SMART GRANT – April 2024 – Closing 24th July

Smart Grants is Innovate UK’s open grant funding programme. Support is provided for the top game-changing and commercially viable creative or disruptive concepts in any technology. Must be business-focused and address a demonstrated market gap in any industry. Projects can be at various stages of technological development, up to but not including commercialization. Every year, there are approximately 4-5 calls.

Deadline: Wednesday 24 July 2024 11:00am.

Competition summary

Opportunity to apply for funds to implement ambitious or disruptive R&D technologies that will have a substantial influence on the UK economy.

Dates

Competition closes: on 24 July 2024 11:00 am.
Applicants are notified: on September 27, 2024.
Project start date: January 1, 2025; finish date: December 31, 2026

Visit IUK website to start a new application.

Scope Smart Grants competition

Proposals should be able demonstrate:

• A game-changing, innovative, and disruptive idea that will result in new goods, processes, or services.
• An idea that is significantly ahead of others in the sector and geared for speedy commercialisation.
• Clear potential to improve the UK’s position, productivity, and competitiveness in the global economy.
• A clear, evidence-based business plan that will generate considerable economic benefit, return on investment (ROI), and expansion through commercialisation as soon as feasible following project completion
• Why Smart funding is the perfect possible funding for your project, and the road you’ve already taken to reach the stage of application.
• A team with the essential skills and ability to perform the project effectively and on time, as well as achieve rapid commercialisation
• Awareness of all the major risks the project will face, with realistic management, mitigation, and impact minimization plans for each risk.
• Sound, practical financial plans and timetables that represent good value for money, including the funding of after-project activities

Themes for Smart Grants

Proposals have to:

• Consider user and consumer needs to provide more appealing and practical solutions.
• Determine who is willing to purchase your innovative idea.
• Be conceived, planned, and resourced in a way that considers the priorities of any project partners and their current obligations even after the Innovate UK-funded project has ended.
• To increase the likelihood of success, align and enhance your product offerings, organisational structure, and continuing company planning and development.

Projects that won’t be receiving funding

• When a different industry uses or has access to the technologies
• When other and more suitable Innovate UK funding support is available
• That depend on the success of exports or those depend on the use of domestic inputs

Qualifications

• Subsidy Control and State Aid funding regulations are in effect.
• At least one SME must be included.
• Project outcomes must be utilised from the UK and R&D work must be completed there.
• Subcontractors must have a UK address and provide costs that are reasonable and justified in relation to the total project expenditures that qualify.

Smart Grants Funding Rates

There are 2 streams of this funding call:

1. Projects of 6 to 18 months duration s must fall between £100,000 and £500,000. These might be solo or group endeavours.
2. Projects of 19 to 24 months, must fall between £100,000 and £1 million for projects these have to be group projects.

The rates of funding for  feasibility studies or industrial research for the following project costs:

• up to 70% in the case of micro or small companies
• Up to 60% if your company is medium-sized.
• up to 50% in case your company is large

You may be able to receive money for Experimental Development for the following project costs:

• up to 45% in the case of micro or small companies
• up to 35% in the case of a medium-sized business.
• up to 25% in the event that your company is large

Up to 30 % of the total eligible project expenditures may be allocated to with research organisations working together as a consortium. (All participating research organisations will split this maximum).