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Innovate UK Smart Grants Apr 2024

Fund Name

Innovate UK Smart Grants April 2024

Project Length

6-24 months

Project Value

£100k - £1m

Deadline

24.07.2024

The Innovate UK Smart grant supports SMEs and their partners in developing the best game-changing and world-leading innovative R&D projects. It offers funding where other opportunities are not available or appropriate, and where timing is key to ensure swift and successful commercialisation post-project completion.

Apply for a share of up to £25 million.

Check Your Eligibility

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

Eligibility

Your project must:

  • start by 1 January 2025 and end by 31 December 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
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