Smart is a grant funding programme by Innovate UK. The scheme is designed to assist SMEs and their partners in developing disruptive innovations with the potential to contribute substantially to the UK’s economic prosperity.
Innovate UK, part of UK Research and Innovation is investing up to £25 million in the most innovative concepts that have the potential to change the world and are geared toward successful commercialization. Truly original and creative concepts are required, not merely ones that are disruptive within their industry.
It is essential that your proposal is business-focused, with realistic, deliverable, adequately resourced plans for achieving returns on investment, growth, and market share following the completion of your project.
This round’s Smart questions highlight the significance of achieving financial advantages from public support as well as the possibilities for successful commercialization, growth, and exports. Applications are accepted from any technological field that can be used in any sector of the economy, but not limited to net zero, the arts, design, and media.
Your project must:
- start by 1 October 2023
- end by 30 September 2026
- include at least one micro, small or medium-sized enterprise (SME) as the lead or a collaborative grant claiming partner
- follow specific rules dependent on its duration
- carry out all of its project work in the UK
- intend to exploit the results from or in the UK
Your project’s scheduled completion date won’t be extended. All funding for this round of the competition must end by the end by date.
If your project’s duration is 6 to 18 months, it must:
- have total eligible project costs between £100,000 and £500,000
- be single or collaborative
If your project’s duration is 19 to 36 months, it must:
- have total eligible project costs between £100,000 and £2 million
- be collaborative
You must only include eligible project costs in your application.
Scope
- 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
Competition opens: Thursday 19 January 2023
Competition closes: Wednesday 26 April 2023 11:00am
More Information:
The applications are open until Wednesday 1 March 2023 11:00am. For more information and registration, please check here.
RedKnight 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 ustoday.
