Smart grants are the latest programme from Innovate UK, part of UK Research and Innovation, to de-risk innovation and enable business growth. This competition provides funding for innovation research and development (R&D) from feasibility (including market research), through to technology or prototype testing and development stages up to (but not including) commercialisation.
Proposals must demonstrate:
- A clear game-changing and/or disruptive innovative idea leading to new products, processes or services
- An idea that is significantly ahead of others in the field, set for rapid commercialisation
- A strong and deliverable business plan that addresses market potential and needs
- Good value for money, which will always be a consideration in Innovate UK funding decisions
- A clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- Clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way
UK businesses of any size or research and technology organisations can lead a project alone or in collaboration with others, depending on the project length and size, and should involve at least one small or medium-sized enterprise.
Where the total eligible costs are between £25,000 to £500,000 projects should last between 6 and 18 months. Projects with total eligible project costs of £25,000 to £2 million should last between 19 months and 3 years.
Grants of up to 70% of eligible costs are available depending on the size and nature of the business applying.
All projects awarded finding must start by the 4th November 2019
The competition deadline is at midday on 24 April 2019