This scheme is for scientists who wish to develop a proven novel concept through to a near-market product ready for commercial exploitation.
This award and the Royal Society Translation Award are designed to promote innovation and fill the funding gap between scientific research and the exploitation of an idea through venture capital investment, they are replacing the Brian Mercer Award for Innovation and the Brian Mercer Feasibility Award.
The principal differences between the Royal Society Innovation Award and the Brian Mercer Award for Innovation are:
- Two Royal Society Innovation Awards will be available each year of up to £250,000: one for research in the Physical sciences and one for research in the Biological sciences.
- The selection process will include an interview for shortlisted candidates to pitch their proposal to the Innovation and Translation Awards Panel. Training to prepare candidates for this will be offered by the Royal Society (at no cost to the candidate).
The Royal Society will not reserve the right to convert the Innovation Awards into equity in the event of successful exploitation.
A bespoke training and support package will be offered to successful candidates, to contribute towards the impact of the award.
More information can be found here.