Innovate UK Launches Competition to Boost Business Productivity with AI Solutions
Innovate UK (IUK) has launched a new competition aimed at fostering innovation through the development of Artificial Intelligence (AI) and Machine Learning (ML) solutions. With a focus on enhancing internal business operations, the competition targets challenges and opportunities in sectors such as construction, transport, creative industries, and agriculture and food processing.
The primary objective is to boost business productivity through the deployment of AI-driven solutions. Projects eligible for funding must align with specific priority sectors and may encompass various areas including data-driven decision making, administrative task automation, project management optimisation, supply chain efficiency, waste management, intellectual property management, and design enhancements.
With a total budget allocation of up to £5 million, IUK aims to support collaborative projects, with each project eligible for grant funding ranging from £25,000 to £50,000. The funding will cover 100% of the total project costs.
Eligibility criteria specify that consortiums must consist of two organisations applying for funding, with a UK registered micro, small, or medium-sized enterprise (SME) leading the project. Collaboration with either another UK registered SME or a UK registered academic institution is required.
Proposals submitted for consideration must present AI solutions targeting specific business challenges within the designated sectors, demonstrating tangible improvements in productivity.
The competition is an opportunity for businesses and academic institutions to collaborate on innovative projects leveraging AI and ML technologies. By addressing critical business challenges, these projects have the potential to drive advancements in productivity across various sectors, contributing to the overall growth and competitiveness of the UK economy.
