Funding being offered by Innovate UK – Smart Grants

We have been made aware of some grant funding being offered under a new scheme being offered by Innovate UK known as “Smart Grants”.

The scheme is very similar to the Micro Business Grant Scheme and invites small businesses with a project idea to apply. Grants of up to £500,000 are available for projects lasting between 6-18 months and up to £2million is available for projects lasting between 19-36 months.

Project proposals must demonstrate the following criteria:

  • a clear game-changing, innovative and/or disruptive and ambitious 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 (and documents) market potential and needs
  • 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
  • a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
  • sound, practical financial plans and timelines
  • awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays, etc) with realistic management, mitigation and impact minimisation plans for each risk
  •  clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way
  •  good value for money, which will always be a consideration in Innovate UK funding decisions

Further details on the scheme can be found using the following link: https://apply-for-innovation-funding.service.gov.uk/competition/389/overview

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