Applications for the Innovator Founder visa require an endorsement from an authorised endorsing body. This blog looks at the criteria the endorsing bodies use to assess if your business is 'innovative'.
What is the purpose of the Innovator Founder visa?
The Innovator Founder visa is intended for overseas businesspeople who want to come to the UK to set up a new business. An essential prerequisite of the Innovator Founder visa application process is to have your business plan endorsed by one of the endorsing bodies authorised by the UK Government. To gain this endorsement, your business will be examined on three key criteria: whether it is innovative, scalable and viable.
What does it mean to be innovative?
The endorsing bodies require that your business plan illustrates that your idea is genuine and original. It must be your own, and you must intend to follow through on the plan if you receive an endorsement and if your subsequent visa application is successful. As the Innovator Founder you must also be able to demonstrate how your skillset and experience will enable you to grow your business and drive innovation within it.
Does my idea have to be unique to the UK market?
An innovative business plan generally requires a uniqueness of concept in the UK market or a demonstration that the business has a unique competitive advantage over similar businesses already active in the UK.
What do I need to include in my business plan and application for endorsement?
Your business plan should describe clearly the core innovative element of your idea. This core element must be developed internally and should be the driver of the growth you forecast. You should identify a compelling unique selling proposition that leverages a solution to the barriers of entry to your intended market, and this solution should not be easy to replicate by your competitors. Pinpointing a new approach to an existing market problem or a solution for a newly identified market problem will contribute to your USP.
Your application for endorsement should outline who benefits from your proposed business and how; and summarise your main competition in the UK, what they are doing and how your proposed business is different. If you are developing a service or product, you should also confirm what stage you are in.
If your business proposition includes research and development (R&D) you should outline this in your financial forecasting, including the costing, how it will be funded and any anticipated intellectual property applications you intend to make.
Are there other areas to consider when applying for an Innovator Founder visa?
Alongside gaining an endorsement, there is a range of other requirements you must meet to make a successful application for the Innovator Founder visa. This includes proof of sufficient knowledge of English, evidence that you are over 18 years of age and that you have sufficient funds to support yourself whilst in the UK.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
