Definition
Innovation funding comprises financial instruments supporting the development of new products, technologies, services, processes and research and development activities.
Human Explanation
It helps organisations deliver innovative projects through grants, tax relief, public programmes and other forms of support.
Why it Matters
It reduces financial barriers and risk associated with developing solutions whose results are not yet certain.
Conceptual Boundary
Innovation funding is not one specific programme and receiving it does not by itself prove that a project is innovative or viable.
Practical Perspective
Select an instrument according to project maturity, eligible activities, timing, reporting duties and the organisation’s ability to deliver.