News – News & Updates
April 28, 2022
Ofwat’s Innovation Fund was created to grow the water sector’s capacity to innovate, and enable it to better meet the evolving needs of customers, society and the environment. The main part of the Fund has been a series of competitions that water companies in England and Wales (in partnership with others) can enter, and secure funding for their innovative and highly collaborative initiatives.
In the first year of the Fund, we’ve seen more than 100 organisations involved in our competitions, and awarded over £60m to 42 water-company led initiatives. As we approach the end of the pilot period, Ofwat are eager to build on this momentum, and to explore ways for the Fund to support more early stage ideas, from an even wider range of innovators.
•support more early-stage ideas; and allow innovators to have greater access to the Fund;
• encourage a wider range of innovations to come forward; including from other sectors;
• reduce barriers to accessing the Fund; and
• continue to encourage new relationships and collaborations between water companies and others.
Among the changes being considered are a new, annual £4 million competition, specifically for early-stage ideas. This new competition could be entered by innovators from any sector, and would not require a partnership with a water company to enter.
For more information about the proposed changes, and to share your thoughts, take a look at Ofwat’s short explainer below. You can also find the full consultation on Ofwat’s website.
Submissions close 11:59pm Tuesday 17 May 2022.
