Innovate UK launches competition for sharing economy start-ups

Government-backed innovation agency Innovate UK has launched a competition for sharing economy start-ups.

The competition, which is part of Innovate UK’s “IC tomorrow” programme, is searching for solutions across the peer-to-peer market and will give businesses the chance to be awarded £180,000.

Opportunities

Six small businesses will be awarded with up to £30,000 each to develop their ideas in areas such as trusts, travel and tourism, construction, DIY, innovation and data analytics.

The businesses will then have the opportunity to work with Airbnb, Crossrail, Kingfisher, Nesta, Peterborough City Council, Cranfield University and the Sharing Economy UK.

In addition to funding, the selected start-ups will also receive mentoring and promotion opportunities.

Businesses have until Tuesday 12th April to submit their application for the competition.

Impact

Innovate UK Lead Technologist in Digital Economy and Programme Manager for IC tomorrow, Matt Sansam, said that the sharing economy is starting to have an impact on many sectors. He added that there is still much more that can be done to make the most of this opportunity.

He also said that the competition is searching for innovative start-ups to “help disrupt existing business models and to push the boundaries of the sharing economy even further.”

“With the support of our challenge partners, we want to help these companies get their ideas off the ground and into the market. We’re excited to see what they come up with,” he said.