Report: Funding innovation in UK fashion

The UK's fashion and textile industry has a new report which can help businesses secure funding for innovation. A report called ‘Innovation Funding for UK Fashion and Textiles’ shares important information on how two successful funding programs worked and what they learned. This can be very useful for business owners and entrepreneurs looking to grow their companies.

The report looked at two funding programs: the Business of Fashion, Textiles and Technology (BFTT) and the Future Fashion Factory (FFF). Together, these programs gave out more than 8 million pounds to companies. The biggest finding was that special help, like one-on-one advice and introductions to experts, was crucial for small businesses to get involved. This kind of support helped them overcome complicated application processes and a lack of experience with R&D.

The report also found that R&D projects focused on sustainability, such as creating new materials or recycling old ones, were a major focus. For example, the BFTT program helped companies by embedding recent graduates in their businesses to work on projects. This created long-lasting partnerships and helped the companies grow their skills.

Main recommendations

The report has several recommendations for future funding programs. It suggests that new initiatives should continue to provide hands-on business support to help entrepreneurs. It also recommends that project ideas should be created together by businesses and academics to make sure they solve real industry problems.

For intellectual property (IP), the report advises that businesses should have the right to use new ideas created during these projects. It also calls for flexible funding rules, especially for small businesses, to make it easier for them to participate. Finally, it recommends that skills training and education should be a part of all future funding schemes.

What entrepreneurs can do

If you own a business, this report is a roadmap for how to get funding and grow. First, look for funding programs that offer specialized support or a "brokerage" service, as this can greatly increase your chances of success. Second, consider how your business can innovate in areas like sustainability, as this is a key focus for these programs. You can also think about partnering with universities to work on R&D projects. The report’s case studies show that these partnerships can lead to new products, follow-on funding, and business growth. By using this information, you can better prepare your business to take advantage of these opportunities.