI and its partner organisation KTN facilitate partnerships, such as with academia, that might otherwise fall outside a firm’s comfort zone.
- Innovate UK provide funding and support for various stages along the innovation journey. A successful project could be an early-stage innovation through to scaling up a product or service.
- The impact of an innovation project extends beyond the product. The IP will sit in the business for a long time, and learnings become embedded into a firm’s knowledge.
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