09 September 2020
Innovate UK has launched a Smart Grant funding competition for small and medium-sized enterprises to apply for a share of up to £25 million to deliver disruptive R&D innovations. Funding for projects ranges from £25,000 up to £2 million for the best game-changing and commercially viable innovative or disruptive ideas. All proposals must be business focused. The funding competition closes on Wednesday 25 November at 11am.
Your proposal must demonstrate:
- a clear game-changing, innovative and/or disruptive and ambitious idea leading to new products, processes or services
- an idea that is significantly ahead of others in the field, set for rapid commercialisation
- a strong and deliverable business plan that addresses (and documents) market potential and needs
- a clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion
- a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
- awareness of all the main risks the project will face (including contractor or equipment failure, recruitment delays, etc) with realistic management, mitigation and impact minimisation plans for each risk
- clear, considerable potential to significantly impact the UK economy and/or productivity in a positive way
- sound, practical financial plans and timelines that represent good value for money, which will always be a consideration in Innovate UK funding decisions
The fund will cover innovative research and development (R&D) projects across a variety of technologies, markets and research categories, including: feasibility, including market research; industrial research; and experimental development. Projects can be at different levels of technological maturity, up to but not including commercialisation.
For further information and to apply, see the Innovate UK Smart Grant pages here.
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