Fund title: Innovate UK Smart grants
Focus of fund/fund aims:
Grants up to £2m for projects that offer a major innovation compared to what is already available and have strong potential for commercialisation
25 November 2020
Innovate UK Smart grants are for new products or services that have significant potential to gain market share, generate economic impact and exports.
Ideas can come from any technology, any UK region and be at any stage of development from feasibility testing to developing and prototyping.
UK businesses of any size or research and technology organisations can apply for grants as a project lead. Projects must include at least one micro business or SME (Small or Medium-sized Enterprise). Only SMEs can work alone. Collaborative projects can also involve third-sector, public-sector or academic organisations as partners.
Grants range from £25,000 to £2 million to cover up to 70% of the costs of projects lasting from 6 months to 3 years.
Applicants will need a strong business plan that demonstrates how their idea is significantly different from anything else that has been developed in that area. They will also need to present evidence of a clear market that will want to buy and use the final product, process or service.