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Innovate UK Smart Grants

By June 23, 2023No Comments

Innovate’s SMART grants programme is one of the flagship funds of UK R&D grant funding, and 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 eligibility criteria and scope to support SMEs and their partners develop disruptive innovations with significant potential for a 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.

Fund Details

You must be able to demonstrate:

  • a game-changing, innovative, and disruptive idea that will lead to new products, processes or services
  • an idea that is significantly ahead of others in the field, set for rapid commercialisation
  • clear potential to positively impact the UK’s position, productivity and competitiveness within the global economy
  • a clear, evidence-based business plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
  • why Smart funding is the right potential funding for your project, and the journey you have already been on to reach the point of application
  • a team with the necessary skills and expertise to deliver the project successfully and on time, and to achieve rapid commercialisation
  • awareness of all the main risks the project will face with realistic management, mitigation and impact minimisation plans for each risk
  • sound, practical financial plans and timelines that represent good value for money, including the funding of post-project activities

Fund Criteria

Your project must:

  • start by 1 April 2024 & end by 31 March 2027
  • include at least one micro, small or medium enterprise as the lead or collaborative grant-claiming partner
  • follow specific rules depending on its duration
  • carry out all of its project work in the UK & intend to exploit the results from or in the UK

Deadline: 27 September 2023

Decision: 11 December 2023

You can apply here.

Our innovation funding member, The Tax Credit Company and their grants partner, Granted, are here to assist with funding advice and applications, including a free 20-minute consultation for BIVDA members, which will run through all innovation/non-dilutive funding options for members to ensure they’re securing all available capital.

If you would like to know more, please contact myself at ben@bivda.org.uk or Alexander Thomson at alex@taxcreditcompany.co.uk.

Dawn