RIC and Meka on Funding Hardware Innovation and Product Development

In June 2022, Real Inbound Consulting (RIC) collaborated with Meka to help businesses explore how government funding could support new product development and equipment innovation.

The session focused on companies looking to commercialise new hardware products or develop customised equipment to improve productivity.

The central idea remains relevant today: hardware innovation is strongest when product design, commercial objectives, implementation planning and funding strategy are considered together from the outset.

Why Hardware Projects Need More Than a Technical Concept

Hardware development can involve significant upfront risk.

Companies may need to fund design work, prototyping, engineering, testing, specialised equipment, third-party services and intellectual property before the product or system is ready for commercial use.

A technically interesting idea is therefore only one part of the project.

The company also needs a clear problem statement, a credible development roadmap, realistic milestones and a path towards commercialisation or measurable productivity gains.

Meka Brought Product Innovation and Engineering Expertise

Meka was introduced in the original session as a product innovation agency supporting companies with concept development, product design, problem solving and manufacturing.

For businesses building new hardware, this type of engineering capability can reduce the gap between an early concept and a commercially usable product or production solution.

The implementation partner's role is especially important when the project requires iterative prototyping, technical validation and manufacturing considerations.

RIC Focused on Structuring the Funding Case

RIC's role was to help companies assess whether their proposed hardware or equipment project could fit relevant government funding pathways.

The original session highlighted new product development and automation as two common project types.

Today, the specific grant pathway should be assessed against the company's ownership, project scope, technology maturity, commercial objective and prevailing programme requirements.

The funding strategy should follow the project rather than dictate it.

Product Development and Automation Require Different Outcomes

A new product development project is typically aimed at creating a new offering for commercialisation.

An automation or equipment project is usually aimed at improving internal productivity, capacity, quality or resource efficiency.

Although both may involve engineering and hardware, the business case, milestones and evidence required can be quite different.

Companies should therefore be clear about whether they are creating a new product for the market or improving how their own operations work.

Build the Funding Strategy Before Major Commitments

Companies considering grant support should assess the funding pathway before signing major vendor contracts, making payments or commencing the project where the relevant scheme does not allow retrospective applications.

This is particularly important for hardware projects because design and engineering work can start informally before management realises the project may have funding potential.

Early funding assessment helps avoid compromising eligibility and gives the company more time to structure the project properly.

RIC's Approach to Innovation Funding

RIC continues to approach hardware innovation and product-development projects from a funding-architecture perspective.

The starting point is the commercial or operational objective, followed by project design, technology scope, milestones, budget, agency fit, implementation readiness and eventual claims considerations.

The objective is not simply to secure a grant.

It is to help companies structure innovation projects that are commercially credible, technically executable and aligned with the most relevant funding pathway.

Speak With RIC

Planning a new product, hardware innovation, customised equipment or automation project?

Share your company profile, project objective, estimated budget and implementation timeline.

RIC can help assess whether a relevant funding pathway may apply and how the project should be structured.