£50,000 Inventor Prize opens for entries!
07 Aug 2017
Have you ever had an idea for a product that could make people’s lives better? Have you ever used your DIY skills to create something at home to help with an everyday task? Inventor, entrepreneur, shed-tinkerer, DIYer or life-hacker, whatever you are, we want to hear from you!
Working with the Department for Business, Energy & Industrial Strategy (BEIS), we’re launching the Inventor Prize, to inspire and harness the potential of the UK’s home-grown inventors and stimulate user-led innovation.
When it comes down to it, we all want to make our lives, and the lives of others, better. Thanks to the public consultation we’ve been running over the last few months, we know that many people have great ideas to solve everyday problems, but often struggle to get those ideas off the ground.
We also know that there are many barriers faced by UK inventors that are limiting what products make it to market; lack of finance and management skills, access to support and capital, and IP and legal issues, to name a few.
While we found that there is great support out there, one size is never going to fit all. So, in recognition of the many great ideas out there that may need a bit of help to get off the ground, we have developed the Inventor Prize.
The prize will support individuals and small organisations to get their innovative products out of the – literal or proverbial – shed and on the road to market. The prize will offer 10 finalists the time, money and support to start that journey.
Entering is easy, you don’t need to be an expert. You have from now until 22 October 2017 to apply; simply fill out a short online form. In November, a panel of judges will select 10 finalists to each receive £5,000 and bespoke mentoring to develop their product. The overall winner of the Inventor Prize will be announced in September 2018 and will receive £50,000 to make their dream a reality. Two more promising products will also receive runner up prizes of £5,000 and £15,000.
So, if you have an idea for a product that will make people’s lives better, then we want to hear from you!