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The Contribution of Innovate UK to UK Firm Growth and Performance: An Analysis of Innovate UK Applicants for Funding

January 31, 2025

IRC Report No: 018

Report

Authors

Professor Marc Cowling

Professor Nick Wilson

Dr Marek Kacer

Dr Sana Zouari

This report analyses over 59,000 UK grants from Innovate UK awarded between 2005 and 2023, focusing on the impact of funding on over 14,000 companies.

The findings show that companies with Innovate UK funding, when compared to those without such funding, gradually innovate more, grow more, and attract more equity funding. For instance, companies funded by Innovate UK experience approximately 79% growth in total assets, 27% growth in employment and 14% higher growth in turnover.

The report looks at multivariate profiles of Innovate UK funded firms and how funding likelihood is higher in the regions outside of London suggesting that Innovate UK funding is playing a role in addressing regional imbalances in innovation activity.

Download the full report via the downloads section on this webpage.

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