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The Challenge Fund FAQs

The IOP is committing £10m over four years to support innovative ideas - here's everything you need to know.

What is the IOP Challenge Fund?  

The IOP Challenge Fund is a commitment of £10m over four years from the IOP to support activities that will help deliver the IOP’s 2020-24 strategy ‘Unlocking the Future’.

The Fund seeks to maximise the societal and economic benefit of physics by supporting innovative ideas, programmes and partnerships that accelerate and sustain large-scale change.

The Fund is part of the IOP's operating budget that we have turned into a competitive funding stream.

How does the Fund work?

The Fund has two ways of working:

  1. Responsive: where the IOP responds to ideas that come in from potential partners. This work can address any or all of the aims and ambitions set out in the 2020-24 IOP strategy ‘Unlocking the Future’.
  2. Directive: where IOP makes a specific call for proposals on a particular theme. The first of these was ‘Physics careers’, and others will follow in the coming weeks and months.

Who can apply to the Challenge Fund?

Any UK or Ireland-based organisation, including charities, NGOs, businesses or government organisations (though we will not fund government organisations) working alone or in consortia. However, potential partners should be able to contribute further funding or in-kind support to the proposed project.

How is funding awarded?

The Fund can provide support through grant funding, awarding contracts or direct investment. This is a flexible approach so that the most appropriate model can be employed for the selected projects.

What costs are eligible for funding?

Some examples of eligible costs are listed below, however this list is by no means exhaustive:

  • Staff costs: To cover the time of members of staff employed by the lead organisation or named delivery partners who are working on the project.
  • Professional fees: Fees that may be incurred when subcontracting third-party suppliers to deliver a service.
  • Equipment: Anything over the value of £25,000 will need to follow a specified process.
  • Travel: Costs should be directly related to project activities. Travel should be undertaken in line with government guidelines and in accordance with your own organisation’s travel policy.
  • Promotion and knowledge sharing: Costs relating to the promotion, marketing, dissemination, communication and sharing of knowledge.

View further information on eligible and ineligible costs.

What kinds of activities can I propose?

Proposals for responsive funding can be for any activity that will help to meet any or all of the aims and aspirations of ‘Unlocking the Future’. Directive calls may be more specific about the kinds of activities that will be considered.

What are the key selection criteria?

The key criteria for selection are that proposals must be:

  • innovative and demonstrate potential for sustained national impact;
  • supported by credible evidence;
  • responsive to the aims and ambitions set out in ‘Unlocking the Future’ in news ways or at a scale not currently supported by existing funding streams; and
  • accessible, inclusive and seeking to increase participation from under-represented groups.

How much funding is available?

The total amount committed by IOP to the Challenge Fund is £10m, to be spent over four years. This is not the total value of the work of the Challenge Fund, as the aim is to leverage in funding and support from other sources, including partners. In fact prospective partners are expected to bring some additional funding or support in kind.

Funding through the Fund will be for amounts of £100,000 or more.

What is the expected level of co-funding?

There is no minimum or maximum level of contribution required and it can take the form of direct finance or a contribution of resources from the organisation(s), or a contribution from a third-party funder or consortium.

What should I do if I have an idea that requires less than £100,000?

Other IOP funding streams remain open, including our large and small grants funds. Ultimately we will align some of our funding streams so that organisations can build up to an application to the Challenge Fund.

How do I apply?

In the first instance, send us a Concept Note outlining your idea and an indication of the amount of funding or value of support sought. We do not expect many proposals to progress beyond the first stage, so this stage will be as light-touch as possible.

Please note that, due to the large number of concept notes we receive and assess, we are unable to offer feedback at this first stage.

Those ideas that progress beyond the Concept Note stage will enter a detailed application process in which the next stages are a full application form and interviews.