Low cost, flexible, proof of market funding: A good practice guide for successful innovation

Fail fast or prove it early: Low cost, flexible, proof of market funding for successful innovation.

This free good practice guide introduces a low-cost funding award scheme for due diligence and de-risking at the earliest stages of innovation.

Grow MedTech’s first good practice guide explains how by investing small amounts of money into proof of market awards, opportunities can be de-risked so that the time of academics and knowledge exchange and commercialisation (KEC) practitioners – and university budgets – are not wasted in the short to long term future.

Use the interactive guide to proof of market awards

View and use our accessible, interactive PDF guide:

animation of people sharing ideas around a table


animation of people sharing ideas around a table

Alternatively you can access our fully accessible text-based version of the good practice guide.

Proof of market awards toolkit for KEC practitioners

We have provided examples of the documentation we used to run our scheme for reference, which can be adapted by using your own branding and refining for your sector.

Guidance for applicants (opens new tab)

The guidance document sets out our proof of market scope, eligibility, assessment criteria and how to apply. Our guidance document was hosted on the Grow MedTech website for ease of access for applicants.

Application form (opens new tab)

The application form provides an example of the questions asked of the academic team to be assessed for suitability for funding.

Scoring criteria and scoring sheet (opens new tab)

The scoring criteria and scoring sheet outlines how we assessed applications for their suitability for the funding.

Request for quotation template (opens new tab)

The request for quotation template sets out the framework which our Technology Innovation Managers used to identify and contract expertise in medtech development to support funded projects.

Final project report form (opens new tab)

This template sets out a framework for reporting project outputs and outcomes, future plans, and reflections from the academic team on what went well, what could be improved and on the funding scheme process.

A note to knowledge exchange and commercialisation leaders and practitioners

As a Knowledge Exchange and Commercialisation (KEC) practitioner in a Research Innovation Office (RIO) you play an important role in identifying the most promising projects for translation from a portfolio of potential opportunities. You may have academics heavily invested in their ideas and technologies, and excited about their potential applications and ability to change the world.

As a KEC practitioner you understand that to introduce and embed an idea or innovation into industry is a highly complex balance of many factors. Often, due to resource constraints, not all ideas presented to the research innovation office can be progressed or introduced to an industry partner, so it’s vital that the right level of due diligence is carried out to identify and support the most promising projects.

In our experience, by investing small amounts of money into proof of market awards, opportunities can be de-risked so that the time of academics and KEC practitioners – and university budgets – are not wasted in the short to long term future.

10 reasons to introduce low cost, flexible proof of market awards


A fully accessible text-based version of the good practice guide is available on our website.