Innovate UK Smart Grants - June 2023

Funding for game changing and commercially viable R&D innovation that can significantly impact the UK economy.

Value:

6-18 month project - £100k - £500k

19 - 36 month project - £100k and £2m

Closing Date:  27th September 2023

The Innovate UK Smart grant supports SMEs and their partners develop the best game changing and word-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.

To be in scope your proposal must demonstrate:

• a game-changing, innovative, and disruptive idea that will lead to new products, processes or services
• an idea that is significantly ahead of others in the field, set for rapid commercialisation
• 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

Your project must focus on:

• 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

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