Innovate UK Smart grants are not necessarily a quick financial win. After a lengthy application process and submission of your, *fingers-crossed*, successful application, competition entrants must wait many weeks until the verdict is out.
Notification day can seem like you have reached the summit of the mountain, and you can now rest and enjoy the view, with a seamless and automatic start to project activities.
However, if truth be told, successful applicants must still play the waiting game, with a few more boxes to tick before funds are approved and projects can commence. This time between notification and project commencement can often be underestimated and can take a few months, meaning eligible project activities must be delayed. So how long until you can get going?
Here is our suggested timeline for an August 2021 SMART grant application:
As you can see, there can be quite a few months between project acceptance and commencement.
Remember, no costs ensued in this time preceding the official project start date (here, 1st December/January) will be covered by grant reimbursement. Therefore, planning is key!
We recommend applicants always plan the timing of competition applications wisely, making sure they have enough financial cushioning to sustain business activities before projects can officially commence.
At Inventya we are happy to discuss these preparations with you, working together to identify the most appropriate grant opportunity for you.