‘Smart’ time to apply for grant funding

InnovateUK have announced the new batch of Smart grants, of which there will be six rounds to fund innovative SMEs. The next deadline will be 24 September 2015 followed by 27 November 2015.

 

Smart is a grant scheme which offers R&D funding of up to £250,000 to SMEs for science, engineering and technology projects from which successful new products, processes and services could emerge.

 

The scheme supports SMEs carrying out R&D that could be significantly rewarding and that could stimulate UK economic growth.

 

Three types of grant are available:

·         Proof of market – assess commercial viability (60% funding):

o   market research

o   market testing and competitor analysis

o   intellectual property position

o   initial planning to take the project to commercialisation, including assessing costs, timescales and funding requirements

 

·         Proof of concept – explore the technical feasibility and commercial potential of a new technology, product or process (60% funding):

o   initial feasibility studies

o   basic prototyping

o   specialist testing and/or demonstration to provide basic proof of technical feasibility

o   intellectual property protection

o   investigation of production and assembly options

 

·         Development of prototype – develop a technologically innovative product, service or industrial process (45% funding):

o   small demonstrators

o   intellectual property protection

o   trials and testing, including clinical

o   market testing

o   marketing strategies

o   identifying routes to market

o   product design work

o   pre-clinical studies for medicines

 

 

Any UK SME undertaking R&D may apply; applications are accepted on a rolling basis with only a four week assessment.

 

If you are interested in understanding more about R&D funding for your project ideas, contact PNO Consultants for more information on 0161 488 3488 or info.uk@pnoconsultants.com

 

 









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