From Friday 28th August, UK registered organisations can apply to Innovate UK’s Smart Grants competition. £25 million is available for disruptive R&D innovations that have the potential to significantly impact the UK economy.
Scope
Applications can come from any area of technology and be applied to any part of the economy. This includes the creative industries, science or engineering, and the arts, design and media. Projects can overlap with the grand challenge areas, although Innovate UK is also keen to support projects in other areas.
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.
Eligibility
Your application must include at least one SME. They can be the lead or a collaborative grant claiming partner. The project must start no later than 1 May 2021 and end no later than 31 May 2024.
Your project must also 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. They must be collaborative projects.
RedKnight Consultancy has significant experience in supporting applications for Innovate UK Smart Grants. You can view one of our most recent success stories here. For our assistance in putting together a competitive proposal, please contact us today.
