New government funding is now available help UK businesses to turn game-changing ideas into major commercial successes.
Smart grants of up to 70% of project costs are the latest programme from Innovate UK to de-risk innovation and enable business growth. Since 2007, organisations have benefitted from £2.5 billion of Innovate UK support, which has helped to create around 70,000 jobs and add an estimated £18 billion to the UK economy.
Ian Campbell, Interim Executive Chair of Innovate UK said: “New business ideas have the potential to improve and transform people’s lives, industries and the world.
“Our Smart grant funding is designed for businesses with great innovative ideas, and the capacity and appetite to achieve significant growth. Projects that are awarded Innovate UK Smart grants will follow a long line of businesses to gain success following funding support.”
Projects should be:
- for products, processes or services that are game-changing or disruptive
- significantly ahead of others in the field
- backed up by a strong, achievable business plan, practical financial planning and timelines, and realistic risk management and mitigation
- led by skilled and experienced teams used to running successful projects, to time
- good value for money
- quickly commercialised following completion, to offer a clear return on investment
- able to create a considerable positive impact to UK productivity and the economy
The competition is open and the deadline for applications is at midday on 24th April. Businesses of any size or research and technology organisations can lead an eligible project, but it must involve at least one SME. Project with total eligible costs between £25,000 and £500,000 should last between 6 and 18 months; those with total eligible project costs up to £2 million should last between 19 months and three years.