Understanding our criteria

Before applying, please carefully read the guidance on What We Fund and the Types and Stages of Funding available. New solutions can come from anywhere and we are open to a huge range of innovations working in many different contexts, but we have precise requirements and are unable to fund work that does not meet these criteria.

Initial Application

Once you have established your work fits with LIIT criteria, the next step is to complete a short application to tell us about your innovation, how it meets our criteria, and what can be achieved with our funding.

Follow-on call

If we want to know more about your innovation and how LIIT can support you on your journey to scale, a member of our investment team will arrange a follow-on call to learn more.

Full application and due diligence

In the event we decide to progress to due diligence, we will request a full application which includes information on your team, budgets and plans. Due diligence processes include interviews with your team and other stakeholders, calls with referees, input from external technical experts, and potentially a visit of your team to observe your work. We will also request information on your team( collaborating organization, department, etc) and key staff members to enable us to complete environment, social and governance (ESG) due diligence including anti-money laundering checks. Our due diligence process is guided by an internal investment committee and may involve feedback from, and co-creation with, the LIIT team.

Decision Panel

Upon satisfactory completion of due diligence, LIIT will convene a Decision Panel comprised of senior leadership at the fund and external experts. The panelists will consider the application against our investment criteria to assess whether your proposal is a good fit for the fund and decide whether to approve or reject your application.

Funding agreement

Decision Panel approval is conditional upon satisfactory completion of final financial and legal compliance, and negotiation of a funding agreement. The final funding agreement will vary for different types of capital, and may include a valuation process, conditions of grants, and agreement of deliverables and key performance indicators.