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What is proof of concept funding?

The UKRI Proof of concept funding opportunity supports early to mid-stage commercialisation activities that validate the development of concepts that arose from research.

What is proof of concept in finance?

While POCs vary by business type, they should include the following elements: Problem statement: Describe what challenges the project will solve and what needs it will address. Project definition: Define what the project intends to do. Project goals: Outline the intended outcomes and how you will measure them.

What is a proof of concept grant?

Proof of Concept Grants aim at maximising the value of the excellent research that the ERC funds, by funding further work (i.e. activities which were not scheduled to be funded by the original ERC frontier research grant) to verify the innovation potential of ideas arising from ERC funded projects.

What is an example of a proof of concept?

A proof of concept, sometimes called proof of principle, is a test of whether a new business idea is feasible and valuable. It is a demonstration, typically on a small scale, that is used to gather data to support any further development of the concept.

How long is ERC proof of concept?

Size of ERC Proof of Concept Grants: The financial contribution will be awarded as a lump sum of EUR 150 000 for a period of 18 months. The ERC expects that, normally, proof of concept activities should be completed within 12 months.