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
January 31, 2025
IRC Report No: 018
Authors
Professor Marc Cowling
Professor Nick Wilson
Dr Marek Kacer
Dr Sana Zouari
January 31, 2025
IRC Report No: 018
Authors
Professor Marc Cowling
Professor Nick Wilson
Dr Marek Kacer
Dr Sana Zouari
Downloads
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.