Nesta, the innovation foundation, has launched a competition to find Britain’s next best invention.
The Inventor Prize competition is aimed at anyone from individual inventors to small teams and small companies, based or residing in the UK.
The competition is hoping to find physical and digital products that are new and not currently on the market or available commercially.
To be eligible, entrants will have to have a working model of their product that demonstrates what the product is able to do.
Entrants must be able to explain how their invention will help make the lives of people in the UK better.
At its simplest, inventing is problem solving. It’s working out how to improve existing solutions or coming up with something new that could fill a gap no one else has seen. But coming up with an idea is only part of the journey.
Nesta knows that people across the UK have ideas that, with a bit of support, could be developed into fantastic products that would help improve people’s daily lives but in reality it’s not that easy.
The Inventor Prize is a pilot, run by Nesta and funded by the Department for Business, Energy & Industrial Strategy (BEIS). The prize aims to help smaller inventors overcome the barriers they face.
The competition hopes to support individuals, teams or companies that would likely struggle to otherwise access resources and support.
Unlike other programmes, the Inventor Prize will be athematic, open to products that relate to any issue as long as that product helps to make people’s lives better, thereby helping to tackle a social issue affecting the UK.
To be eligible, entrants will have to have a working model and be able to show that their invention will help to tackle an important societal issue. The Inventor Prize will support 10 finalists with great products to scale and grow, and help them in their journey to getting their product to market.
The prize will seek to:
£50,000 will be awarded to the finalist that best demonstrate meeting the judging criteria. There will be two runner up prizes of £5,000 and £15,000 for two most promising products.
For more information, click here.