Smart Grants: What You Need To Know
Research and development tax credit support is not the only funding available for innovative UK companies. Business support grants available include the Innovate UK Smart Grant a new open grant funding program, which will invest up to £25 million in the best innovative and disruptive ideas that are game-changing and commercially viable.
Importantly, all proposals are business-focused. Applications can come from any area of technology and apply to any part of the economy. The grant is not limited to the industries typically associated with R&D tax support, such as science and engineering. It should be noted that they do not have to be exclusive to the arts, design, media, creative industries, science, or engineering.
- Competition opens: Thursday 14 November 2024
- Competition closes: Wednesday 22 January 2025 11:00am
- Award Amount: up to £1 million (up to 70% funded)
Who are Eligible for Innovate UK Smart Grants?
Sourcing small business grants and startup business grants that you don’t have to pay back can be challenging. However, companies of all sizes that are based in the UK, as well as research and technology organisations, may be eligible for Smart Grants. Likewise, companies carrying out their innovation activity in the UK and those intending to commercially exploit the results of the project from, or in, the UK.
If a large company or an RTO is considering participating with other companies, public sector organisations, or beneficiary organisations, it is essential to include at least one SME. Research and technology centres are also eligible.
How Large do Projects Have To Be?
Individual or collaborative projects, with a duration between 6 and 18 months, will be eligible to claim the Smart business grant. The total eligible project costs should be between £100,000 and £500,000.
Collaborative projects, with a duration between 19 and 24 months, should have total eligible project costs between £100,000 and £1 million.
Project Scope for Innovate UK Smart Grants
Your proposal must demonstrate:
- A groundbreaking and innovative idea for new products, processes, or services that are significantly different from existing ones globally.
- Rapid commercialisation potential post-project completion.
- Clear potential to positively impact the UK’s global economic position, productivity, and competitiveness.
- A clear, evidence-based business plan for significant economic impact, ROI, and growth through commercialisation post-project completion.
Your project must focus on:
- Addressing customer and user needs to deliver desirable and useful solutions.
- Identifying potential buyers for your innovation.
- Being developed, planned, and resourced beyond the Innovate UK funded project, considering partners’ focus and commitments.
- Aligning with your ongoing business planning, development, product offerings, and organisational structure to maximise success chances.
What Percentage Of Smart Grants Will be Funded?
The research organisations in your consortium can share up to 30% of the total eligible project costs. If your consortium contains more than one research organisation, this maximum is shared between them.
In the case of feasibility studies and industrial research projects, you can obtain funding for the eligible costs of your project of:
- Up to 70% in the case of a micro or small enterprise
- Up to 60% in the case of a medium-sized enterprise
- Up to 50% in the case of large companies
In the case of experimental research and development projects closer to the market, you will be able to obtain financing of the eligible project costs of:
- Up to 45% in the case of a micro or small company
- Up to 35% if it is a medium-sized enterprise
- Up to 25% in the case of a large company
If you would like to talk about whether your company is eligible for UK Smart Grants or need further assistance, contact our grant experts today.
Lead Organisation
To lead a project or work alone, your organisation must:
- Be a UK-registered SME if working alone.
- Be a UK-registered business of any size, or a research and technology organisation (RTO) if the proposal is collaborative.
- Include at least one grant-claiming micro, small, or medium-sized enterprise (SME) if you are a large business or RTO collaborating with other UK-registered entities.
- Claim grant funding.
Project Team
To collaborate with the lead, your organisation must be one of the following UK-registered entities:
- Business of any size.
- Academic institution.
- Not-for-profit.
- Public sector organisation.
- Research and technology organisation (RTO).