• Damon Butcher

Innovate UK Smart Grants

Open


Summary:

UK registered organisations can apply for a share of up to £25 million for game-changing and commercially viable R&D innovation that can significantly impact the UK economy. This funding is from Innovate UK, part of UK Research and Innovation.


Open date: 25/04/2022

Close date: 27/07/2022

Max Funding: £2,000,000

Match Funding: 30%

Collaboration: Collaborative or single

Funding Type: Grant

Fund Provider(s): Innovate UK

Industries: Open Innovation





 

Description

Smart is Innovate UK’s responsive grant funding programme. It has focused eligibility criteria and scope to support SMEs and their partners to develop disruptive innovations with significant potential for rapid, economic return to the UK. Innovate UK, part of UK Research and Innovation, is investing up to £25 million in the best game-changing, and world leading ideas, designed for swift, successful commercialisation. Ideas need to be genuinely new and novel, not just disruptive within their sector. Your proposal must be business focused, with deliverable, realistic, adequately resourced plans to achieve return on investment, growth and market share following project completion. Questions for this round of Smart have been updated to reflect the importance of obtaining economic benefits from public funding, and the potential for successful commercialisation, growth and exports. Applications can come from any area of technology and be applied to any part of the economy such as, but not exclusively, net zero, the arts, design and media. In applying to this competition, you are entering into a highly competitive process where your chance of success in securing funding will depend on the number and quality of applications submitted.

Your proposal The Smart grant funds a cross-sector portfolio of the best game-changing, and world leading 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


Specific themes Your proposal must:

  • take customer and user needs into account to deliver more desirable and useful solutions

  • identify who is ready to buy your innovation

  • be 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

  • fit with and complement your ongoing business planning and development, product offerings and organisational structure to maximise chances of success



 

Link: Competition overview - Innovate UK Smart Grants: April 2022 - Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)

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