Innovate UK Smart Grants Jan 2024

Fund details

To be in scope your proposal must demonstrate:

• a ground-breaking and innovative idea for brand-new products, processes or services
• an idea that is significantly different from already available products, processes or services globally
• an idea that is set for rapid commercialisation following project completion
• 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

Specific themes

• taking customer and user needs into account to deliver more desirable and useful solutions
• identifying who is ready to buy your innovation
• being developed, planned and resourced beyond the end of the Innovate UK-funded project, taking into account the focus of any project partners and their existing commitments
• fitting in with and complementing your ongoing business planning and development, product offerings and organisational structure to maximise chances of success

Innovate UK will NOT fund projects:

• that do not meet the competition scope or eligibility criteria
• where the technology is already available
• that do not address the size, potential and access to the market for their innovation
• that do not evidence the potential for their idea to lead to significant return on investment (ROI), positive economic impact, growth and scale-up of the business
• that do not provide clear and realistic plans to commercialise their innovation as soon as possible post-project completion
• where other Innovate UK funding support is available and more appropriate

Eligibility

Your project must:

• start by 1 October 2024
  end by 30 September 2026
• include at least one micro, small or medium enterprise (SME) as the lead or a 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

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 24 months, it must:

• have total eligible project costs between £100,000 and £1 million
• be collaborative

To lead a project, or work alone, your organisation must:

• be a UK-registered SME if you want to work alone
• be a UK-registered business of any size, or a research and technology organisation (RTO) if your proposal is collaborative
• include at least one grant claiming SME if you are a large business or RTO and wish to collaborate with other UK-registered businesses, research organisations, academic organisations, public sector organisations or charities
• claim grant funding

Funding

For feasibility studies and industrial research projects, you could get funding for your eligible project costs of:

• up to 70% if you are a micro or small organisation
• up to 60% if you are a medium-sized organisation
• up to 50% if you are a large organisation

For experimental development projects which are nearer to market, you could get funding for your eligible project costs of:

• up to 45% if you are a micro or small organisation
• up to 35% if you are a medium-sized organisation
• up to 25% if you are a large organisation