An exciting grant opportunity available to your business
We’d like to bring an interesting grant opportunity to your attention in this newsletter – the Innovate UK Smart Grant.
To apply for this grant, you’ll need to get in there quickly as the deadline is 24 April, but it could allow you to claim a share of £25 million for commercially viable research and development innovations.
If you were thinking of getting involved in Research & Development (R&D) projects this year, perhaps this is a good place to start.
What is the Smart Grant for?
The Innovate UK Smart Grant aims to support SMEs in developing innovative R&D projects that are transformative and have the potential to elevate the UK’s global economic standing.
Your proposal should highlight a novel idea for new products, processes, or services that differ significantly from existing solutions and are ready for quick market introduction.
It should demonstrate the project’s potential to significantly impact the UK’s productivity and competitiveness, supported by a robust, evidence-based business plan for commercialisation.
Additionally, your team should possess the expertise needed for successful project delivery and commercialisation, with thorough risk management and financial planning.
Projects should consider customer needs, market readiness, and align with your business’s ongoing planning and development to ensure success beyond the funding period.
Eligibility criteria
To be eligible, you must conform to the following criteria:
- Projects must start by 1 October 2024 and end by 30 September 2026.
- Must include at least one UK-registered SME as the lead or a collaborative partner.
- All project work must take place in the UK with results exploited from or in the UK.
- Projects lasting 6 to 18 months need costs between £100,000 and £500,000; 19 to 24 months require costs between £100,000 and £1 million. Longer projects must be collaborative.
- UK-registered SMEs can work alone or lead; collaborations must include at least one SME.
- Subcontractors are allowed but must be UK-based.
- A business or RTO can lead on one application and collaborate on two others.
- Complies with the Subsidy Control Act 2022, with up to £25 million available for innovation projects.
- Funding covers up to 70 per cent for small organisations and lowers for larger ones, depending on the project type.
You’ll need to ensure your project aligns with these criteria for a successful application.
Again, this is a great opportunity to enter into the world of R&D and could give your business a great advantage when it comes to funding your future work.