Innovator Visa: how to prepare your business plan (in 2020)

 

1. What kind of business should you create✅

This visa is aimed at helping bring exceptional foreign talent into the UK in these areas of business.

  • Technological or digitally based
  • Medical technology 
  • Education technology (e-learning) 
  • Software-as-a-services products

2. Key elements needed in your business plan✅

Purpose, vision and expertise are the key elements needed in your business plan and are taken into consideration during your visa application.

  • Purpose: As an entrepreneur, the expectation is that you are the business leader and looking to create a business which will bring innovation into the market. It is important to remember that your business does not need to be completely unprecedented but rather bringing something new to an already existing business model or a variation of an existing business model. Often the best models of business are on existing demands in the market with proven market research.
  • Vision: The visa requires you to focus on being innovative and unprecedented. The emphasis on innovation means that your business plan needs to demonstrate that the product or service is genuinely inventive and original. The UK government are looking for businesses that participate in the ‘innovation economy’, often means that your business will be technology-based. Software-as-a-service and e-learning products are proven examples of this and demonstrate that all you need to do is provide the superior version of content than your competitors.
  • Expertise: You need to have a business plan which really reflects your expertise and experience in the technology field. As an entrepreneur, the expectation is that you are the business leader and looking to create a business which will bring innovation into the market. It’s perfectly acceptable to not be the technology expert yourself but rather have an advisory team/ employee which will help you deliver your business in the UK. Your expertise will also help you demonstrate your ability to create a viable business that has the potential to grow.
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