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 a business route designed for foreign entrepreneurs aspiring to venture into the UK’s exciting business landscape by launching highly innovative and disruptive start-ups. This visa category was introduced in April 2023 that has replaced the Innovator visa and Start-up visa routes. The main objective of designing the new Innovator Founder visa route is to make UK a hub of global innovation and attract foreign entrepreneurial talent, thereby creating job opportunities and boosting the overall economic growth in the UK.
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 following is the common business plan structure required by endorsing bodies to assess your case for Innovator Founder visa endorsement:
- 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.
Sample Business Plan for Innovator Founder Visa
Presented below are 4 Innovator Founder visa business plan samples in PDF that should help you understand the content structure of a successful business plan in different sectors.
The following samples are testament of our superior work quality that demonstrate how we prepare tailor-made business plans to convey your business idea, innovation, viability and scalability in an articulated and effective manner to endorsing bodies, increasing your chances of success.
3PL Marketplace Business Plan Sample
Aimed at Innovator Founder visa, this business plan sample demonstrates innovation, viability and scalability of building a residual stock clearing platform. The company provides a unique marketplace for 3PL operators and retailers to meet, creating opportunities for trading residual stocks.
EdTech Industry Business Plan Sample
Tailored for Innovator visa endorsement application, this business plan sample is created for an online learning app. The platform positions itself uniquely by offering courses aimed at developing growth mindsets and learning strategies for young learners, parents and educators and corporate employees.
Herbal Beauty Business Plan Sample
This business plan sample demonstrates innovation, viability and scalability of a herbal spa that offers a blend of traditional Indian beauty techniques, hand-made, ayurvedic preparations and herbal beauty products.
Vending Machine Business Plan Sample
This business plan shows innovation in autonomous food vending business that dispenses healthy, nutritious, chef prepared meals at crowded locations. The business intends to set up multiple vending machines at busy junctions across London.
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.