A new initiative by InnovateUK and The Prince’s Trust is looking for young people to apply for an award to make their business idea a reality. The Award includes a £5,000 grant, tailored business support and a living allowance.

They want to find a new group of young innovators that, with help, can turn their great ideas into successful businesses.

They are looking for young people who would benefit most from the Young Innovators Awards, including the financial support and tailored package of expert advice and access to innovation tools and connections on offer. The financial support and tailored coaching and mentoring will be provided directly to the successful applicants.

The competition closes  on Wednesday 2 September 2020 at 11am so there’s plenty of time to apply.

The Young Innovators Awards will support up to 100 more young people by 2023 through annual competitions. So far, 24 young people have received Young Innovators awards. You can find out more about the Young Innovators programme here.

Successful applicants will get a living allowance for the 2 days (15 hours) a week that you will spend working on your Award at an hourly rate matching the UK real living wage, plus a £5,000 grant. Awards will start 1 December 2020 and the support lasts for 12 months.

To be eligible for an award you must:

  • be a UK resident who has the right to work in the UK, or will have the right to work in the UK at the time of the Award
  • be aged between 18 and 30 on the date of competition closing
  • have not previously received a Young Innovators Award from Innovate UK

You must be able to commit:

  • to working for 2 days (15 hours) per week on your Young Innovators Award
  • to attending 2 x 1.5 day bootcamps (w/c 16th November 2020 and w/c 24th May 2021)
  • to providing at least 4 days over the duration of the Award to be a role model for the Young Innovators Programme

You are eligible to apply if you are receiving support from The Prince’s Trust’s in-person Enterprise programme.

Find out more: https://apply-for-innovation-funding.service.gov.uk/competition/632/overview#how-to-apply