TBAT joins Prodrive for The RAPID Challenge
TBAT Innovation Ltd are proud to be part of The RAPID Challenge for 2020.
Joining Founding Partner – Prodrive, TBAT are this year’s Lead Partner, offering their expertise in funding innovation through UK & EU Grant Funding and R&D Tax Relief.
What is The RAPID Challenge
The RAPID Challenge is aimed at helping entrepreneurs and early stage businesses commercialise their hardware projects. RAPID stands for Realising Advanced Products through Innovation and Design.
Commercialising a hardware product is difficult, that’s why The RAPID Challenge aims to help you develop your product and accelerate your progress.
By joining in The RAPID Challenge journey, you’ll benefit from a series of workshops with advice and insight from a range of experts to help develop your project and business plan. The projects with the best plans stand to share in the £50,000 prize package and the opportunity to present in front of investors.
What is included in the prize package?
The RAPID Challenge partners have collaborated to form a prize package aimed to help realise and accelerate your project. As well as receiving the workshop content, the best projects will share the £50,000 prize package made up of:
- £5K cash prize
- An engineering service package from Prodrive
- An R&D and grant application service package from TBAT Innovation
- Discounted listing fees on Crowdcube
- Patent advice services from The IP Asset Partnership
- An early business legal advice package from Clayden Law
To be eligible for The RAPID Challenge, applications must fulfil these requirements:
- Be a disruptive hardware project
- Have a sustainable business strategy
- Based in the UK
- Pre-revenue or up to £1M annual revenue
- No more than 10 employees
- A proof of concept/prototype
- Demonstrate the potential for commercialisation within 12 months
- Have the potential to or have obtained IP protection
Applicants will also be asked to submit a short video to outline their project and business.
- The application window is between 1st June and 3rd August 2020
- The workshop will be held on 11th September
- The Final will be held on 12th November
Managing Director of TBAT Innovation Ltd, Matt Symonds, says “We’re excited to be a part of The RAPID Challenge and to work with a group of innovative start-ups and entrepreneurs to develop their products.
Small businesses with big ideas are a key part of the UK economy and a driver of innovation. Our job to is help these businesses bring their ideas to fruition by accessing the funding they need to take the next steps.
We’d like to encourage any business that fits the application criteria to apply. This is a great opportunity to receive support and advice from a huge range of industry professionals all in one place.”
If you’d like to apply for The RAPID Challenge for 2020, please fill in the application form here.