What are the endorsement criteria?
Like its predecessors, to be granted leave under the Innovator Founder route, applicants must be endorsed by government-approved endorsing bodies. There are three endorsing bodies (not counting the Global Entrepreneurs Programme (GEP), a government programme run by the Department for Business and Trade:
- Innovator International (the trading name of Geminus Innovation).
- Envestors.
- UK Endorsement Services (UKES).
The Home Office provides guidance for endorsing bodies to follow when assessing a business for innovation, viability, and scalability, but the exact endorsement process and assessment of each application differs between bodies. Relevant details are set out on each body’s website; all require a detailed business plan, including financial projections, and at least one interview.
In relation to the innovation requirement, endorsing bodies are required to consider:
- There should be a clear and compelling unique selling proposition (USP) which differentiates the product/services from competitors
- The concept should not be easily replicable by others/should demonstrate reasonable barriers of market entry to otherwise replicating their proposed innovation, and
- The innovation element should be core to the success of the proposed business proposition and be primarily delivered within the business
In relation to the viability requirement, endorsing bodies are required to consider:
- If the applicant has access to sufficient funds to deliver the proposed business
- If the supporting financial projections can be credibly defended
- If the applicant can show they have appropriate skills, knowledge, and experience to credibly deliver the project, and
- If there is credible demand for the business’ proposed product/services
In relation to the scalability requirement, endorsing bodies are required to consider:
- Evidence of structured planning demonstrating a credible path to growth
- Potential for ongoing high quality and skilled job creation
- Scope for growth into national and international markets, and
- Projections based on credible research
An endorsing body’s responsibilities do not end upon an endorsement. Applicants are required to have at least two “checkpoint meetings”, before the 12 and 24-month anniversaries of their grant of permission, to demonstrate to the endorsing body that they are making progress towards their business plan. It is open to the endorsing body to withdraw endorsement at any time.
Multiple innovator founders can apply for endorsement to be co-directors of the same company, but each applicant must receive individual endorsement.
If you are currently endorsed under the Innovator and Start-up routes, endorsing bodies are still required to hold contact point meetings with you, and to consider further endorsement when:
- Switching from Start-up to Innovator Founder visa
- Extending Innovator leave (which will become Innovator Founder leave)
- Applying for Settlement