Innovate UK Smart Grants Funding
Innovate UK Smart Grants are offered by Innovate UK, the government’s innovation agency which has In the past also offered SME innovation loans.’Smart Grants’ is the new name for Innovate UK’s open programme.
UK registered organisations can apply for a share of up to £25 million for game-changing and commercially viable R&D innovation that can significantly impact the UK economy. This funding is from Innovate UK, part of UK Research and Innovation.
Your application will be flagged as ineligible and not sent for review if it does not comply with the competition’s qualifying requirements.
- Projects need to be realistic and show how they can open up or exploit significant growth markets. They will often be too risky to attract private sector investment.
- If your project lasts between six and eighteen months, it must have total project costs between £100,000 and £500,000 Be it single or collaborative lead.
- Your project must have total project costs between £100,000 and £2 million if it lasts between 19 and 36 months. Be it single or collaborative Organisation to lead a project
- Your organisation must:Be an SME if you want to work alone.
- Your project must:Start by 1 July 2023 and End by 30 June 2026.
- Your organisation must Include at least one micro, small or medium-sized enterprise (SME) as the lead or a collaborative grant claiming partner.
They are not funding projects:
- That do not meet the competition eligibility or scope where the technology is available or used in another sector.
- That do not address the size, potential and access to market for their innovation.
- That do not evidence the potential for their idea to lead to significant return on investment (ROI), positive economic impact, growth and scale-up of the business
- That do not provide clear and realistic plans to commercialise their innovation as soon as possible
- That post-project completion where other Innovate UK funding support is available and more appropriate.
- They cannot fund projects that are:Dependent on export performance – for example giving a subsidy to a baker on the condition that it exports a certain quantity of bread to another country
- Dependent on domestic inputs usage – for example giving a subsidy to a baker on the condition that it uses 50% UK flour in their product.
How To Apply
For more information on how to apply for the Innovate UK Smart Grants Funding, visit the official website below