Innovate UK, part of UK Research and Innovation, is allocating up to £25 million in Smart Grants to UK SMEs and their partners. This fund aims to accelerate disruptive innovations with high commercialisation potential and fast economic returns for the UK. The competition promises to be highly competitive, with proposals being rigorously evaluated based on their innovation, commercial viability, and potential for success.
- Eligibility: Open exclusively to UK-registered organisations.
- Objective: To support groundbreaking and commercially viable R&D innovations with a significant impact on the UK economy.
Key Dates
- Competition Opens: 28 September 2023
- Competition Closes: 17 January 2024, at 11:00am UK time
- Funding Type: Grant
- Project Duration and Costs:
- For 6-18 months: £100,000 to £500,000 (can be single or collaborative)
- For 19-36 months: £100,000 to £2 million (must be collaborative)
What They Are Looking For
- Revolutionary, innovative ideas for brand-new products, services, or processes
- Concepts distinct from global offerings, ready for rapid commercialisation after project completion
- Robust, evidence-based business plans showing substantial return on investment (ROI) and economic impact
- A skilled team capable of successful project delivery and swift commercialisation
Key Criteria
- Must consider customer and user needs for delivering useful and desirable solutions
- Must identify ready buyers for the innovation
- Must have practical plans and resources for post-project commercialisation
- Must align with ongoing business planning and existing organisational commitments
Research Categories
- Eligible research categories include feasibility projects, industrial research, and experimental development.
What They Will Not Fund
- Projects that don’t meet the scope or fail the eligibility criteria
- Technologies that are already commercially available
- Projects lacking clear plans for commercialisation post-project
Interested in this call? Book a free consultation with our team admin@innophyte.co.uk
