The areas the department is concentrating on are in advanced materials, biosciences, electronics and sensors, and information and communication technologies.
The competition is open to businesses of any size but the projects must be led by a small or “micro” company working with at least one other research partner or business.
Innovate UK said the competition will open on the 18th of May, and the deadline for registration is noon on the 2nd of Septmebr 2015.
Small businesses could receive up to 70 percent of their eligible project costs – and the projects should have total costs of between £50,000 to £150,000 and last between six to 16 months.
You can apply here.