UK Innovator Founder Forum

Posted anonymously by shelf_life

Hi, I designed a product to increase the shelf life of fruits when I was at uni. The concept and idea were validated by my professors then. Now, I’m thinking of using this same product to create a business and, as it’s innovative and scalable, I was thinking of applying for IFV.

I had a few questions, I’d really appreciate if someone could clear them up:

1. Do I need to have a working prototype to be able to get the endorsement? I was thinking of dedicating the first few months of the first year to building the functional prototype. Will that be acceptable?
2. Do I need to show them that I have access to like £50k in funds? This will be a heavy investment business, however I’m thinking of proving the concept and filing IP and partnerships in the first year, and then raising some capital. Will this be acceptable? I might only have access to around £10k in funds.

So overall what do you guys think? Should I even go for it? Give it a shot? Thanks in advance for your advice.