Securing public innovation funding for Fidel
Fidel are a digital technology start-up focused on improving the customer experience in the area of brand loyalty. They aim to take the pain out of the customer loyalty process by linking loyalty schemes to standard debit or credit cards removing the need for additional cards or apps.
Fidel had developed the idea for their customer loyalty technology and were looking to find the right type of public funding to apply for. They were looking for early stage funding which would allow them to go from idea stage to creating a minimum viable product which they could use to help win their crucial first customers. They needed to have secure funding confirmed in order to have the stability to make new hires and continue work on the product whilst seeking private investment.
How we helped
After analysing their current business and talking with the co-founders we suggested Fidel apply for a £250,000 prototype development grant from Innovate UK to bring their idea to the MVP stage. This grant required match funding however we knew that the winning of a public grant would put Fidel in a strong position to secure this and the total investment of £500,000 would allow them to accelerate the growth of the business and move towards commercialisation.
We wrote the grant application working with Fidel to complete their market exploitation plan, competition analysis and to explain their idea in a way to hit the grant funding criteria.
On successful award of the funding we supported Fidel through their project launch and claims process. We worked with them to produce the risk assessment, project plan and commercialisation plan to help justify the return of investment on public funding being spent. Our experience in managing spend from grant awards allowed Fidel compete the claims process more quickly and meant the funds were awarded as quickly as possible.
Public funding awarded
Total funding gained
Key partners engaged
Fidel were awarded £250,000 in grant funding as a result of the application we wrote. They were able to use this funding to gain additional backing from angel investors. Having the backing of a public grant behind them made angels feel more reassured in investing with the company already having a strong base of funding guaranteed and their idea and business plan having passed the criteria needed to secure this.
Using this funding they were able to double their number of employees and use these skills to accelerate product development. Fidel are currently working with Visa and Mastercard to integrate their product within the card providers’ systems.