Transforming Food Production: Series A Investor Partnership - SMEs Competition - Round 2

1. www.ktn-uk.org 19 October 2021 | 14:00 – 16:45 BST Transforming Food Production: Series A Investor Partnership SMEs Competition – Briefing Event Kaeli Johnson KTM AgriFood, KTN kaeli.johnson@ktn-uk.org

2. Participants will be muted If you have any technical problems, please use the Chat to seek advice Use the Q&A box to type in your questions to the presenters during or after the presentation (do not use this for technical problems). THE WEBINAR IS BEING RECORDED Protocol for today’s event

3. 14:00 – 14:05 Welcome & Introduction – Kaeli Johnson, KTN 14:05 – 14:10 Introduction to Transforming Food Production – Tom Jenkins, Transforming Food Production Deputy Director, Innovate UK/UKRI 14:10 – 14:40 Competition Overview & Scope – Chris Danks, Transforming Food Production Innovate Lead, Innovate UK/UKRI 14:40 – 15:10 Application Process – Lydia Weir-Blankenstein, Portfolio Manager, Innovate UK/UKRI 15:10 – 15:40 Q&A 15:40 – 15:50 Break 15:50 – 16:15 Case Studies from Round 1 – Jim Dobson, Cottagequinn Enterprises; Benjamina Bollag, Higher Steaks; Ed Herbert, Dogtooth; Tiffany Wood, Dyneval 16:15 – 16:30 One Page Investment Summary – Jordan Fletcher, KTN 16:30 – 16:40 Q&A 16:40 – 16:45 Close Agenda

4. KTN exists to connect innovators with new partners and new opportunities beyond their existing thinking – accelerating ambitious ideas into real-world solutions.

5. How the KTN AgriFood Team can help Make powerful connections Review applications Get expert insight Applicants must: • Contact KTN to arrange a time for review • Share the application at least 10 days before the deadline

6. SME Transforming Food Production: SeriesA Investor Partnership Applicant briefing 19th October 2021 • The webinar will start at 2pm • We are currently on mute, whilst waiting for more people to join • We will conduct a sound check before the briefing starts • Please ensure that you are dialled in, either by computer or phone, so that you can hear the briefing. • If you have any audio issues, please dial in from a fixed line. • The briefing will be recorded and available for you

7. 1 Welcome and introductions TomJenkins–DeptDirector,TransformingFoodProduction ChrisDanks–InnovationLead,TransformingFoodProduction LydiaBlankenstein–PortfolioManager,Competitions 2 Part 1 Scope, eligibility criteria 3 Part 2 The Innovation Funding Service, application finances, academic partners 4 Part 3 Submitting your application, assessment, project setup for successful applicants Agenda

8. Transforming Food Production: Series A Investor Partnership Catalysing the transition to net-zero food production systems by 2040 Briefing Event 19th October 2021

9. Transforming Food Production • Accelerating development and adoption of integrated precision approaches, to improve productivity in agricultural systems • Enabling food to be produced in more efficient, resilient and sustainable ways • Driving economic growth across the UK Towards net zero emissions productive food systems by 2040

10. Transforming Food Production Delivery Future Food Production Systems Creating disruptive solutions and high value production systems Science and Technology into Practice Strengthening connections between research and practice and enabling adoption and demonstration International Building opportunity in partnership and driving export growth Investor Partnership Building a vibrant investment ecosystem around the agri-tech sector in the UK £50m £25m £5m £10m

11. • Establishes >£30m Agri-tech ‘net-zero’ fund • Expect to create 10+ Series A deals, accelerating growth and scale-up of UK SME • Investment focuses on global opportunities with international investors able to lead investment rounds • Potential to build investment syndicates • TFP acting as a minority Impact Investor (net-zero) • Late stage funding model Series A Investor Partnership Programme Round 1 & 2 Catalysing company growth and scale-up…

12. Thank you LinkedIn: UK Research and Innovation Twitter:@UKRI_News YouTube: UK Research and Innovation Dr Tom Jenkins Deputy Challenge Director – Transforming Food Production E: tom.jenkins@innovateuk.ukri.org T: +44 (0)7825 028332

13. Transforming Food Production: Series A Investor Partnership SME Briefing Event 19th October 2021 Chris Danks Transforming Food Production - Innovation Lead

14. Agenda • Concept • Funding requirements • Aligned funding model • Timeline • Items covered later in the seminar; • Application process • Assessment and selection • Success from Round 1 • Additional support available (Bootcamp and KTN)

15. Series A Investor Partnership Concept • UKRI fund projects and Investors fund companies • An Investor Partnership deploys grant funding alongside equity funding from private investors. • Not just grant support but enable high growth companies get direct access to commercial acumen and market opportunities through their relationship with an investor and ‘smart money’ company investment • Aim to encourage incumbent sector investors to invest and to create opportunity for new investors to enter the sector • Encourage new (platform, social impact, overseas) and existing investors to invest earlier and wider.

16. Simultaneous and aligned grant and venture capital • TFP to uniquely focus on increasing investment into late stage (TRL 6-8) companies: • Pre-revenue R&D SMEs aiming to grow and scale • First significant funding round • Series A/Late Seed top up rounds • Joint Venture entities • Established spin outs • New or existing Investor/SME relations • 100% total funding available for SME late stage/experimental project costs (public and private) UKRI Investor Below Cut-off Above Cut-off Investment Attractive Not Investable Potential to be supported by aligned grant and investment Potential to secure direct investment with no UKRI grant Directed to further business support and bootcamp Feedback provided for guidance

17. Scope / Investment Thesis • £5m Funding through Industrial Strategy Challenge Fund – Transforming Food Production • Align with programme aims and objectives: Towards net zero emissions productive food systems by 2040: 1. Create integrated data-driven solutions to drive primary agricultural productivity whilst driving towards net zero emissions 2. Embed adoption of precision approaches to bridge the productivity gap, strengthening connections between researchers, businesses and practitioners 3. Stimulate the establishment of novel high value production systems to position UK technologies at the forefront of new industries. 4. Drive growth in UK precision technology companies, creating high value jobs and adding value in the UK agricultural value chain. 5. Develop export opportunities and increase investment into UK research and innovation.

18. Series A Investor Partnership Call Headlines • Series A investment i.e. Companies who have received previous grant funding or private seed investment • Between £450 -£1,350k grant available per project, £5m ISCF funding available • The aligned investment (greater than twice the level of grant) will provide capital for the SME, including covering the remaining 55% of the project eligible costs • The additional company investment can cover any costs, including those not eligible under UKRI funding guidelines i.e. capital, licensing, Sales and Marketing, C-level talent recruitment and development, infrastructure etc • 18 month timeframe for the project component only not the additional company investment • Innovate UK Monitoring Officer will perform quarterly reviews to ensure project is progressing to TFP expectations

19. Series A Investor Partnership Overview • Aim to support 4-6 pre/early-revenue companies • Experimental development (TRL 6-8): Project size between £1m and £3m total eligible cost • UKRI fund upto 45% of project cost • Only project costs deemed acceptable by UKRI can be claimed • Investment is aligned to cover the required UKRI committed costs plus additional company investment • Ratio minimum 2:1 Investment : Grant • Ratios higher than the required 2:1 will be assessed more favourably during final selection criteria • Overall funding £1.35 m to >£5 million, with no cap UKRI Grant Investor Investment

21. Example of ‘bottom up’ proposal • Potential to build a Series A investment requirement from the basis of a late stage R&D project perspective • The private investment requirement will need to be well justified and additional to the project requirements, and not just match funding Total Project Cost UKRI Grant Investor Series A Investment* Overall Funding £1,000,000 £450,000 > £900,000 > £1,350,000 £1,500,000 £675,000 > £1,350,000 > £2,025,000 £2,000,000 £900,000 > £1,800,000 > £2,700,000 £2,500,000 £1,125,000 > £2,250,000 > £3,375,000 £3,000,000 £1,350,000 > £2,700,000 > £4,050,000 * Minimum Investment is 2 x UKRI Grant, no maximum ceiling

22. Example of ‘top down’ proposal • More traditional approach to justify overall Series A investment requirement • A UK company, having previously secured IUK and seed investment were seeking a £3m Series A investment. • Their ‘ask’ comprised of IP demonstration, experimental development R&D and trials (£1.7m) which could be identified as total project costs. Alongside this they have requirements for manufacture and capital (£900k) and a need to build their management team and sales and marketing groups (£400k). • This would favourably exceed the minimum investment ratio at a 2.92 : 1 ratio Total Project Cost UKRI Grant Investor Series A Investment* Overall Funding £1,700,000 £765,000 £2,235,000 £3,000,000 * Minimum Investment is >2 x UKRI Grant, no maximum ceiling

23. Additional considerations on applying • As part of the application process (Q12) you will be asked to prepare a one-page investment summary. There are several documents you should have access to already which will be useful when preparing your one-page investment summary. These are usually: • Business Plan • Investment Pitch • Supporting Documentation e.g. milestones, contracts and financials • The one-page investment summary is the ‘public’ handout version of your investment pitch and will be shared with the pool of investors without an explicit NDA • This specific one-page investment summary should also highlight the grant alignment being sought through the Series A competition, but the majority of the focus should be on the company investment strategy overall. • Voluntary Investment Showcase on 19 January 2022 – 5 Minute Pitch opportunity

24. Investor Pool & Syndicates Lead Lead Lead UK SME TFP Grant Co- Investor Co- Investor Lead Lead Lead Lead Lead Lead Lead

25. Lead Investor Pool from Round 1 Dismatrix Group Cottagequinn Enterprises Lean more about the pool at: https://ktn-uk.org/news/meet-the-investors-ready-to-invest-in-agritech-smes-working-towards-net-zero-emissions-in-2021

26. We are recruiting more Lead Investors We are particularly interested in investors who have relevant sector or technology-specific expertise or social impact priorities around resilient and environmentally sustainable food production and; • are willing to act as sole investor in Series A investments or be the lead investor where additional co-investment is required (co-investors can be from within or from outside of the pool being formed) • are prepared to deploy Series A financing with a patient and long-term view • can follow their investment and potentially provide more financing when required • can commit to helping the SMEs with international aspirations to grow and scale up

27. How do we select investor pool members? • Application to be submitted by 10 November 11:00 (UK) • Assessment and review by three external assessors for guidance • Internal financial due diligence • Review and ratification by an independent selection panel • Investors selected who have demonstrated the following; • credibility, capability and capacity required for a Series A lead Investor • alignment with aspects of the TFP aims • enhance current pool • confirm agreement and subsequent signing of MOU by January 18 2022 • Applications which are deemed to have failed to satisfy these requirements will still have the potential to syndicate with the lead investors selected.

28. Aligned private investment • Within the timeframes specified by Innovate UK the Lead Investor wishes to pursue an opportunity to invest in a Funding Applicant, they shall: • notify Innovate UK once they have reached heads of terms with a Funding Applicant and provide a summary of the proposed investment terms; and notify Innovate UK once investment has completed and provide a summary of the final terms • You must agree the investment through a lead investor and reach heads of terms by 29 March • must be at least twice the size if the grant being sought • this must provide you with suitable capital to complete your project and for the company to grow and scale • is directed for use in your company, whereas the grant is to support the project only • can be used to fund additional costs typically ineligible by Innovate UK • must be provided under commercial terms negotiated with the lead investor • The investment can be in the form of either direct equity investment or a convertible loan

29. Selection Criteria • MUST have passed TFP Threshold so MUST negotiate an aligned investment greater than twice the grant amount being requested • MUST agree HoT through lead investor between 16 Dec and 29 March • Investor financial support before 29 March can be recognised but at own risk • Grant funding decision by the deal eligibility and ranking panel to ratify HoT that have been submitted; • Register risk level associated with each deal (tranches/milestones/amounts/activity) • Additionality of investment and impact to both SME and TFP programme • Overall investment ratio • TFP grant pot availability • Original assessor score • Note there are additional post award criteria which need to be fulfilled e.g UID

30. Summary • Looking for small and medium sized companies aspiring to transform food production whilst targeting net zero by 2040 through developed technologies. Focus on data driven solutions such as; robotics, AI, novel proteins, vertical farming, integrated supply chains, autonomous growing systems, precision agriculture, CEA etc • Recognise Innovate UK eligible project costs; R&D labour, overheads, consumables, capital usage, travel & subsistence, sub-contracting and other, and how investment differs • May already have/had engagement with one of the lead investors, but not a pre-requisite • May already have alternative investor engagement, but not a pre-requisite, encourage them to approach the pool of lead investors, essential if they want to syndicate • Hungry for investment and likely to have previously engaged in investor readiness activities but not a pre-requisite

31. Key Dates • Call for SMEs now open 18 October • Application must be submitted by 17 November • Notification if above required threshold on 16 December • Confirmation of full Investor Pool on 16 December • ‘One-page investment profile’ shared with all lead investors 17 December • Round 2 Showcase Event 19 January 2022 Prince Philip House London • Deadline for Head of Terms 29 March 2022 • Notification of successful applicants 19 April 2022 Dismatrix Group Cottagequinn Enterprises

32. Round 2 Timeline

33. What could success look like ? - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Project cost Series A £' 1000's TFP Grant Lead Investor Aim to build on success of Round 1; • 7 Applications supported for a total grant requirement of £5,598,419 • 7/11 Lead Investors • Grant £5.6m : £16.5m Investment • Lead investors committed £4.3m • Total Impact £22.1m • £4.7m Initial ‘Smart money’

34. Links for SMEs • Link to SME Phase Competition: https://apply-for-innovation-funding.service.gov.uk/competition/1025/overview#summary • Link to SME Phase Briefing: https://ktn-uk.org/events/smes-transforming-food-production-series-a-investor-partnership-smes- competition/ • Link to list of investors: https://ktn-uk.org/news/meet-the-investors-ready-to-invest-in-agritech-smes-working-towards-net- zero-emissions-in-2021 • Link to access Google Classrooms Investor Readiness archive: https://info.ktn-uk.org/p/2VFU-9RQ/access-to-our-resource-bank • Blog TFP Investor Partnership Blog

35. Links for Investors • Link to Investor Phase Competition: https://apply-for-innovation-funding.service.gov.uk/competition/1039/overview • Link to Investor Phase Briefing: https://ktn-uk.org/events/transforming-food-production-series-a-investor-partnership-call- for-investors/ • Blog TFP Investor Partnership Blog

36. Thank you LinkedIn: UK Research and Innovation Twitter:@UKRI_News YouTube: UK Research and Innovation Chris Danks chris.danks@innovateuk.ukri.org +44 (0)7583 022666 Transforming Food Production - Innovation Lead

37. Eligibility criteria

38. Previously submitted application Not a previously submitted application A previously submitted application is: an application Innovate UK judges as not materially different from one you've submitted before (but it can be updated based on the assessors' feedback) A brand-new application/project/idea that you have not previously submitted into an Innovate UK competition OR A previously submitted or ineligible application which: ü has been updated based on assessor feedback ü and is materially different from the application submitted before ü and fits with the scope of this competition Previously submitted applications This competition does allow you to submit a previously submitted application.

39. Project eligibility Lead must: ü be a UK registered SME ü be seeking equity financing of at least twice the amount of grant requested ü carry out your project in the UK ü exploit the results from / in the UK Project cost £1 million to £3 million Project length 18 months Project dates Start by 1st August 2021 and end by 31st January 2023 Eligibility criteria

40. • Business – Small/Micro, Medium or Large registered in the UK • Research Organisation (RO): • Universities (HEIs) • Non profit distributing Research & Technology Organisation (RTO) including Catapults • Public Sector Research Establishments (PSRE) • Research Council Institutes (RCI) • Public sector organisations and charities doing research activity • If you are 100% owned by a large parent company as a small subsidiary this means you are classed as a large company and will only be entitled to the relevant grant. For more information on company sizes, please refer to the Company accounts guidance. Types of organisations we fund

41. Compliance with the UK Subsidy Control Regime On 1 January 2021, the UK left the EU and is no longer subject to EU laws on State aid. We draw your attention to the guidance issued by BEIS: Complying with the UK’s international obligations on subsidy control: guidance for public authorities. Please be aware this is a living document and may be updated by BEIS as time progresses. The set rules (typically GBER) which we previously relied on for the limits of what we could award, have now been replaced by internal decisions based on the new BEIS Subsidy Control Regime, and on policy, which will in turn set out bespoke eligibility requirements for each funding opportunity. Innovate UK is offering funding for this competition in line with the UK's obligations and commitments to Subsidy Control. To ensure that Innovate UK remains compliant with the UK’s international Subsidy Control duties in respect of: • The EU-UK Trade and Cooperation Agreement; • Article 10 of the Northern Ireland Protocol: (successful applicants which are affected by the Northern Ireland Protocol will be funded in line with EU State aid regulations) • Article 138 of the Withdrawal Agreement (some Union law applicable after 31 December 2020 in relation to the UK’s participation in Union programmes and activities) • The Subsidies and Countervailing measures within the WTO (ASCM); • Any other Free Trade Agreements active at the time of award. All awards will be conditional on compliance at all times with the UK Subsidy Control Regime – this will be reflected in the terms and conditions of any award

42. Due diligence for UK Subsidy Control Regime Under the Subsidy Control Regime, we will carry out financial health checks and going concern assurances on your organisation. Certify you are eligible When submitting an application, you must certify that you are eligible for funding. If you are unsure, please take independent legal advice before applying. Should you be successful, we will complete these financial checks and assurances before confirming the grant offer. For more information on company sizes, please refer to the Company accounts guidance. Further information is available on our website in the general guidance

43. Eligibility Criteria - EU State Aid Regulations – Northern Ireland Protocol If you are an applicant who is conducting activities that will affect trade of goods and/or electricity between Northern Ireland and the EU as envisaged by Article 10 of the Northern Ireland protocol, then you must apply under European Commission State aid rules. Undertaking in Difficulty For applicants subject to the European Commission State aid rules, you will be required to prove that they were not an “Undertaking in Difficulty” (UiD) on the date of 31 December 2019 but became a UID between 1 January 2020 and 30 June 2021. We will ask for evidence of this. This test applies to: • companies that are more than 3 years old • companies where more than half of its subscribed share capital has disappeared as a result of accumulated losses. • your parent or holding company Certify you are eligible When submitting an application, you must certify that you are eligible for State aid. If you are unsure, please take legal advice before applying. Should you be successful, we will apply this test as part of our viability checks before confirming the grant offer. Further information is available on our website in the general guidance under state aid If you are applying for an award funded under State aid Regulations, the definitions are set out in the European Commission Recommendation of 6 May 2003.

44. Eligibility Criteria: Funding Opportunities Funding for R&D projects split in to 3 categories; Feasibility studies, Industrial research & Experimental development For feasibility studies and industrial research projects, you could get funding for your eligible project costs of: • up to 70% if you are a micro or small organisation • up to 60% if you are a medium-sized organisation • up to 50% if you are a large organisation For experimental development projects which are nearer to market, you could get funding for your eligible project costs of: • up to 45% if you are a micro or small organisation • up to 35% if you are a medium-sized organisation • up to 25% if you are a large organisation For Research organisations conducting fundamental research you could get funding for your eligible project costs of up to 100% For general guidance on what our research categories are please visit: https://www.gov.uk/guidance/innovation-apply-for-a-funding-award#categories-of-research-and-development

45. Other Innovate UK projects • If you have an outstanding final claim and/or Independent Accountant Report (IAR) on a live Innovate UK project, you will not be eligible to apply for grant funding in this competition, as a lead or a partner organisation • If you applied to a previous competition as the lead or sole company and were awarded funding by Innovate UK, but did not make a substantial effort to exploit that award, we will award no more funding to you • If you applied to a previous competition as the lead or sole company and failed to comply with grant terms and conditions

46. Timeline Date Competition Opens 18th October 2021 Briefing Event 19th October 2021 Submission Deadline 17th November 2021 Notification if above threshold 16th December 2021 Deadline to reach heads of terms with investor 29th March 2022 Applicants notified 18th April 2022 Key Dates

47. Innovation Funding Service (IFS)

48. Search for a funding competition and review criteria

49. Lead Applicant: create an account The Lead applicant must create an account: UK registered businesses - Use Companies House lookup as it speeds up our checks by providing your company number. You are unable to enter this at a later date Research organisations, academics & Universities - Enter your information manually so you’re not listed as a business on IFS and ensure you receive the correct funding

50. Project Details Application Team – Collaborators can invite organisations who you are working with on the project. Contributors can invite colleagues from your own organisation to help you complete your application Application Details - Title, Timescales, Research Category, Innovation Area & previously submitted application Subsidy basis – Will the project, including any related activities, you want Innovate UK to fund, affect trade between Northern Ireland and the EU? All participants must complete this section. Equality, Diversity and Inclusion - external survey to complete Project Summary - Short summary and objectives of the project including what is innovative about it Public Description - Description of your project which will be published if you are successful Scope - How does your project align with the scope of this competition? - If your project is not in scope, it will be ineligible for funding

51. Application Questions Detailed guidance available on IFS Application form Appendix? Question 1 Applicant location (not scored) No Question 2 Transforming food production No Question 3 Approach and innovation Yes - optional Question 4 Team and resources Yes - optional Question 5 Market awareness No Question 6 Competitors Question 7 Outcomes and route to market No Question 8 Wider impacts No Question 9 Project management Yes - mandatory Question 10 Risks Yes - mandatory Question 11 Costs and value for money No Question 12 Added value and investment requirement Yes - mandatory

52. Application finances

53. To claim funding: Your business does not have to be UK registered with Companies House when you apply but it must be registered before you can receive funding. You are unable to claim funding if: • You are an overseas organisation, so your company number begins with FC • Your organisation is setup as a branch, so your company number begins with BR • Your company is based in Jersey, so your company number begins with JE

54. Eligible: • Staff working directly on project • Paid by PAYE • NI, pension, non-discretionary costs Ineligible: • Dividends • Bonuses • Non productive time • Overtime Labour

55. Overheads Innovate UK’s definition: additional costs and operational expenses incurred directly as a result of the project. These could include additional costs for administrative staff, general IT, rent and utilities Indirect (administration) overheads • please ensure they are additional and directly attributable to the delivery of the project Direct overheads • E.g. office utilities, IT infrastructure, laptop provision not covered by capital usage • must be directly attributable to the project • Provide detailed breakdown together with methodology/basis of apportionment

56. Material costs Please be clear on what the materials are, just putting consumables doesn’t provide enough detail. If insufficient information is provided, we will request more information should you be successful which may delay your project start date.

57. Capital equipment usage Eligible: Used in the project or shared with day- to-day production. Calculations will need to be in line with your accounting practices. Even if the equipment is depreciated fully over the life of the project this must be added under capital equipment.

58. Subcontractors Justified and quantified. If non-UK sub-contractors are being used, you will need to provide strong justification on why an UK- based sub-contractor is not being used. If you’re sub-contracting to a parent or sister company, please ensure you list at cost and do not include profit.

59. Travel & subsistence Eligible: Costs must be directly linked to the project Please breakdown your costs as follows: • Travel • Accommodation • Subsistence If you have an annual trip to visit the parent company this is not an eligible cost

60. Other costs Eligible: • Costs that could not be added under previous headings • Do not double count • Patent filing costs for new IP – SMEs up to £7,500

61. Funding Funding rules • The level of funding awarded will depend upon the type of organisation and the type of research being undertaken in the project • Funding is calculated by project participant IFS will advise the maximum grant % you can request based upon your answers to: • Type (and size) of organisation • Research category defined by the lead applicant in the Application Details section of the application

62. Submitting your application

63. Project cost summary Ensure the highlighted costs fits the criteria for this competition: £1 – 3 million

64. Checking your finances are complete IFS checks • all organisations have marked their finances as complete • research organisation participation is no greater than 30% / 50% of the total project costs • IFS DOES NOT VALIDATE TOTAL PROJECT COSTS

65. Editing a submitted application Reopen by clicking here Remember to press SUBMIT

66. Submit your application early! Be aware of the potential for last minute technical issues!

67. Assessment

68. Application assessment All applications are assessed by independent assessors drawn from industry and academia What do they look for? • Clear and concise answers • The right amount of information • not too much detail • no assumptions • Quantification and justification • A proposal that presents a viable opportunity for growth, a level of innovation that necessitates public sector investment and has the right team and approach to be successful Keep your assessors engaged and interested in your proposal. You want them to be fascinated and excited by your idea!

69. Scoring • We review scores and feedback to check assessors are adhering to our guidelines and scoring fairly • In some cases, where we feel a score is unjust and not supported by feedback, we may remove that score as an outlier and update the total score for the application • Please be aware that both low and high outliers may be removed and as a result scores may increase or decrease If outliers are removed we are unable to reflect this change in the scores you receive as part of your feedback due to this decision being reached outside the IFS system

70. Note on feedback • The feedback is compiled using the written comments of the independent assessors who review and assess the applications • It is intended to be constructive in nature and to highlight both the strong as well as the weak areas of your application • Please bear in mind that because applications are assessed by a number of assessors, you may receive information which appears to be conflicting. This may reflect their different interpretations of the proposal that you submitted • It must also be noted that some proposals may appear to have been favourably assessed based on their comments, in such instances it could be that your proposal simply fell below the funding threshold, with others achieving a higher merit score overall

71. Scores and feedback

72. Project setup for successful applicants

73. Notification If you are unsuccessful in this competition: Øyou can use the feedback from the assessors to develop your idea and apply into another competition that allows previously submitted applications If you are successful in this competition: Øyou will be assigned a Delivery Executive who will guide you through the Project Set Up process Øyou will have 30 days to complete the project team, project details and bank details Øyou will then have 100 days to reach heads of terms with the lead investor Please ensure all your contact details in the IFS portal are correct and up to date and that you regularly monitor it

74. Project set up • All communication will be through IFS • Lead applicant must provide collaboration agreements and exploitation plans if applicable Project delivery • All grants are paid quarterly in arrears, and are only paid following quarterly reporting and necessary audits • Claims can only be made for costs incurred and paid between the project start and end dates • Monitoring of the project includes a visit from the appointed Monitoring Officer

75. Q&A

76. Customer Support Services: 0300 321 4357 (Monday - Friday 9:00am - 11:30am & 2:00pm - 4:30pm) support@innovateuk.ukri.org Knowledge Transfer Network: www.ktn-uk.co.uk Innovate UK: https://www.gov.uk/government/organisations/innovate-uk Contact

77. @InnovateUK Innovate UK Innovate UK

78. Q&A

79. Case Studies from Round 1

80. • Investor Readiness Resource Bank: https://info.ktn-uk.org/p/2VFU-9RQ/access-to-our-resource-bank • Transforming Food Production Investor Partnership Programme Videos: https://www.youtube.com/playlist?list=PLkjB0VcEl5P8n3EuUomd1VXQKqBRDKESw • KTN Access to Funding and Finance Videos: https://www.youtube.com/playlist?list=PL-hp8OOckWOAJwvyl7n5UuiIs9zzi1sTq • KTN assistance with applications and pitch critiques Resources for Applicants

81. • Jim Dobson, Cottagequinn Enterprises: https://youtu.be/u9EsocHxkDg • Benjamina Bollag, Higher Steaks: https://youtu.be/HXshhXdqGKs • Ed Herbert, Dogtooth: https://youtu.be/PZVguIVSxL4 • Tiffany Wood, Dyneval: https://youtu.be/kgHuhZg-nus • Agri-Tech Investment Showcase: https://youtu.be/CzUTORE6lBg Case Studies

82. One Page Investment Summary Jordan Fletcher KTM – Investment Communities, KTN

83. Q&A

85. SME Transforming Food Production: SeriesA Investor Partnership Applicant briefing 19th October 2021 • The webinar will start at 2pm • We are currently on mute, whilst waiting for more people to join • We will conduct a sound check before the briefing starts • Please ensure that you are dialled in, either by computer or phone, so that you can hear the briefing. • If you have any audio issues, please dial in from a fixed line. • The briefing will be recorded and available for you

86. 1 Welcome and introductions TomJenkins–DeptDirector,TransformingFoodProduction ChrisDanks–InnovationLead,TransformingFoodProduction LydiaBlankenstein–PortfolioManager,Competitions 2 Part 1 Scope, eligibility criteria 3 Part 2 The Innovation Funding Service, application finances, academic partners 4 Part 3 Submitting your application, assessment, project setup for successful applicants Agenda

87. Transforming Food Production: Series A Investor Partnership Catalysing the transition to net-zero food production systems by 2040 Briefing Event 19th October 2021

88. Transforming Food Production • Accelerating development and adoption of integrated precision approaches, to improve productivity in agricultural systems • Enabling food to be produced in more efficient, resilient and sustainable ways • Driving economic growth across the UK Towards net zero emissions productive food systems by 2040

89. Transforming Food Production Delivery Future Food Production Systems Creating disruptive solutions and high value production systems Science and Technology into Practice Strengthening connections between research and practice and enabling adoption and demonstration International Building opportunity in partnership and driving export growth Investor Partnership Building a vibrant investment ecosystem around the agri-tech sector in the UK £50m £25m £5m £10m

90. • Establishes >£30m Agri-tech ‘net-zero’ fund • Expect to create 10+ Series A deals, accelerating growth and scale-up of UK SME • Investment focuses on global opportunities with international investors able to lead investment rounds • Potential to build investment syndicates • TFP acting as a minority Impact Investor (net-zero) • Late stage funding model Series A Investor Partnership Programme Round 1 & 2 Catalysing company growth and scale-up…

91. Thank you LinkedIn: UK Research and Innovation Twitter:@UKRI_News YouTube: UK Research and Innovation Dr Tom Jenkins Deputy Challenge Director – Transforming Food Production E: tom.jenkins@innovateuk.ukri.org T: +44 (0)7825 028332

92. Transforming Food Production: Series A Investor Partnership SME Briefing Event 19th October 2021 Chris Danks Transforming Food Production - Innovation Lead

93. Agenda • Concept • Funding requirements • Aligned funding model • Timeline • Items covered later in the seminar; • Application process • Assessment and selection • Success from Round 1 • Additional support available (Bootcamp and KTN)

94. Series A Investor Partnership Concept • UKRI fund projects and Investors fund companies • An Investor Partnership deploys grant funding alongside equity funding from private investors. • Not just grant support but enable high growth companies get direct access to commercial acumen and market opportunities through their relationship with an investor and ‘smart money’ company investment • Aim to encourage incumbent sector investors to invest and to create opportunity for new investors to enter the sector • Encourage new (platform, social impact, overseas) and existing investors to invest earlier and wider.

95. Simultaneous and aligned grant and venture capital • TFP to uniquely focus on increasing investment into late stage (TRL 6-8) companies: • Pre-revenue R&D SMEs aiming to grow and scale • First significant funding round • Series A/Late Seed top up rounds • Joint Venture entities • Established spin outs • New or existing Investor/SME relations • 100% total funding available for SME late stage/experimental project costs (public and private) UKRI Investor Below Cut-off Above Cut-off Investment Attractive Not Investable Potential to be supported by aligned grant and investment Potential to secure direct investment with no UKRI grant Directed to further business support and bootcamp Feedback provided for guidance

96. Scope / Investment Thesis • £5m Funding through Industrial Strategy Challenge Fund – Transforming Food Production • Align with programme aims and objectives: Towards net zero emissions productive food systems by 2040: 1. Create integrated data-driven solutions to drive primary agricultural productivity whilst driving towards net zero emissions 2. Embed adoption of precision approaches to bridge the productivity gap, strengthening connections between researchers, businesses and practitioners 3. Stimulate the establishment of novel high value production systems to position UK technologies at the forefront of new industries. 4. Drive growth in UK precision technology companies, creating high value jobs and adding value in the UK agricultural value chain. 5. Develop export opportunities and increase investment into UK research and innovation.

97. Series A Investor Partnership Call Headlines • Series A investment i.e. Companies who have received previous grant funding or private seed investment • Between £450 -£1,350k grant available per project, £5m ISCF funding available • The aligned investment (greater than twice the level of grant) will provide capital for the SME, including covering the remaining 55% of the project eligible costs • The additional company investment can cover any costs, including those not eligible under UKRI funding guidelines i.e. capital, licensing, Sales and Marketing, C-level talent recruitment and development, infrastructure etc • 18 month timeframe for the project component only not the additional company investment • Innovate UK Monitoring Officer will perform quarterly reviews to ensure project is progressing to TFP expectations

98. Series A Investor Partnership Overview • Aim to support 4-6 pre/early-revenue companies • Experimental development (TRL 6-8): Project size between £1m and £3m total eligible cost • UKRI fund upto 45% of project cost • Only project costs deemed acceptable by UKRI can be claimed • Investment is aligned to cover the required UKRI committed costs plus additional company investment • Ratio minimum 2:1 Investment : Grant • Ratios higher than the required 2:1 will be assessed more favourably during final selection criteria • Overall funding £1.35 m to >£5 million, with no cap UKRI Grant Investor Investment

100. Example of ‘bottom up’ proposal • Potential to build a Series A investment requirement from the basis of a late stage R&D project perspective • The private investment requirement will need to be well justified and additional to the project requirements, and not just match funding Total Project Cost UKRI Grant Investor Series A Investment* Overall Funding £1,000,000 £450,000 > £900,000 > £1,350,000 £1,500,000 £675,000 > £1,350,000 > £2,025,000 £2,000,000 £900,000 > £1,800,000 > £2,700,000 £2,500,000 £1,125,000 > £2,250,000 > £3,375,000 £3,000,000 £1,350,000 > £2,700,000 > £4,050,000 * Minimum Investment is 2 x UKRI Grant, no maximum ceiling

101. Example of ‘top down’ proposal • More traditional approach to justify overall Series A investment requirement • A UK company, having previously secured IUK and seed investment were seeking a £3m Series A investment. • Their ‘ask’ comprised of IP demonstration, experimental development R&D and trials (£1.7m) which could be identified as total project costs. Alongside this they have requirements for manufacture and capital (£900k) and a need to build their management team and sales and marketing groups (£400k). • This would favourably exceed the minimum investment ratio at a 2.92 : 1 ratio Total Project Cost UKRI Grant Investor Series A Investment* Overall Funding £1,700,000 £765,000 £2,235,000 £3,000,000 * Minimum Investment is >2 x UKRI Grant, no maximum ceiling

102. Additional considerations on applying • As part of the application process (Q12) you will be asked to prepare a one-page investment summary. There are several documents you should have access to already which will be useful when preparing your one-page investment summary. These are usually: • Business Plan • Investment Pitch • Supporting Documentation e.g. milestones, contracts and financials • The one-page investment summary is the ‘public’ handout version of your investment pitch and will be shared with the pool of investors without an explicit NDA • This specific one-page investment summary should also highlight the grant alignment being sought through the Series A competition, but the majority of the focus should be on the company investment strategy overall. • Voluntary Investment Showcase on 19 January 2022 – 5 Minute Pitch opportunity

103. Investor Pool & Syndicates Lead Lead Lead UK SME TFP Grant Co- Investor Co- Investor Lead Lead Lead Lead Lead Lead Lead

104. Lead Investor Pool from Round 1 Dismatrix Group Cottagequinn Enterprises Lean more about the pool at: https://ktn-uk.org/news/meet-the-investors-ready-to-invest-in-agritech-smes-working-towards-net-zero-emissions-in-2021

105. We are recruiting more Lead Investors We are particularly interested in investors who have relevant sector or technology-specific expertise or social impact priorities around resilient and environmentally sustainable food production and; • are willing to act as sole investor in Series A investments or be the lead investor where additional co-investment is required (co-investors can be from within or from outside of the pool being formed) • are prepared to deploy Series A financing with a patient and long-term view • can follow their investment and potentially provide more financing when required • can commit to helping the SMEs with international aspirations to grow and scale up

106. How do we select investor pool members? • Application to be submitted by 10 November 11:00 (UK) • Assessment and review by three external assessors for guidance • Internal financial due diligence • Review and ratification by an independent selection panel • Investors selected who have demonstrated the following; • credibility, capability and capacity required for a Series A lead Investor • alignment with aspects of the TFP aims • enhance current pool • confirm agreement and subsequent signing of MOU by January 18 2022 • Applications which are deemed to have failed to satisfy these requirements will still have the potential to syndicate with the lead investors selected.

107. Aligned private investment • Within the timeframes specified by Innovate UK the Lead Investor wishes to pursue an opportunity to invest in a Funding Applicant, they shall: • notify Innovate UK once they have reached heads of terms with a Funding Applicant and provide a summary of the proposed investment terms; and notify Innovate UK once investment has completed and provide a summary of the final terms • You must agree the investment through a lead investor and reach heads of terms by 29 March • must be at least twice the size if the grant being sought • this must provide you with suitable capital to complete your project and for the company to grow and scale • is directed for use in your company, whereas the grant is to support the project only • can be used to fund additional costs typically ineligible by Innovate UK • must be provided under commercial terms negotiated with the lead investor • The investment can be in the form of either direct equity investment or a convertible loan

108. Selection Criteria • MUST have passed TFP Threshold so MUST negotiate an aligned investment greater than twice the grant amount being requested • MUST agree HoT through lead investor between 16 Dec and 29 March • Investor financial support before 29 March can be recognised but at own risk • Grant funding decision by the deal eligibility and ranking panel to ratify HoT that have been submitted; • Register risk level associated with each deal (tranches/milestones/amounts/activity) • Additionality of investment and impact to both SME and TFP programme • Overall investment ratio • TFP grant pot availability • Original assessor score • Note there are additional post award criteria which need to be fulfilled e.g UID

109. Summary • Looking for small and medium sized companies aspiring to transform food production whilst targeting net zero by 2040 through developed technologies. Focus on data driven solutions such as; robotics, AI, novel proteins, vertical farming, integrated supply chains, autonomous growing systems, precision agriculture, CEA etc • Recognise Innovate UK eligible project costs; R&D labour, overheads, consumables, capital usage, travel & subsistence, sub-contracting and other, and how investment differs • May already have/had engagement with one of the lead investors, but not a pre-requisite • May already have alternative investor engagement, but not a pre-requisite, encourage them to approach the pool of lead investors, essential if they want to syndicate • Hungry for investment and likely to have previously engaged in investor readiness activities but not a pre-requisite

110. Key Dates • Call for SMEs now open 18 October • Application must be submitted by 17 November • Notification if above required threshold on 16 December • Confirmation of full Investor Pool on 16 December • ‘One-page investment profile’ shared with all lead investors 17 December • Round 2 Showcase Event 19 January 2022 Prince Philip House London • Deadline for Head of Terms 29 March 2022 • Notification of successful applicants 19 April 2022 Dismatrix Group Cottagequinn Enterprises

111. Round 2 Timeline

112. What could success look like ? - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Project cost Series A £' 1000's TFP Grant Lead Investor Aim to build on success of Round 1; • 7 Applications supported for a total grant requirement of £5,598,419 • 7/11 Lead Investors • Grant £5.6m : £16.5m Investment • Lead investors committed £4.3m • Total Impact £22.1m • £4.7m Initial ‘Smart money’

113. Links for SMEs • Link to SME Phase Competition: https://apply-for-innovation-funding.service.gov.uk/competition/1025/overview#summary • Link to SME Phase Briefing: https://ktn-uk.org/events/smes-transforming-food-production-series-a-investor-partnership-smes- competition/ • Link to list of investors: https://ktn-uk.org/news/meet-the-investors-ready-to-invest-in-agritech-smes-working-towards-net- zero-emissions-in-2021 • Link to access Google Classrooms Investor Readiness archive: https://info.ktn-uk.org/p/2VFU-9RQ/access-to-our-resource-bank • Blog TFP Investor Partnership Blog

114. Links for Investors • Link to Investor Phase Competition: https://apply-for-innovation-funding.service.gov.uk/competition/1039/overview • Link to Investor Phase Briefing: https://ktn-uk.org/events/transforming-food-production-series-a-investor-partnership-call- for-investors/ • Blog TFP Investor Partnership Blog

115. Thank you LinkedIn: UK Research and Innovation Twitter:@UKRI_News YouTube: UK Research and Innovation Chris Danks chris.danks@innovateuk.ukri.org +44 (0)7583 022666 Transforming Food Production - Innovation Lead

116. Eligibility criteria

117. Previously submitted application Not a previously submitted application A previously submitted application is: an application Innovate UK judges as not materially different from one you've submitted before (but it can be updated based on the assessors' feedback) A brand-new application/project/idea that you have not previously submitted into an Innovate UK competition OR A previously submitted or ineligible application which: ✓ has been updated based on assessor feedback ✓ and is materially different from the application submitted before ✓ and fits with the scope of this competition Previously submitted applications This competition does allow you to submit a previously submitted application.

118. Project eligibility Lead must: ✓ be a UK registered SME ✓ be seeking equity financing of at least twice the amount of grant requested ✓ carry out your project in the UK ✓ exploit the results from / in the UK Project cost £1 million to £3 million Project length 18 months Project dates Start by 1st August 2021 and end by 31st January 2023 Eligibility criteria

119. Compliance with the UK Subsidy Control Regime On 1 January 2021, the UK left the EU and is no longer subject to EU laws on State aid. We draw your attention to the guidance issued by BEIS: Complying with the UK’s international obligations on subsidy control: guidance for public authorities. Please be aware this is a living document and may be updated by BEIS as time progresses. The set rules (typically GBER) which we previously relied on for the limits of what we could award, have now been replaced by internal decisions based on the new BEIS Subsidy Control Regime, and on policy, which will in turn set out bespoke eligibility requirements for each funding opportunity. Innovate UK is offering funding for this competition in line with the UK's obligations and commitments to Subsidy Control. To ensure that Innovate UK remains compliant with the UK’s international Subsidy Control duties in respect of: • The EU-UK Trade and Cooperation Agreement; • Article 10 of the Northern Ireland Protocol: (successful applicants which are affected by the Northern Ireland Protocol will be funded in line with EU State aid regulations) • Article 138 of the Withdrawal Agreement (some Union law applicable after 31 December 2020 in relation to the UK’s participation in Union programmes and activities) • The Subsidies and Countervailing measures within the WTO (ASCM); • Any other Free Trade Agreements active at the time of award. All awards will be conditional on compliance at all times with the UK Subsidy Control Regime – this will be reflected in the terms and conditions of any award

120. Due diligence for UK Subsidy Control Regime Under the Subsidy Control Regime, we will carry out financial health checks and going concern assurances on your organisation. Certify you are eligible When submitting an application, you must certify that you are eligible for funding. If you are unsure, please take independent legal advice before applying. Should you be successful, we will complete these financial checks and assurances before confirming the grant offer. For more information on company sizes, please refer to the Company accounts guidance. Further information is available on our website in the general guidance

121. Eligibility Criteria - EU State Aid Regulations – Northern Ireland Protocol If you are an applicant who is conducting activities that will affect trade of goods and/or electricity between Northern Ireland and the EU as envisaged by Article 10 of the Northern Ireland protocol, then you must apply under European Commission State aid rules. Undertaking in Difficulty For applicants subject to the European Commission State aid rules, you will be required to prove that they were not an “Undertaking in Difficulty” (UiD) on the date of 31 December 2019 but became a UID between 1 January 2020 and 30 June 2021. We will ask for evidence of this. This test applies to: • companies that are more than 3 years old • companies where more than half of its subscribed share capital has disappeared as a result of accumulated losses. • your parent or holding company Certify you are eligible When submitting an application, you must certify that you are eligible for State aid. If you are unsure, please take legal advice before applying. Should you be successful, we will apply this test as part of our viability checks before confirming the grant offer. Further information is available on our website in the general guidance under state aid If you are applying for an award funded under State aid Regulations, the definitions are set out in the European Commission Recommendation of 6 May 2003.

122. Other Innovate UK projects • If you have an outstanding final claim and/or Independent Accountant Report (IAR) on a live Innovate UK project, you will not be eligible to apply for grant funding in this competition, as a lead or a partner organisation • If you applied to a previous competition as the lead or sole company and were awarded funding by Innovate UK, but did not make a substantial effort to exploit that award, we will award no more funding to you • If you applied to a previous competition as the lead or sole company and failed to comply with grant terms and conditions

123. Timeline Date Competition Opens 18th October 2021 Briefing Event 19th October 2021 Submission Deadline 17th November 2021 Notification if above threshold 16th December 2021 Deadline to reach heads of terms with investor 29th March 2022 Applicants notified 18th April 2022 Key Dates

124. Innovation Funding Service (IFS)

125. Search for a funding competition and review criteria

126. Lead Applicant: create an account The Lead applicant must create an account: UK registered businesses - Use Companies House lookup as it speeds up our checks by providing your company number. You are unable to enter this at a later date

127. Project Details Application Team – Collaborators can invite organisations who you are working with on the project. Contributors can invite colleagues from your own organisation to help you complete your application Application Details - Title, Timescales, Research Category, Innovation Area & previously submitted application Subsidy basis – Will the project, including any related activities, you want Innovate UK to fund, affect trade between Northern Ireland and the EU? All participants must complete this section. Equality, Diversity and Inclusion - external survey to complete Project Summary - Short summary and objectives of the project including what is innovative about it Public Description - Description of your project which will be published if you are successful Scope - How does your project align with the scope of this competition? - If your project is not in scope, it will be ineligible for funding

128. Application Questions Detailed guidance available on IFS Application form Appendix? Question 1 Applicant location (not scored) No Question 2 Transforming food production No Question 3 Approach and innovation Yes - optional Question 4 Team and resources Yes - optional Question 5 Market awareness No Question 6 Competitors Question 7 Outcomes and route to market No Question 8 Wider impacts No Question 9 Project management Yes - mandatory Question 10 Risks Yes - mandatory Question 11 Costs and value for money No Question 12 Added value and investment requirement Yes - mandatory

129. Application finances

130. To claim funding: Your business does not have to be UK registered with Companies House when you apply but it must be registered before you can receive funding. You are unable to claim funding if: • You are an overseas organisation, so your company number begins with FC • Your organisation is setup as a branch, so your company number begins with BR • Your company is based in Jersey, so your company number begins with JE

131. Eligible: • Staff working directly on project • Paid by PAYE • NI, pension, non-discretionary costs Ineligible: • Dividends • Bonuses • Non productive time • Overtime Labour

132. Overheads Innovate UK’s definition: additional costs and operational expenses incurred directly as a result of the project. These could include additional costs for administrative staff, general IT, rent and utilities Indirect (administration) overheads • please ensure they are additional and directly attributable to the delivery of the project Direct overheads • E.g. office utilities, IT infrastructure, laptop provision not covered by capital usage • must be directly attributable to the project • Provide detailed breakdown together with methodology/basis of apportionment

133. Material costs Please be clear on what the materials are, just putting consumables doesn’t provide enough detail. If insufficient information is provided, we will request more information should you be successful which may delay your project start date.

134. Capital equipment usage Eligible: Used in the project or shared with day- to-day production. Calculations will need to be in line with your accounting practices. Even if the equipment is depreciated fully over the life of the project this must be added under capital equipment.

135. Subcontractors Justified and quantified. If non-UK sub-contractors are being used, you will need to provide strong justification on why an UK- based sub-contractor is not being used. If you’re sub-contracting to a parent or sister company, please ensure you list at cost and do not include profit.

136. Travel & subsistence Eligible: Costs must be directly linked to the project Please breakdown your costs as follows: • Travel • Accommodation • Subsistence If you have an annual trip to visit the parent company this is not an eligible cost

137. Other costs Eligible: • Costs that could not be added under previous headings • Do not double count • Patent filing costs for new IP – SMEs up to £7,500

138. Funding Funding rules • The level of funding awarded will depend upon the type of organisation and the type of research being undertaken in the project • Funding is calculated by project participant IFS will advise the maximum grant % you can request based upon your answers to: • Type (and size) of organisation • Research category defined by the lead applicant in the Application Details section of the application

139. Submitting your application

140. Project cost summary Ensure the highlighted cost fits the criteria for this competition: £1 – 3 million IFS DOES NOT VALIDATE TOTAL PROJECT COSTS

141. Editing a submitted application Reopen by clicking here Remember to press SUBMIT

142. Submit your application early! Be aware of the potential for last minute technical issues!

143. Assessment

144. Application assessment All applications are assessed by independent assessors drawn from industry and academia What do they look for? • Clear and concise answers • The right amount of information • not too much detail • no assumptions • Quantification and justification • A proposal that presents a viable opportunity for growth, a level of innovation that necessitates public sector investment and has the right team and approach to be successful Keep your assessors engaged and interested in your proposal. You want them to be fascinated and excited by your idea!

145. Scoring • We review scores and feedback to check assessors are adhering to our guidelines and scoring fairly • In some cases, where we feel a score is unjust and not supported by feedback, we may remove that score as an outlier and update the total score for the application • Please be aware that both low and high outliers may be removed and as a result scores may increase or decrease If outliers are removed we are unable to reflect this change in the scores you receive as part of your feedback due to this decision being reached outside the IFS system

146. Note on feedback • The feedback is compiled using the written comments of the independent assessors who review and assess the applications • It is intended to be constructive in nature and to highlight both the strong as well as the weak areas of your application • Please bear in mind that because applications are assessed by a number of assessors, you may receive information which appears to be conflicting. This may reflect their different interpretations of the proposal that you submitted • It must also be noted that some proposals may appear to have been favourably assessed based on their comments, in such instances it could be that your proposal simply fell below the funding threshold, with others achieving a higher merit score overall

147. Scores and feedback

148. Project setup for successful applicants

149. Notification If you are unsuccessful in this competition: ➢you can use the feedback from the assessors to develop your idea and apply into another competition that allows previously submitted applications If you are successful in this competition: ➢you will be assigned a Delivery Executive who will guide you through the Project Set Up process ➢you will have 30 days to complete the project team, project details and bank details ➢you will then have 100 days to reach heads of terms with the lead investor Please ensure all your contact details in the IFS portal are correct and up to date and that you regularly monitor it

150. Project set up • All communication will be through IFS • Lead applicant must provide collaboration agreements and exploitation plans if applicable Project delivery • All grants are paid quarterly in arrears, and are only paid following quarterly reporting and necessary audits • Claims can only be made for costs incurred and paid between the project start and end dates • Monitoring of the project includes a visit from the appointed Monitoring Officer

151. Customer Support Services: 0300 321 4357 (Monday - Friday 9:00am - 11:30am & 2:00pm - 4:30pm) support@innovateuk.ukri.org Knowledge Transfer Network: www.ktn-uk.co.uk Innovate UK: https://www.gov.uk/government/organisations/innovate-uk Contact

152. Q&A

153. @InnovateUK Innovate UK Innovate UK

154. www.ktn-uk.org Jordan Fletcher KTM - Investment One Page Investment Summary 19th October

155. One-page Investment Summary 1 2 3 4 5 6 7 8 9 10 Elevator Pitch Value Proposition Business & Revenue Model Traction The Market Competition People Finances The Ask The Exit Blog: Guidance on how to produce a tailored one-page investment summary for the Transforming Food Production Series A Investor Partnership Programme

156. Bugbear 1. a cause of obsessive fear, anxiety, or irritation. 2. an imaginary being invoked to frighten children, typically a sort of hobgoblin supposed to devour them.

157. Causes of irritation… Understand your audience Quantify and Justify assertions What will the funding achieve? Stand out from the competition Make it look good Clear & concise message What are your contact details? 1 2 3 4 5 6 7

158. Investment Pitch Focus Who What Team Market Traction Finances Use of funds Exit

159. Investment Pitch Focus Who What Team Market Traction Finances Use of funds Exit

160. Differentiate Yourself

161. If we all follow the same formulae how do you stand out? Build credibility. Don’t just write words. Write music. What is the narrative? A picture is worth a thousand words. You are the innovators! Differentiate Yourself

162. Thank you Jordan Fletcher 07834 150494 Connect with me on LinkedIn @jordanflether8

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