TBAT Innovation Ltd are proud to be part of The RAPID Challenge for 2021, joining Founding Partner – Prodrive Ventures for the second year running, as a Lead Partner.
Following the success of last year’s involvement, TBAT are once again offering their expertise in funding innovation through UK & EU Grant Funding and R&D Tax Relief, to the challenge applicants.
What is The RAPID Challenge
The RAPID Challenge is aimed at helping entrepreneurs and early stage businesses commercialise their hardware projects. RAPID stands for Realising Advanced Products through Innovation and Design.
Commercialising a hardware product is difficult, that’s why The RAPID Challenge aims to help you develop your product and accelerate your progress.
By joining in The RAPID Challenge journey, you’ll benefit from a series of workshops with advice and insight from a range of experts to help develop your project and business plan. The projects with the best plans stand to share in the £75,000 prize package and the opportunity to present in front of investors.
The 2020 Winner, Cosi Care Founder, Lauren Bell says, “[The RAPID Challenge] offered a design and engineering brainstorm session that opened up an exciting new direction for the development of our hero product. It also offered me (as a sole founder) the opportunity to collaborate with experienced designers and engineers to further improve the function of our cooling technology.”
2020 Runner-up Airhead added, “The RAPID Challenge is a brilliant competition for businesses developing innovative products. It allowed us to connect with a number of organisations and individuals that have been a great help for the business. Would highly recommend for any start-up looking to develop a product and scale their business.”
What is included in the prize package?
The RAPID Challenge partners have collaborated to form a prize package aimed to help realise and accelerate your project. As well as receiving the workshop content, the best projects will share the £75,000 prize package made up of:
- £5,000 cash prize
- An engineering service package from Prodrive
- An R&D and grant application service package from TBAT Innovation
- Manufacturing and design service package from RPD International
- Go-to-market service package and entry to the Discover 21 Programme from Bridgehead Agency
- Solid Edge CAD license for all applicants and an advanced CAD training course for the winner from OnePLM
- Discounted listing fees on Crowdcube
- Patent advice services from The IP Asset Partnership
- Invitation to HSBC corporate events
To be eligible for The RAPID Challenge, applications must fulfil these requirements:
- Be a disruptive hardware project
- Have a sustainable business strategy
- Based in the UK
- Pre-revenue or up to £1M annual revenue
- No more than 10 employees
- A proof of concept/prototype
- Demonstrate the potential for commercialisation within 12 months
- Have the potential to or have obtained IP protection
Applicants will also be asked to submit a short video to outline their project and business (no longer than 3 minutes). This is used to see their prototypes (if they have one) and meet the team behind the business.
- The application window is between 1st June and 30th July 2021
- The workshop will be held on 7th September 2021
- The Final will be held on 17th November 2021
Managing Director of TBAT Innovation Ltd, Matt Symonds says “We feel proud and privileged to be sponsoring the RAPID challenge for another year; really looking forward to getting involved and the opportunity to see some great innovative ideas.”
If you’d like to apply for The RAPID Challenge for 2021, please fill in the application form here.