Innovate UK, part of UK Research and Innovation, is investing up to £25 million in the best game-changing and world-leading ideas, designed for swift, successful commercialisation.

The Innovate UK Smart grant has focused scope and eligibility criteria to support SMEs and their partners in developing genuinely new innovations with significant potential for rapid economic return to the UK. The application process reflects the importance of obtaining economic benefits from public funding, and the potential for successful commercialisation, growth, and exports.

Proposals must be business focused, and show deliverable, realistic, adequately resourced plans to achieve return on investment, growth and market share following project completion.

Applications can come from any area of technology and be applied to any part of the economy.

Projects of 6 to 18 months must have total eligible project costs between £100,000 and £500,000 and can be single or collaborative. Project for 19 to 24 months with a total eligible project cost between £100,000 and £1 million must be collaborative. Funding available from 25% – 70% depending on the size of the business and the project.

To lead a project or work alone your organisation must:

•            be a UK registered SME if you want to work alone

•            be a UK registered business of any size, or a research and technology organisation (RTO) if your proposal is collaborative

•            include at least one grant claiming SME if you are a large business or RTO and wish to collaborate with other UK registered businesses, research organisations, academic organisations, public sector organisations or charities

•            claim grant funding

Applications open: Thursday 18 January 2024 and close on Wednesday 24 April 2024.

See the following website for further information:

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