By Daniel Hunter

Innovate UK is making £3 million available for feasibility studies led by small or micro businesses into innovative projects in advanced materials, biosciences, electronics, sensors and photonics, and IT.

The competition aims to maintain advances in the industries to help to keep the UK at the forefront of technological innovation and generate significant economic growth.

Studies can be carried out into a range of new products and services, from lightweight materials and nanotechnologies to biological products, sensor systems, power electronics, use of data and improved computing experiences.

The competition is open to businesses of any size, but projects must be led by a small or micro business working in partnership with another company.

Small or micro businesses could receive up to 70% of their eligible project costs, medium-sized businesses 60% and large businesses 50%. Projects should range in size from total costs of £50,000 to £150,000 and last 6 to 15 months.

Entries are open on 18 May and close on 2 September 2015.

You can find out more about the competition and apply here.