Smart is Innovate UK’s ‘Open grant funding’ programme.
Innovate UK, part of UK Research and Innovation, is investing up to £25 million in the best game-changing and commercially viable innovative or disruptive ideas. All proposals must be business focused.
Your proposal must demonstrate:
- 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
- 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
- sound, practical financial plans and timelines that represent good value for money, which will always be a consideration in Innovate UK funding decisions
Your project must start no later than 1 February 2021 and end no later than 29th February 2024.
Your project must follow specific rules based on its duration:
- Projects with durations between 6 and 18 months must have total eligible project costs between £25,000 and £500,000. They can be single or collaborative projects.
- Project durations between 19 months and 36 months must have total eligible project costs between £25,000 and £2 million.
To lead a project you must:
- be a UK registered business of any size or a research and technology organisation (RTO)
- carry out your R&D project activity in the UK
- intend to commercially exploit the project results from or in the UK
- be an SME if you want to work alone
- include at least one SME if you are a large business or RTO and wish to collaborate with other UK registered businesses, research organisations, public sector organisations or charities
If you would like more information and/or help with your application – get in touch! More Info