A new round of Innovate UK Smart Grants will open on 28th July. Through this competition, up to £25m is available for game-changing and commercially viable R&D innovation that can significantly impact the UK economy.

Scope

Applications can come from any area of technology and be applied to any part of the economy.  To be in scope, proposals must 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
Eligibility

Applications must include at least one SME; they can be the lead or a collaborative grant claiming partner. The project must start by 1st May 2023 and end by 30th April 2026. It should also follow specific rules based on its duration:

  1. Projects with durations between 6 and 18 months must have total eligible project costs between £100,000 and £500,000. They can be single or collaborative projects.
  2. Projects with durations between 19 months and 36 months must have total eligible project costs between £100,000 and £2 million. In contrast to shorter projects, they must be collaborative.
More Information

This competition is open from 28th July until 26th October. For more information, please visit the competition page or attend the online briefing event on 4th August.

RedKnight's logoRedKnight has a strong track record of securing Innovate UK Smart Grants and can help you develop a competitive application! If you would like help putting together a competitive proposal, please contact us today.

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