In the fast-evolving landscape of healthcare, technology is playing an increasingly critical role in addressing mental health challenges. Innovate UK’s latest health innovation grants competition, Mindset Extended Reality (XR): Digital Therapeutics for Mental Health, offers UK businesses a unique opportunity to harness the power of extended reality (XR) in creating cutting-edge digital therapeutic solutions for mental health.
At FI Group, we understand the importance of innovation in healthcare and the crucial role that funding can play in bringing transformative ideas to life. As experts in R&D tax credits and grant funding, we’re here to help businesses navigate the application process and maximise their chances of success in securing funding.
What is the Mindset Extended Reality (XR) Competition?
The aim of this Innovate UK competition is to develop digital therapeutic solutions that leverage XR technologies to provide mental healthcare services. XR, which includes virtual reality (VR), augmented reality (AR), and mixed reality (MR), has the potential to revolutionise mental health treatment by offering immersive, personalised, and scalable therapeutic experiences.
With up to £3.7 million available for R&D projects, Innovate UK is seeking solutions that can be trialled over a 12 to 18-month period and have the potential to be adopted on a large scale as part of the UK’s formal mental healthcare ecosystem. This presents an exciting opportunity for businesses at the intersection of health and technology to make a lasting impact on mental healthcare.
Key Details:
- Funding available: Up to £3.7 million
- Competition opens: 28th October 2024
- Competition closes: 15th January 2025, 11:00am
- Focus areas: XR technologies, digital therapeutics, mental healthcare
- Target audience: UK-registered businesses working on R&D projects in digital therapeutics and extended reality
Why Should Your Business Apply For A Health Innovation Grant?
- Pioneering Mental Health Solutions: This health innovation grants competition encourages businesses to push the boundaries of what’s possible in mental healthcare. By developing digital therapeutic XR solutions, you can be part of the innovation that helps address some of the most pressing mental health issues in the UK.
- Leverage Emerging Technologies: XR technology has the potential to transform how we deliver care to individuals. By creating immersive and interactive therapeutic experiences, businesses can offer new ways to treat mental health conditions, improving outcomes and patient experiences.
- Drive Scalability and Adoption: Innovate UK’s competition is focused on finding solutions that can be scaled up and integrated into the UK’s mental health ecosystem. This means your project has the potential to become a widely adopted solution, benefiting countless individuals while creating new growth opportunities for your business.
How FI Group Can Help With Mental Health Innovation Grants
Applying for Innovate UK R&D grants funding can be complex, especially when dealing with cutting-edge technologies like XR. At FI Group, we specialise in supporting businesses through every stage of the funding process, ensuring they have the best possible chance of success. Here’s how we can help:
- Project Eligibility Assessment: We’ll work with you to determine if your XR solution meets the competition’s requirements.
- Expert Application Support: Our team will guide you through the application process, helping to craft a compelling narrative that highlights the innovative potential and societal impact of your project.
- R&D Strategy Development: Beyond this competition, we can support your business with a broader R&D strategy, ensuring long-term growth and continued innovation.
The Time to Act is Now
With the competition set to open on 28th October 2024, now is the time to start preparing your application. If your business is developing digital therapeutics through XR technology, this is an unmissable opportunity to secure the funding needed to take your project to the next level.
FI Group is here to support you on your journey. Contact us today to find out how we can help you apply for Innovate UK’s Mindset Extended Reality (XR): Digital Therapeutics for Mental Health competition and make a lasting impact on mental healthcare.