Innovator Founder Visa Business Plan
Get professional advice on your idea and create a strong business plan to secure the Innovator Founder Visa Endorsement.
What is Innovator Founder Visa?
Innovator Founder Visa is designed for start-up founders who possess a clear and compelling business plan to launch highly innovative and disruptive businesses in the UK. Introduced in April 2023, the Innovator Founder visa has replaced the Innovator and Start-up visa routes. The main objective of creating the new Innovator Founder visa route is to attract entrepreneurial talent, positioning UK as a hub for innovation, thereby creating job opportunities and boosting the overall economic growth.
What are the Innovator Founder Visa Requirements?
Below provided are the main requirements to qualify for the Innovator Founder visa:
- Business Idea: The key requirement of the Innovator Founder Visa is to have an innovative, viable and scalable business idea. The Home Office defines innovation as “offering something new or different from anything else on the market, whereas viability is defined as “presenting high potential for growth” and scalability as “creating jobs while expanding to national/global markets”.
- Business Plan: You shall create a compelling business plan that shows how your business meets the innovation, viability and scalability criteria set for Innovator Founder visa. Back up your claims with proper evidence and authentic market research where applicable.
- Endorsement Letter: Your business plan must be endorsed by an approved endorsing body. Endorsing bodies are private organisations that are designated by Home Office to assess business cases and issue Innovator Founder visa endorsement letters to qualifying applicants. The endorsement letter will be used to support your visa application, indicating that your business idea is vetted by an approved endorsing body that believe it to be innovative, viable, and scalable.
- Investment: Unlike the previous Innovator Visa route, there is no minimum investment threshold. However, applicants must demonstrate they have enough resources to launch and sustain their business, especially in Year 1. Thus, the investment requirements for Innovator Founder visa usually vary from £35,000 to £50,000 or more, depending on your business type.
- Knowledge of English: To qualify for the visa, you need to prove your knowledge of English by passing an approved English language test at CEFR level B2 (equivalent to IELTS 5.5 in all four components: reading, writing, listening, and speaking), be a citizen of a English-speaking country or by having a degree taught in English.
- New Business: You can only qualify for the innovator visa if you start or join a new business. You will be automatically disqualified if you join a trading company that may meet all other requirements as stated above.
Our Key Service – Preparing Compelling Business Plan for Innovator Founder Visa
Our core service is to help you prepare a compelling business plan to secure the Innovator Founder visa endorsement letter. Firstly, we will understand your business idea and advise you if it is worthy of endorsement. If your idea fulfils the basic requirements, we will directly proceed with the business plan writing. Alternatively, we will carry out the assessment of your idea, identify the weak areas and work with you to improve it. After the business idea is sufficiently refined, we will proceed with the business plan writing.
We also offer the visa endorsement service. This includes shortlisting a suitable endorsing body based on your case, filling out their application forms, addressing any concerns raised by the endorsing body on the business plan and updating the business plan, if needed. You can count on us to do all the heavy-lifting to secure your endorsement letter.
What’s Included in the Innovator Founder Visa Business Plan?
The Innovator Founder Visa business plan aims to prove innovation, viability and scalability, backed with credible market research and realistic financial forecast. The following is the endorsement-ready business plan structure for Innovator Founder Visa:
- Executive Summary: Briefly introduce the business concept, the team/founder behind the concept, market opportunity and product innovation.
- Problems Worth Solving: Explain the major market problems and how the proposed products and services will solve it.
- Product Description: Explain the principal product/service, detailing its unique properties and features while identifying potential intellectual properties that can be registered to protect the uniqueness of the idea.
- Competitive Analysis: Perform in-depth study of the market and available substitute products/services, while providing head-to-head comparison of the proposed product/service with its major competitors and explaining key differentiating factors.
- Market Analysis: Analyse the market, identify its historical growth and future potential, perform SWOT analysis, list de-risking strategies and explain how different market variables will contribute towards business’ national and international expansion.
- Project Plan: Provide gantt chart to help visualise the product development timeline and key milestones.
- Marketing Plan: Define clear target market strategy, quantify the market size and list down marketing and advertising tools that will be used to promote the business.
- Team and Skills: Provide overview of the founder/co-founders, explain their educational background and key skills and how will they successfully steer the company’s operations to success. This section will also provide details on the company’s future hiring plan and corporate hierarchy.
- Financial Planning: Estimate the company’s start-up funding requirements as well as provide the company’s three-year of sales forecast, profit and loss forecast, cash flow forecast and balance sheet forecast.
- Appendix: Incorporate all supporting evidence, additional research and documents in the appendix section.
Examples of Business Ideas for UK Innovator Visa
Leveraging a combined team experience of 40+ years, the team at TOP Writers is well-equipped with knowledge and skills to analyse your business ideas and advise you on their potential for success. Here are a few examples of business ideas for the UK Innovator visa that demonstrate innovation and potential for success.
Innovator Founder Visa Business Plan Sample
Here are a few Innovator Founder visa business plan samples in PDF format, each tailored to different industries and designed to meet the innovation, viability and scalability requirements. These examples should help in understanding business plan structure and its key components including market research, financial projections, and business strategy.
Frequently Asked Questions (FAQs)
What is innovator founder visa success rate?
The latest research indicates that Innovator Founder visa success rate is at 36% in 2024. However, the success rate can vary based on several factors, including the quality of the business plan and the strength of the applicant’s background. Historically, the success rate has declined due to reducing the number of endorsing bodies and imposition of strict assessment criteria. There is more need now than ever to hire a professional business plan writer to increase your chances of success.
What are the approved UK innovator founder visa endorsing bodies?
As of the latest updates, the following are the approved endorsing bodies for the UK Innovator Founder visa:
- UK Endorsing Services (UKES)
- Innovator International
- Envestors Limited
- The Global Entrepreneurs Programme (GEP)
The list may evolve, so it’s essential to check the most recent information on the UK government website or through direct consultation with the endorsing bodies.
How long does it take to get the Innovator Founder Visa?
It typically takes 8 to 12 weeks to get everything sorted, including preparing your business plan, obtaining the endorsement letter and getting a decision on your innovator founder visa application.
Can I switch to the Innovator Founder Visa from another visa category?
Yes, it’s possible to switch to the Innovator Founder Visa if you are already in the UK on a different visa type, such as a Start-Up visa, student visa or Tier 2 Skilled Worker visa, and meet the necessary requirements.
Can Innovator Founder Visa holders bring dependents to the UK?
Innovator Founder Visa holders can bring their dependents to the UK. This includes their spouse or partner and children under 18 years old.
What is the endorsement process for the Innovator Founder Visa?
The endorsement process is simple and straight forward. You need to create a business plan and apply for Innovator Founder visa endorsement on the selected endorsing body’s website. The endorser will assess your business plan based on its innovation, viability, and scalability. After that, they will notify you about their decision through an email. If your application is successful, you will get an endorsement letter from the endorsing body to proceed with the visa application.
Can I work outside my business on the Innovator Founder Visa?
Innovator Founder visa holders are permitted to work outside their primary business, provided the given job is at least RQF Level 3. This is skilled jobs requiring at least A-level or advanced apprenticeships in the UK.
How long is the Innovator Founder Visa valid for?
The Innovator Founder Visa is valid for 3 years. After this period, you can apply for an extension or for indefinite leave to remain (ILR) if you meet the necessary requirements.
What are the key reasons for Innovator Founder Visa refusal?
The below mentioned are common reasons for Innovator Founder visa refusal:
- Failure to secure endorsement.
- Incomplete or poorly structured business plan.
- Inability to prove innovation or scalability.
- Not meeting the financial or language requirements.
Can I re-apply for the Innovator Founder visa if I’ve previously been refused?
You can definitely re-apply, but you should carefully review the reasons for refusal and address those issues in your business plan before considering re-application.