Summary
Smart is Innovate UK’s ‘open grant funding’ programme. Innovate UK is investing up to £25 million in the best game-changing and commercially viable innovative or disruptive ideas. All proposals must be business focused.
Applications can come from any area of technology and be applied to any part of the economy, such as, but not exclusively:
· the arts, design and media
· creative industries
· science or engineering
Applications are assessed on their innovation merit, where innovation is defined as the potential for commercially successful exploitation of ideas.
Eligibility
Your project must:
· include at least one micro, small or medium-sized enterprise (SME) as the lead or a collaborative grant claiming partner
· start by 1 July 2022
· end by 30 June 2025
· follow specific rules dependent on its duration
If your project’s duration is 6 to 18months, it:
· must have total eligible project costs between £100,000 and £500,000
· can be single or collaborative
If your project’s duration is 19 to36 months, it must:
· have total eligible project costs between £100,000 and £2 million
· be collaborative
Academic institutions cannot lead.
Grant funding is between 25% and 70%,depending on the company size and stage of research.
Scope
Your proposal must demonstrate:
· a clear game-changing, innovative, 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 either or both, the UK economy and 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
Your project should:
· demonstrate realistic, significant potential for global markets
· take customer and user needs into account to deliver more desirable and useful solutions
Proposals from innovation-based businesses with significant ambition and potential for growth or scale up are welcome.
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