Apply for funding to develop your startup idea
Do you have an idea but you're not sure if it will work? Would you like some money to explore the viability of your business? Do you already have an idea you wish to develop? If so, these startup grants are for you.
We have two grants available:
- Explore Fund: Apply for up to £300 to test an idea
- Develop Fund: Apply for up to £3,000 to develop your idea to the next stage
This funding is a grant so you won’t pay back the money. However, we do expect to see some return on the investment in terms of your business development. The Startup grant is funded by Santander Universities and is available to University of Portsmouth students and graduates within 5 years of graduating.
Explore fund - up to £300
Up to £300, this grant is suitable for groups or individuals that want to:
- Test or explore an idea of a small scale
- Take your first steps
- Undertake market research
- Discover if an idea is viable
Develop fund - up to £3000
Up to £3000, this grant is suitable for individuals or groups that want to:
- Develop your idea further
- Discover if your idea is viable on a larger scale
- Launch your idea
- Upscale and grow your current idea or startup
Examples of what the explore and develop funding could be used for include market research, creating a prototype, marketing, purchasing products and services or launching a product or service.
Unfortunately, the funding cannot be used to pay for office space or to pay a wage (although you can use it to pay for outsourcing specific task/skill if you can demonstrate the impact).
The funding is for UK based projects and businesses only.
Some top tips when completing your application:
- Assume no one knows about your idea, explain it in a clear and concise way
- Be creative, think about adding a video to explain your idea, add a link to your website or portfolio, if you have drawings of your concept - share them with us. Anything that helps us understand your idea is always welcomed. At the same time don't worry if you haven't got anything extra to add - just make sure your overview is really clear.
- Impact is key, so explain how the funding will help - how will it make a difference?
- Be realistic with how much you are asking for. If you can provide a breakdown of what the money would be spent on, that's really helpful
- Think about what makes you different - we get lots of applications so make yourself stand out
- Any questions ask the team. We can't review your application before you submit but we can answer questions you may have
The selection panel will use the below marking criteria to evaluate startup funding applications:
- How clear is the overview of the idea on a scale of 1 - 5?
- How clear is it what they will spend the funding on, on a scale of 1 - 5?
- How clearly have they described what impact the funding will have on the business on a scale of 1 - 5?
- If they do not receive the funding, how committed are they to still making the idea work or finding alternative means of funding?
- Overall for feasibility and the potential to be a viable business scored out of 5.
The next round of funding applications will be available in Spring 2022.