Tech City UK, the Technology Strategy Board and Cambridge Wireless announce new £1M Launchpad competition

Aimed at startups and SMEs in London and Cambridge working on the Internet of Things

First announced by David Cameron at the CEBIT conference earlier this year, the competition will support Internet of Things early stage startups or SMEs centred in or working within London and Cambridge. £1M in grant funding to be shared between multiple winners.

Companies can apply for anything from £50K to £150K.

The Technology Strategy Board is looking for projects that may be risky for companies to take forward without any support, or that may take them into new innovative areas. Companies collaborating across the tech clusters of London and Cambridge are particularly encouraged to enter.

Our Partners

The competition has established relationships with EE, John Lewis, Unilever, Seedcamp, and Red Gate.

These partners will offer suitable successful applicants anything from investment to a route to market, mentorship and retail space to showcase their products to consumers.

Is this for you?

• Your company is UK-registered and based in London or Cambridge, or;

• You are collaborating with a company based in London or Cambridge

If you have an Internet of Things company but don’t know anyone based in London or Cambridge, we’ll be holding a free networking event in London on July 21st you can sign up at event at iotlaunchpad.eventbrite.co.uk.

What is match funding?

Funding of up to 60% of eligible costs (refunded on a monthly basis) with individual grants of up to £150k and estimated project sizes ranging between £50k and £250k will be available. We will look at applications for projects larger than £250k, but the grant funding will be capped at £150k. Projects can last up to 12 months and should be led by micro, small or medium-sized companies that we anticipate are likely to be in the early stages of their development. This will all be monitored by the Technology Strategy Board’s Monitoring Officers.

What is the deadline?

You have until midday on September 3rd 2014 to apply.

What are the Timescales?

Winners will have up to 6 months to start their projects once they have been given a conditional offer letter and will have up to 24 months to complete the work they’ve set out to do. This will all be monitored by the Technology Strategy Board’s Monitoring Officers.

Apply Now

Why the internet of things?

The Internet of Things refers to that magical point where the physical and digital connect. It’s about using the latest digital technology to allow physical objects to “talk” to each other.

The whole purpose is to improve our lives, to allow us to do things that once seemed impossible. On a consumer level, this might mean electricity meters that talk to the grid to get you the best deals. Or health monitors to keep an eye on your heart rate. On a macro level, it could result in new flood warning systems that use sensors and the Internet to predict problems ahead of time. Water pipes that warn of a fall in pressure. Or a more efficient bus transport system.

Research analysts Gartner predict by 2020, nearly 26 billion physical devices will be transmitting data to each other via the Internet. For innovators and tech engineers, the opportunity is staggering.

It’s a transformative development, and we want Britain to be a major player in this space.